CPF Board uncertain where our CPF is invested?

CPF members have made too many wrong assumptions on where our retirement savings are invested.

Please write to CPF Board to clarify as something is terribly amiss. 😦

The common understanding, as we have been repeatedly told, is that CPF monies are converted to SSGS and managed by GIC. Due to ZERO transparency, we don’t really know if this is true. 😦

For example, we do not know when this actually happened; for all we know, it could have been only recently. It also doesn’t help when you try to Google for more information on SSGS: there is none besides PAP propaganda.

On 22 Sep, I wrote to CPF Board with the following queries:

CPF Board’s snail mail came 5 days later informing me that it was still looking into my enquiry, ie it doesn’t have an answer which it should.
Meanwhile, CPF Board has continued to engage in propaganda to impress Singaporeans that all is well.

But from the tons of CPF-related material I have read, there appears to be massive investment losses at GIC. This is the reason why goal posts keep shifting and CPF Board continues to act sneakily behind our back.

For example, Leong Sze Hian recently highlighted another tectonic shift in one of his posts: “Since I have received your letter informing me that my monthly payout which is supposed to start at age 64, has been automatically deferred to start at age 70, unless I request otherwise – what is the higher payout that I will get from age 70?”.**

Isn’t this yet another confirmation of our suspicions? Will CPF Board postpone withdrawal to 75 or 80 in future?

When the CPF Board doesn’t have basic information on $345 billion of our retirement savings under its management, it’s about time CPF members sit up.  What do you think?

**
PAP keeps changing CPF rules until CPF Board employees have become as blur as CPF members. 🙂

Although CPF Board has already stated the payout at age 70 would be higher, Leong was told “the amount is the same – just that it would last longer for more years”.


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1 Response to CPF Board uncertain where our CPF is invested?

  1. Sinkie says:

    The CPF teller who attended to Leong is incompetent & doesn’t know how to do her job. Even if she didn’t know & unable to find out the answer immediately, she should at least have told Leong that she will forward his question to the back-end and they can reply either thru email or by letter.

    Actually anyone can calculate how much Leong will get if he delay his CPF payout to age 70, by using Excel. Leong is on the old Minimum Sum Scheme, which pays out the Retirement Account over 20 years, subject to a minimum monthly payout. (i.e. those with small retirement accounts will run out of money in less than 20 years.)

    If you delay your starting payout, of course the delayed payouts will be bigger — due to the accumulated interests in the delayed period — for Leong it will be another 6 years’ worth of interests in his Retirement Account. The payout period will still be 20 yrs — so Leong will be getting from 70 until 90 (if still alive).

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