I wrote the following letter to the Straits Times on 5 August 2016 which expresses my opinion on the CPF Lifetime Retirement Investment Scheme: I am glad that the Government will be introducing the Central Provident Fund (CPF) Lifetime Retirement Investment Scheme (LRIS) ("Simpler investment scheme to grow retirement nest egg"; yesterday). However, more needs to be done to ensure the … [Read more...]
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ST forum: Balanced Score Card motivates financial advisers through punishment
Financial advisers will be facing the new Balanced Score Card framework from 1 January 2016. This Balanced Score Card framework actually started in 2015 except for the part on monetary penalty. From 1 January 2016 onwards, there will be monetary penalty for not achieving certain KPIs. What is the Balanced Score Card? Imagine you work for a company and your boss tells you that from 1 January … [Read more...]
ST forum: Increase MediShield Life coverage for psychiatric treatment
Here is a forum letter I wrote which was published just today: Many people with mental illness are not willing to come forward for treatment because of the stigma associated with such conditions ("Mental illnesses 'not all in the mind'"; 8 Oct 2015 ). However, those who wish to seek treatment may find the cost of treatment unaffordable. Also, the loss of a job due to the illness further … [Read more...]
ST forum: Care needed in raising Integrated Shield premiums
The following letter appeared in Straits Times forum on 2 February 2015 expressing my concern that any increase in Integrated Shield Plans (IPs) premiums do not come with any increase in benefits to the policyholders: I URGE the Government and insurers to be cautious when increasing the premiums for Integrated Shield Plans (IPs) for MediShield Life ("Bill passed, making health insurance for all a … [Read more...]
ST forum: Insurance sales: More info, less understanding
Ms Elizabeth Tan wrote to Straits Times about her disappointment with AXA Life. She only realised that her agent 'oversold the benefits' her a policy 17 years later. I decided to write to Straits Times that many will only realised they have bought a wrong product only after 40 years! The following letter was published on 3 January 2015: I AGREE with Ms Elizabeth Tan Boon Kwan ("Guard against … [Read more...]
Regulation of CPF nominations not feasible
There was a case in which a man nominated his entire CPF to his ‘goddaughter’. Although his widowed wife tried hard to contest the nomination, she failed and incurred legal costs equivalent to the amount of CPF money the man had! Someone wrote to the Straits Times suggesting that CPF Board regulate the distribution of CPF. I decided to write to the Straits Time forum: I AGREE with Mr Liew … [Read more...]
ST forum: Home Protection Scheme – Start coverage once payment is made
Previously I wrote about the case in which a lorry driver Jason Lim Wei Kwan drowned when the lorry he was in slid off a barge and sank into the sea off Pasir Panjang Terminal. As I suspect they had applied for a BTO but now having difficulty paying the remaining balance due to the Home Protection Scheme only taking affect after collection of keys, I decided to write to Straits Times. The … [Read more...]
ST forum: Overcoming emotional barriers to lease buyback
Today, Straits Times publish my letter relating to the Lease Buyback Scheme. However, they had edited and reduce the length of my letter by 38% to the extend that the seriousness of the issue have also been watered down significantly. The following is the unedited version: Overcoming emotional barriers to lease buyback The article last Thursday (“Emotional barriers to retirement adequacy”, 28 … [Read more...]
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...]
ST forum: Care needed when buying insurance direct
The follow letter was published in Straits Times forum page on 4 August 2014: Care needed when buying insurance direct I SUPPORT the Monetary Authority of Singapore's move to offer consumers a choice in buying life insurance direct without paying for commission ("Come early 2015: Buy basic insurance directly, save on commission", last Wednesday). It is suitable for those who are knowledgeable … [Read more...]
