CPF Easy Info Thread. :)

[BBCWatcher]

CPF's description is perfectly fine here. The only crazy part is that some people don't understand (or pretend not to understand) how retirement pensions and life annuities work. Pensions and life annuities have been around for literally centuries.

Soldiers of the Roman Empire (who survived) got pensions as part of their total compensation packages. The word "pension" even comes from the Latin word pensiō ("payment").

 

[dork32]

CPF's description is perfectly fine here. The only crazy part is that some people don't understand (or pretend not to understand) how retirement pensions and life annuities work. Pensions and life annuities have been around for literally centuries.

Soldiers of the Roman Empire (who survived) got pensions as part of their total compensation packages. The word "pension" even comes from the Latin word pensiō ("payment").

no, cpf description is terrible. this is why there are so many people asking questions. you even get monkeys posting rubbish on their personal blogs. all these would be fine if they can phrase it properly. but the truths hurts. so they have to camouflage it. yeah there are many crazy people here.

there are many ways pensions and annuity works. it is not one road to rome. it is complex. even with cpf life, there is at 3 different schemes. if you dont phrase your words properly, many people dont understand.

 

[romeo88]

Agreed with you 100%. When it comes to LIFE, CPFB is maneuvering their words in advertisements, intentionally saying the part that sounds sexy but hiding all the details which are far from sweet.

no, cpf description is terrible. this is why there are so many people asking questions. you even get monkeys posting rubbish on their personal blogs. all these would be fine if they can phrase it properly. but the truths hurts. so they have to camouflage it. yeah there are many crazy people here.

there are many ways pensions and annuity works. it is not one road to rome. it is complex. even with cpf life, there is at 3 different schemes. if you dont phrase your words properly, many people dont understand.

 

[henrylbh]

The faults lie with the readers or may be a 70% of the voters.

 

[kelhot2001]

Went down to CPF board last week, the staff was pretty clueless in many things. I in turn have to explain to them, they would have to call their backend for answers. LOL

 

[maple96]

Only those with “experience” will know the “truth”, like dork32 and romeo88, plus myself (who else I missed out?)

CPF Life is not just for hwzoners, where the truth and nothing but the truth are discussed because we do not camouflage to promote anything for any hidden motives.

There are those who are less educated, or more educated, dun skim thru every single line in the CPF website because they have no time, dunno how to read, dunno how to use internet, dun attend or no time to attend CPF@55 talks, etc.

I have friends, well-educated, busy with career, so only read the “catchphrase” to decide which CPF Life Plan is good for them. They chose Standard Plan (only 2 Plans available at that time) because CPF say so, “if u have no dependents”. One have 2 professional “kids”, so treated as not dependents, chose Standard, now regret after I reveal everything about where the interest goes.

How many times must I post this: CPFB never talk about Risk Pooling, what will happen to the 4% interest plus extra interest in all the CPF@55 talk and their handouts (not sure about latest talk), not even in the after 55 booklet. What else did they camouflage?

Dun understand why people choose to read all these financial blog articles by young men who just want to be “in”, to drive traffic to their blogs? By all these financial websites who also have hidden objectives and dun understand everything or have “experience” with CPF Life?

Oops, I think I know why, CPFB england too powderful, now even got complaints about their video dunno talk what

 

[BBCWatcher]

How many times must I post this: CPFB never talk about Risk Pooling, what will happen to the 4% interest plus extra interest in all the CPF@55 talk and their handouts (not sure about latest talk), not even in the after 55 booklet.

Understanding risk-pooling: How CPF LIFE secures a lifelong income for you (Source: CPF Board)

The CPF Board spends some time explaining the essential basics of CPF LIFE in their age 55 retirement booklet. Here's the key sentence in the age 55 booklet (and it's bolded in the original):

You do not need to make any decision or take any action now.

Quite correct.

 

[maple96]

Understanding risk-pooling: How CPF LIFE secures a lifelong income for you (Source: CPF Board)

The CPF Board spends some time explaining the essential basics of CPF LIFE in their age 55 retirement booklet. Here's the key sentence in the age 55 booklet (and it's bolded in the original):


Quite correct.

How many times do I have to keep repeating this:

U obviously have bad comprehension skills, always like to engage in “chicken and duck” debate so u can kill time here?

What u quoted is from CPFB website, an article they wrote or posted in facebook after the Opposition raise a query in parliament early this year!

What did I say?

How many times must I post this: CPFB never talk about Risk Pooling, what will happen to the 4% interest plus extra interest in all the CPF@55 talk and their handouts (not sure about latest talk), not even in the after 55 booklet. What else did they camouflage?

:

Can u proof to me they have this article or talk about Risk Pooling in any othe CPF@55 talks, or any seminar series or any handouts given at these talks/seminars since CPF Life was implemented in “which year u know when?”, then show me the proof!

Those cohorts before July 2015 already joined CPF Life, those after can wait. But if people are not told the truth, how can they plan from 55 to 65?

Dun quote rubbish here!

Entertaining the troll helps the troll to kill time here

 

[BBCWatcher]

What u quoted is from CPFB website, an article they wrote or posted in facebook after the Opposition raise a query in parliament early this year!

The CPF Board has explained risk pooling for many years, including in its annual reports among other places.

What did I say?

Here's exactly what you wrote:

How many times must I post this: CPFB never talk about Risk Pooling, what will happen to the 4% interest plus extra interest in all the CPF@55 talk and their handouts (not sure about latest talk), not even in the after 55 booklet.

You used a comma after "Risk Pooling."

However, despite your difficulties clearly conveying your thoughts in writing, I gave you the benefit of the doubt and addressed your apparent concerns both ways. The facts are that the CPB Board does talk about risk pooling, and the CPF Board does explain the basics of CPF LIFE in its age 55-related communications. There is no special relevance to age 55 when it comes to CPF LIFE decisions, because there are no material CPF LIFE-related decisions at age 55. It doesn't make sense to spend a great deal of time and attention on CPF LIFE intricacies at age 55 specifically.

The CPF Board has to provide a public service, and that includes keeping information meaningful and concise. If you want to learn how CPF LIFE works you can certainly find that information -- it's not hard. However, the vast majority of CPF members don't care and don't have to care, certainly not at age 55. It's contrary to the public interest to overwhelm members with overly detailed information that's not actionable.

 

[maple96]

The CPF Board has explained risk pooling for many years, including in its annual reports among other places.


Here's exactly what you wrote:


You used a comma after "Risk Pooling."

However, despite your difficulties clearly conveying your thoughts in writing, I gave you the benefit of the doubt and addressed your apparent concerns both ways. The facts are that the CPB Board does talk about risk pooling, and the CPF Board does explain the basics of CPF LIFE in its age 55-related communications. There is no special relevance to age 55 when it comes to CPF LIFE decisions, because there are no material CPF LIFE-related decisions at age 55. It doesn't make sense to spend a great deal of time and attention on CPF LIFE intricacies at age 55 specifically.

The CPF Board has to provide a public service, and that includes keeping information meaningful and concise. If you want to learn how CPF LIFE works you can certainly find that information -- it's not hard. However, the vast majority of CPF members don't care and don't have to care, certainly not at age 55. It's contrary to the public interest to overwhelm members with overly detailed information that's not actionable.

Conclusion: Your continued engagement in “chicken and duck” debate, avoidance and denial, are all evidence and confirmation of your lack of knowledge, understanding and “experience” with CPF Life since it was implemented and went live years ago, affecting layman uncle and aunties in the street who turned 55 before July 2015, already caught off guard!

 

[Value.Matrix]

After seeing all these threads, wonder how many remembered when CPF Life first came out, the cohort affected had to choose their CPF Life by 55, premiums deducted at 55, and thought to have more than 12 CPF Life plans in the making.

I extract the Pdf report in 2009

"" pt-in for older members. CPF members turning age 55 from 20132
,
with at least $40,000 savings in their RA, will be automatically enrolled in CPF
LIFE. Older members who wish to join CPF LIFE will be allowed to opt in.
The same choices of plans, to be offered to the auto-enrolled cohorts, will be
made available for the older members. Members who are 55 years or older in
20093
can opt in from September 2009, with some members receiving their
first LIFE payout as early as in January 2010.4
Others who turn 55 from 2010
to 20125
may opt in when they turn 55.
4. Choice of LIFE plans. The NLIC suggested giving members 12
options. However, the Government has received feedback that the large
range of choices was confusing to members. As such, four LIFE plans will be
offered to members (as shown in Table 1 and Table 2). These four plans
offer a range of trade-offs between the level of LIFE monthly income and the
bequest amount. There will still be a default plan (LIFE Balanced Plan)
which is designed with the majority of included members in mind. This plan
balances the amount available for a member’s beneficiaries upon the
member’s death, while still giving the member a moderate level of income
during retirement.""

It was after few consultations and years implementation, which they then change to Basic and Standard Plan. Escalating was added later on. I wonder who noticed those uncle and auntie that was affected (and thus we benefit from the information AFTER all these happened).

 

[lifeafter41]

Agreed with you 100%. When it comes to LIFE, CPFB is maneuvering their words in advertisements, intentionally saying the part that sounds sexy but hiding all the details which are far from sweet.

The devil is in the details........

Is it true that interest in the RA cannot be withdrawn?
Assuming FRS at 181k in 2020 age 55, will hit 269,840 at age 65.
Can only withdraw 90.5k, if goes for Basic plan at 65?
Or can only withdraw 20% of 269,840, if go for Basic plan at 65?

 

[Value.Matrix]

The devil is in the details........

Is it true that interest in the RA cannot be withdrawn?
Assuming FRS at 181k in 2020 age 55, will hit 269,840 at age 65.
Can only withdraw 90.5k, if goes for Basic plan at 65?
Or can only withdraw 20% of 269,840, if go for Basic plan at 65?

Er. You need to be clear on this

(1) Basic retirement Sum (which is the likely monies you are talking about) and

(2) Basic Plan, Standard Plan. Which is the payouts

Assuming I am right, you are mentioning on basic retirement sum. That is only talking about the quantum required.

Basic plan allows interest to be earned and put into RA.

 

[dork32]

The devil is in the details........

Is it true that interest in the RA cannot be withdrawn?
Assuming FRS at 181k in 2020 age 55, will hit 269,840 at age 65.
Can only withdraw 90.5k, if goes for Basic plan at 65?
Or can only withdraw 20% of 269,840, if go for Basic plan at 65?

you do sound a bit confuse.

there is cpf life basic which is similar to the old rss and

there is basic retirement scheme, which allows half the frs to be withdrawn.

20% withdrawal is meant for people that cannot hit frs and still die die want to withdraw money.

 

[dork32]

It's contrary to the public interest to overwhelm members with overly detailed information that's not actionable.

so withholding information from members is correct?

 

[dork32]

You used a comma after "Risk Pooling."

However, despite your difficulties clearly conveying your thoughts in writing,

we are not here to compete on our command of engrish. we sg people understand wat he is writing despite the grammatical mistakes.

 

[SBC]

All CPF members deserve their rights to understand the whole CPF system.

Calling for complete transparency and details.

 

[henrylbh]

Some already lost with what's written in the website. With more transparency, some still cannot see or understand. Some even went to the press with their blatant ignorance and kpkb

 

[Investnewbie82]

Hi,

I'll reach 55 in 2037. According to calculations, the retirement sum is about $300k. Assuming I've 300k in OA+ SA now, isit true that any excess of 300k I can withdraw at age 55? I.e. Any SA top up and OA contributions, I can withdraw at 55. Or kept in CPF and withdraw "on demand"?

Sorry for the noob question, it really is confusing.

 

[justwakeup]

I agree with BBCW that it would probably drive more ppl away from understanding the basic features of CPF (and LIFE) if u just throw all the detailed info to the public. There should be a "basic version" and a "comprehensive version".

One problem I face is that I need to search here and there (and still couldn't find the answers ). It gives ppl a feeling that someone is trying to hide something, although I personally don't think so. CPFB should have published one comprehensive guidebook for CPF (and LIFE) which includes ALL the details that so many ppl ask here (what happen to the interest, risk pooling bla bla bla).