Mr. Saw did not work for 30 years after a business failure. He was supported by a wife (earning only $1000 salary) and three children. When he committed suicide in June 2013, it was found that he had made a nomination using CPF Nomination to bequeath everything to an unrelated China woman to inherit his entire $37,000 CPF money. His widow wife took legal action but lost because there was … [Read more...]
You are viewing articles categorised under CPF Matters
ST forum: Guarantee CPF Life solvency for peace of mind
The following letter was published in Straits Times Forum page on 13 August 2014 regarding CPF Life solvency: Guarantee CPF Life solvency for peace of mind THERE is merit in removing the Central Provident Fund Minimum Sum cap ("Call to remove cap on CPF Life top-ups"; last Wednesday). There are those who have met their Minimum Sum but wish the cap can be removed, so they can get bigger … [Read more...]
Only 1 in 5 confident their CPF will meet their retirement needs, says Manulife
A survey done by Manulife shows that: Only 1 in 5 is confident their CPF retirement account will meet their retirement needs because … 47% feel the CPF savings will not be sufficient to cover retirement expenses and 44% feel the CPF returns are too small Source: One-in-five Singaporeans confident CPF will meet retirement needs - Manulife survey. … [Read more...]
ST forum: Exercise caution on CPF private pension plans
The following letter was published in Straits Times on 31 July 2014 regarding CPF Private Pension Plans: I URGE the Government to proceed with caution in allowing Central Provident Fund members to invest in CPF private pension plans ("Private pension plans an option: Tharman"; July 23). In 2004, the CPF Board solicited1 feedback from industry players and the public on giving CPF members the … [Read more...]
CPF private pension plans – sure way to lose money
CPF Private Pension Plans to be revisited? Some Singaporeans have been pressing the government to give a higher return in their CPF savings. Perhaps under pressure, Deputy Prime Minister Tharman Shanmugaratnam surprised participants[1] of the Institute of Policy Studies forum on CPF and retirement adequacy that for those who can shoulder higher risks and want higher returns, the CPF private … [Read more...]
(Obsolete)CPF Life Standard default plan is the worst of the two (22 June 2017 update to the new booklet)
This article is obsolete. See the following article for the updated one: HERE. Question: "Wilfred, can you take a few minutes to look at an example of a CPF life annuity plan generated using the CPF LIFE Payout Estimator? A typical screenshot is as attached. Look at the big gap between the bequest amount and the little difference in the monthly payout. Did I overlook something as the Basic plan … [Read more...]
MediShield Life full report
Medishield Life details were published in the newspaper in bits and pieces for the past six months. Most people still has no clue as to what Medishield Life is all about because of the information overload. If you are one of those who ‘turned-off’ to all those newspaper articles related to Medishield Life, it is time you "turn on". The government has decided to accept the recommendation of the … [Read more...]
Shocked that you cannot use your CPF for housing loan due to Valuation Limit? (Closed caption)
Many HDB owners struggle with their mortgage installments because they assume all their CPF monthly contributions to their ordinary accounts can be used to service the monthly housing payment. Check out this video to find out more: https://www.youtube.com/watch?v=gyUN0x6qf1s … [Read more...]
Why CPF cannot be used for housing loan due to valuation limit
Question: Wilfred, I received a letter saying that in a few months, I cannot use CPF to pay for my housing loan. This means I have to pay cash. However, my CPF still has $13k in my Ordinary Account. What is going on? If I use cash, I will go into negative cash flow. HELP!! Answer: For your case, you have a private property with a bank loan. There are limits to which you can use your CPF to pay … [Read more...]
The Tragic Liberalization of the CPF Investment Schemes
This is a very brief history of the CPF Investment Scheme. When the investment scheme was first introduced on 1 May 1986, it was known as the Approved Investment Scheme (AIS) which allowed CPF members to invest a portion of their CPF-OA above their minimum sum in stocks, unit trusts and gold. In Oct 1993, the AIS was renamed Basic Investment Scheme (BIS) and the Enhanced Investment Scheme … [Read more...]
