The CPF is my own hard earned money, not a gift from the government. Therefore, it is entirely wrong for the government to force their policies on how and when I can use my CPF money. Where is the "democratic society" as mentioned in the Singapore Pledge? This is tantamount to more like an imperialist and/or communist country where the government will have the final say even on your own assets.
For all I care, unless there is a written commitment from the government (and I dare them to do so) that they will take care of my old age and illnesses till my last breath, otherwise, I should be given the right to spend and/or save my money in any way I wish. Furthermore, I'm always ready to sign a letter of undertaking to indemnify the government to provide me from cradle to grave because I know fully well that this government will outsell and deprive its own citizens in favor of those foreigners.