CPF Life sucks

[semid13]

When I signed up for CPF Life in 2010 I was told to accept this special bonus & my payment will defer from my 60th year to 62th year. The payment is due to start this year but it did not happen because CPF revised the scheme early this year & added a new age group before ours. So our age group is pushed back another year till next year to receive the first payment. This is downright dirty tactics to cheat us of a whole year of payments. Furthermore this info is only available online & those without internet access will wait in vain for the payments that will not come for another year.

 

[ah_cheng1882]

Bring it up to ur MP if u believe its not fair.

 

[Jarlaxle]

this kind of crap happens all the time to the ppl who fall into the transitioning phase of the policy

 

[cscs3]

When I signed up for CPF Life in 2010 I was told to accept this special bonus & my payment will defer from my 60th year to 62th year. The payment is due to start this year but it did not happen because CPF revised the scheme early this year & added a new age group before ours. So our age group is pushed back another year till next year to receive the first payment. This is downright dirty tactics to cheat us of a whole year of payments. Furthermore this info is only available online & those without internet access will wait in vain for the payments that will not come for another year.

Same method used by insurance company anyway. The question now isseem that government is turning CPF as a insurance company?

 

[semid13]

Bring it up to ur MP if u believe its not fair.

MPs are good for nothing when there are conflict of interest. They are in the same boat & they won't rock the boat. Don't expect the dog to bite the hand that feeds it.

 

[Jarlaxle]

MPs are good for nothing when there are conflict of interest. They are in the same boat & they won't rock the boat. Don't expect the dog to bite the hand that feeds it.

completely agree.
the MP may hv even voted for an approval for the policy.

 

[Providence]

What's new nowadays in the political arena of Singapore? 50 more good years to come for the ruling party! As proclaimed by the Old Man.

 

[orwell76]

When I signed up for CPF Life in 2010 I was told to accept this special bonus & my payment will defer from my 60th year to 62th year. The payment is due to start this year but it did not happen because CPF revised the scheme early this year & added a new age group before ours. So our age group is pushed back another year till next year to receive the first payment. This is downright dirty tactics to cheat us of a whole year of payments. Furthermore this info is only available online & those without internet access will wait in vain for the payments that will not come for another year.

you aware that the payout has been reduced also?

 

[cscs3]

you aware that the payout has been reduced also?

As I say before, no different from insurance company. Since is going for everyone, my suggestion is wait for the rest of detail before signing up any new insurance plan for now.

Believe we are moving into similar type od medical insurance as in USA.

 

[teerance85]

When I signed up for CPF Life in 2010 I was told to accept this special bonus & my payment will defer from my 60th year to 62th year. The payment is due to start this year but it did not happen because CPF revised the scheme early this year & added a new age group before ours. So our age group is pushed back another year till next year to receive the first payment. This is downright dirty tactics to cheat us of a whole year of payments. Furthermore this info is only available online & those without internet access will wait in vain for the payments that will not come for another year.

Definitely not true. Your payout starts from your own individual drawdown age.

For those who are born:
1944 - 1949: 62
1950 - 1951: 63
1952 - 1953: 64
1954 and after: 65

So depending when you are born, the age where u get your CPF life monies starts on the above age.

 

[sunzoner]

As I say before, no different from insurance company. Since is going for everyone, my suggestion is wait for the rest of detail before signing up any new insurance plan for now.

Believe we are moving into similar type od medical insurance as in USA.

One got choice, the other no. So how is it the same?

 

[orwell76]

As I say before, no different from insurance company. Since is going for everyone, my suggestion is wait for the rest of detail before signing up any new insurance plan for now.

Believe we are moving into similar type od medical insurance as in USA.

insurance company annuity plan is fixed payout over fix term

 

[orwell76]

The more important question you should ask is, why is CPF Life payouts reduced barely 3 years into it's inception...

What you should know about CPF Life
Tue, Sep 15, 2009
The Straits Times

With rising life expectancy, it is prudent to ensure that your retirement savings will last for all your days.

The opt-in system began on Sept 5 and is open to older CPF members who wish to join the annuity scheme ahead of 2013, when it will be implemented for those turning 55 then. For older CPF members, the monthly payouts will start as early as next January.

While many are still undecided, some, like Madam Wong Kwai Sim, 55, have taken the plunge. She has opted for the CPF Life Balanced Plan, which will give her an estimated monthly payout of $856 to $948 when she hits 65.

Madam Wong, who works part-time as a clerk, currently has $117,000 in her Retirement Account, which is also the prevailing MS.

CPF Life scheme can do better ...
04:46 AM Mar 08, 2012
Letter from Tan Say Yin


THERE are two negatives in the Central Provident Fund Life scheme: Low payouts and, especially, the uncertainty of the monthly quantum, which could fluctuate yearly depending on interest rates.

And if the payout is at the lower end of the range, it could be further eroded by inflation in the future.

Private companies can structure their annuities with a locked-in monthly payout, with some even providing participating annuities whereby bonuses could be declared, which then raise the monthly payout.

The CPF Life scheme surely could do better, since it has a larger pool of members, as it is mandatory from next year for the majority of Singaporeans who turn 55.

I am in my late 50s and am looking at various options for my retirement. Using the CPF online calculator, I did some comparisons.

Assuming I have S$117,000 in my Retirement Account, the Minimum Sum monthly payout would be S$1,040 from the age of 65. The current CPF Life Balanced Plan, however, would provide a lower monthly payout ranging from S$768 to S$844.

I am aware that the monthly payouts last for as long as a member lives, But the Minimum Sum example I quoted could last for a good 20 years, likely to be sufficient for most Singaporeans.

Even if the difference in payouts between the two schemes was, say, only S$136, I would get S$32,640 more under the Minimum Sum scheme.

I could set aside this amount to possibly give me another three years of allowance, taking me to a ripe old age of 88 years. I am therefore not sold on CPF Life.
URL TODAYonline | Voices | CPF Life scheme can do better ...,,,

Copyright 2012 MediaCorp Pte Ltd | All Rights Reserved

So far nobody reply his letter in Today's Voice forum.

CPF Life Payout from $948-$856 (in 2009) dropped to $844-768 (2012) for the same $117,000.

 

[cscs3]

One got choice, the other no. So how is it the same?

This is a good point. So net is adjust to this situation. Since one have no choice, lower the spending to those you have a choice to compliment each other.

This kind of system is not new. In USA, they do the same.

 

[cscs3]

The more important question you should ask is, why is CPF Life payouts reduced barely 3 years into it's inception...






So far nobody reply his letter in Today's Voice forum.

CPF Life Payout from $948-$856 (in 2009) dropped to $844-768 (2012) for the same $117,000.

My A* pay out also reduced. Someone even put them in court but loss the case!

 

[orwell76]

My A* pay out also reduced. Someone even put them in court but loss the case!

NPNT

 

[cscs3]

NPNT

Insurance company is just like bank.
At sunny day, they lend you a umbrella.
When raining, they took it away !

 

[orwell76]

Insurance company is just like bank.
At sunny day, they lend you a umbrella.
When raining, they took it away !

post the projected returns in the brochure
and the returns being paid out leh

 

[cscs3]

post the projected returns in the brochure
and the returns being paid out leh

Hopefully it last !

 

[sunzoner]

This is a good point. So net is adjust to this situation. Since one have no choice, lower the spending to those you have a choice to compliment each other.

This kind of system is not new. In USA, they do the same.

If the govt present no choice to you, then vote for another party loh.

In USA, they do the same.