GMS on why he cannot trust his CPF money with PAP

[Confuseous]

4) When they finally realize that some people will be really short of funds for retirement, they came up with Life Annuity which is basically totally opposite of the CPF's self financing system! Life Annuity is in essence, similar to the "Social Security System" where retirement financing is basically share pooling of risks. Life Annuity is just pushing off risks and responsibility from PAP government's failed management of the CPF system, by shifting the inadequacy of retirement financing to some other "shorter life" Singaporeans. If you look at it from another perspective, it is shifting the risk to the descendants of those "shorter life" Singaporeans, depriving them their rightful inheritance.

Such glaring insincerity on PAP's part in taking care of our retirement financing really makes me think that PAP is only interested in milking our CPF as CHEAP funds for them to invest and earn profits/taxes. In places like Hong Kong, EPF contributors will invest DIRECTLY their retirement funds into different trust funds with indications of their various risk portfolios. They can choose to invest in different percentages of different risk portfolios. Although their system is not perfect but the fact is, the government cannot mess around with their retirement funds directly! But it seems that CPF has become a piggy bank that gives PAP very cheap funds to play around with!

My distrust of PAP government further enhanced when they started to play the game of Taichi. They started to claim GIC and Temasek Holdings don't manage our CPF funds, throw smoke bombs about GIC etc.

In GIC's website, it tries to throw smoke bomb and demonstrate IGNORANCE that it is managing our CPF money. GIC is basically trying to obfuscate the fact that it is managing our CPF money by saying:

http://therealsingapore.com/content/goh-meng-seng-you-cant-trust-pap-your-cpf-money

 

[Equalisation]

Gosh !, Did he consult Professor Vectis to arrive at such a stand ?:o

 

[frenchbriefs]

isnt the shared pooling of risk a better plan?i mean after all thats the reason why people buy insurance right?small monthly payment incase u ever get into a rare accident or disease u get access to a large pool of resources to pay for ur costly bills.

 

[Sinkie]

4) When they finally realize that some people will be really short of funds for retirement, they came up with Life Annuity which is basically totally opposite of the CPF's self financing system! Life Annuity is in essence, similar to the "Social Security System" where retirement financing is basically share pooling of risks. Life Annuity is just pushing off risks and responsibility from PAP government's failed management of the CPF system, by shifting the inadequacy of retirement financing to some other "shorter life" Singaporeans. If you look at it from another perspective, it is shifting the risk to the descendants of those "shorter life" Singaporeans, depriving them their rightful inheritance.

From my below thread, I've explained that the Life expectancy of 85 and hence, the CPF Life annuity plan is a big ripoff based on a big fat lie:

Here's why: http://singsupplies.com/showthread....-is-CPF-is-based-on-a-big-fat-lie!-Here-s-why

 

[Sinkie]

isnt the shared pooling of risk a better plan?i mean after all thats the reason why people buy insurance right?small monthly payment incase u ever get into a rare accident or disease u get access to a large pool of resources to pay for ur costly bills.

It starts only at age 62, later it will be age 65, then 67......your CPF minimum sum is locked up from age 55 till then.
By then, you would be one leg into your grave. While it is difficult to talk about death and life expectancy, yet it is a big fat lie
to say that our life expectancy is 85 and rising. Common sense and observation tells you that this is a big fat lie. Most will die much earlier, which essentially means your CPF is lost to fund an annuity scheme which you will not reap its full benefits, as you'll be dead.

 

[Equalisation]

It starts only at age 62, later it will be age 65, then 67......your CPF minimum sum is locked up from age 55 till then.
By then, you would be one leg into your grave. While it is difficult to talk about death and life expectancy, yet it is a big fat lie
to say that our life expectancy is 85 and rising. Common sense and observation tells you that this is a big fat lie. Most will die much earlier, which essentially means your CPF is lost to fund an annuity scheme which you will not reap its full benefits, as you'll be dead.

Agree. Middle leg also three quarter way inside !:o