You are on page 1of 4

This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout

http://www.sammyboy.com/showthread.php?182923-This-CPF-Clause-Should-Set-Off-Alarm-If-Government-Guarantee-CPFLife-Payout[6/06/2014 11:47:56 a.m.]


Forum Welcome to Sam's Alfresco Coffee Shop The Courtyard Caf
This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout
If you want to contribute to the continued success of this forum, you can now do so here.
Thread: This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout
Log Out Settings My Profile Notifications: 1 Welcome, revealer
Chat Room What's New? Rep Sys FAQ (Rev8) Subscribe
New Posts Private Messages FAQ Calendar Community Forum Actions Quick Links Advanced Search
+ Reply to Thread
Results 1 to 19 of 19
View First Unread Thread Tools Search Thread Rate This Thread Display
31-05-2014, 10:48 AM
Join Date:
Posts:
Feb 2009
1,075
My Reputation
Points: 1633 / Power: 9

This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout
Source: Singapore Statutes Online
#1
Alfrescian (Inf)
xingguy
Forum
This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout
http://www.sammyboy.com/showthread.php?182923-This-CPF-Clause-Should-Set-Off-Alarm-If-Government-Guarantee-CPFLife-Payout[6/06/2014 11:47:56 a.m.]
Excerpt from The Online Citizen
July 29 2009
Since Manpower Minister Gan Kim Yong has given his assurance in Parliament that the monthly
payouts will be paid for life despite the provision in the new law which allows the CPF Board to stop
CPFLife payments unless the Lifelong Income Fund is solvent then why have this provision in the
first place?
Years down the road, the law will prevail, regardless of what the minister said in a past Parliamentary
debate.
Moreover, as the minister cannot make changes at will but must base his decisions on sound
actuarial principles to ensure that fund solvency will not be compromised, is this not somewhat self-
contradictory?
This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout
http://www.sammyboy.com/showthread.php?182923-This-CPF-Clause-Should-Set-Off-Alarm-If-Government-Guarantee-CPFLife-Payout[6/06/2014 11:47:56 a.m.]
As how then can the fund become insolvent and thus stop payouts?
I understand that historically, no country in the world has ever had to stop pension payouts due to
fund insolvency.
Even insurance companies annuity contracts are contractually backed by the full faith and credit, and
assets of the insurance company, and are not subject to the solvency of the pooled annuity fund.
So, why is CPFLife so different?
~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~. ~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.
I freed thousands of slaves. I could have freed thousands more, if they had known they were slaves.
Harriet Tubman


Reply
Reply With
Quote
31-05-2014, 11:03 AM
Join Date:
Posts:
Feb 2009
1,075
My Reputation
Points: 1633 / Power: 9

Re: This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout
#2
Alfrescian (Inf)
xingguy
Originally Posted by xingguy
*** Image removed ***
Excerpt from The Online Citizen
July 29 2009
Since Manpower Minister Gan Kim Yong has given his assurance in Parliament that the monthly payouts will be
paid for life despite the provision in the new law which allows the CPF Board to stop CPFLife payments
unless the Lifelong Income Fund is solvent then why have this provision in the first place?
Years down the road, the law will prevail, regardless of what the minister said in
a past Parliamentary debate.
Moreover, as the minister cannot make changes at will but must base his decisions on sound actuarial
principles to ensure that fund solvency will not be compromised, is this not somewhat self-contradictory?
As how then can the fund become insolvent and thus stop payouts?
I understand that historically, no country in the world has ever had to stop pension payouts due to fund
insolvency.
This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout
http://www.sammyboy.com/showthread.php?182923-This-CPF-Clause-Should-Set-Off-Alarm-If-Government-Guarantee-CPFLife-Payout[6/06/2014 11:47:56 a.m.]
...............................
~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~. ~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.
I freed thousands of slaves. I could have freed thousands more, if they had known they were slaves.
Harriet Tubman
Even insurance companies annuity contracts are contractually backed by the full faith and credit, and assets of
the insurance company, and are not subject to the solvency of the pooled annuity fund.
So, why is CPFLife so different?


Reply
Reply With
Quote
Yesterday, 08:14 PM
Join Date:
Posts:
Feb 2009
1,075
My Reputation
Points: 1633 / Power: 9

Re: This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout
CPFLife is compulsory!!
Do you feel safe when there is such a clause ""the Board shall not make any payment under this Part
unless the Lifelong Income Fund is solvent"?
Remember, even Lehman Bros, a 150 year old bank, also claims nothing is wrong before it collapse.
~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~. ~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.
I freed thousands of slaves. I could have freed thousands more, if they had known they were slaves.
#3
Alfrescian (Inf)
xingguy

You might also like