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- Feb 14, 2009
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got like that one, so easy meh ?
WE thought CPF for retirement, or for big time gambling?
Sinkapoor is really getting out of hand, becoming a big gambling den !
old and young all gamblers...like grandfather like grandson
SINGAPORE : Should the CPF Investment Scheme be stopped so that members will not risk losing their retirement nest egg?
Yes, thinks a resident who claimed that he had lost some $350,000 in his CPF account after investing in shares under CPFIS.
The Lengkong Tiga resident, who identified himself as Mr Goh, said during the ministerial dialogue on Sunday that he only got back $35,000 eventually but did not say if these were the gains from the investments or the amount he could withdraw from his Ordinary Account (OA) on top of the Minimum Sum.
He also did not say how he lost the sum and whether the investments spanned a few years.
MediaCorp understands that members can only invest up to 35 per cent of their money in their OA in shares.
Mr Goh said he had suggested to the CPF Board to stop allowing members to invest in shares but staff had replied that it was his personal choice to make the investments.
Second Minister for Finance Lim Hwee Hua said she agreed with the CPF Board’s stance, adding that there had been "a lot of demand" for the Government to allow members to invest their CPF money before the CPFIS was introduced.
She quipped: "I’ll convey your feedback to the CPF Board but I’m not quite sure the rest will agree that we should stop the scheme."
The latest performance numbers of funds under the CPFIS released earlier this month pointed to a solid year.
According to Lipper, the funds tracking company under the CPF Board’s guidelines, the average return of CPFIS—included funds, unit trusts and investment—linked insurance products (ILPs) rose 38.62 per cent last year compared with the same period a year ago. — TODAY
WE thought CPF for retirement, or for big time gambling?
Sinkapoor is really getting out of hand, becoming a big gambling den !
old and young all gamblers...like grandfather like grandson
SINGAPORE : Should the CPF Investment Scheme be stopped so that members will not risk losing their retirement nest egg?
Yes, thinks a resident who claimed that he had lost some $350,000 in his CPF account after investing in shares under CPFIS.
The Lengkong Tiga resident, who identified himself as Mr Goh, said during the ministerial dialogue on Sunday that he only got back $35,000 eventually but did not say if these were the gains from the investments or the amount he could withdraw from his Ordinary Account (OA) on top of the Minimum Sum.
He also did not say how he lost the sum and whether the investments spanned a few years.
MediaCorp understands that members can only invest up to 35 per cent of their money in their OA in shares.
Mr Goh said he had suggested to the CPF Board to stop allowing members to invest in shares but staff had replied that it was his personal choice to make the investments.
Second Minister for Finance Lim Hwee Hua said she agreed with the CPF Board’s stance, adding that there had been "a lot of demand" for the Government to allow members to invest their CPF money before the CPFIS was introduced.
She quipped: "I’ll convey your feedback to the CPF Board but I’m not quite sure the rest will agree that we should stop the scheme."
The latest performance numbers of funds under the CPFIS released earlier this month pointed to a solid year.
According to Lipper, the funds tracking company under the CPF Board’s guidelines, the average return of CPFIS—included funds, unit trusts and investment—linked insurance products (ILPs) rose 38.62 per cent last year compared with the same period a year ago. — TODAY
