Class-action suit only option for CPF members to right a sorry situation

Dear CPF members

My proposal to launch a class-action suit against the government has generated a tremendous amount of interest.

As this is an unprecedented move, we should be mindful of pitfalls and temper our expectations but be resolute in our fight to regain what’s rightfully ours.

Over many decades, we dug our own retirement grave by allowing the government free reign to introduce any legislation to suit its political agenda. CPF members should prevent the government from doing likewise to our children.

There have been negative comments suggesting futility of such an effort.  But the same naysayers have no idea whatsoever to help CPF members besides playing along with government narrative.

Should CPF members then continue to plead for transparency and accountability from a party with 93% representation in Parliament?

Why have elected MPs not demanded total transparency in managing $346 billion of CPF members’ retirement savings?

Why is the government still engaging in CPF propaganda instead of resolving the issue of retirement funding shortfall?

The government is not helping us by retaining an increasing amount of CPF for GIC to speculate in foreign assets. In fact, the only beneficiary is the government, ie GIC retains about half of CPF returns for reinvestment or to supplement our budget revenue.

The government could have invested CPF separately from state reserves – like every pension fund – but it does not want to be held accountable for poor performance. CPF members should not allow the government to abuse our CPF, ie use it to conceal the size of state reserves.

The CPF Board has been working against members’ interest and it needs to be taken to task. Without any announcement, the default withdrawal age has been increased to 70.

In a democratic country, the CEO of CPF would have been sacked for partaking in sneaky acts. But here in our little red dot, not one elected MP has even bothered to speak up. Should PAP MPs decide to comment, they will likely tell CPF members that delaying CPF withdrawal is … for our own good.

The serious dereliction of duty by CPF Board needs to be addressed once and for all.

We are currently exploring new ideas and will need to get a few experts on board. How events will pan out, nobody really knows and we should take things one step at a time.

CPF members (non members are also welcomed) who wish to right this sorry state of affairs should contribute and no freeloading, please. Even if 20% of members contribute $10 each, this will be more than sufficient.

Our present priority is to create more awareness and raise sufficient funds before initiating action.

Lim Tean and I have set up a crowdfunding account @ https://www.facebook.com/tean.lim.75. (POSB Savings 198-91842-3) Please keep a record of your transaction as your particulars will be required before the launch of the class-action suit. Unused portion will also be returned, pari passu.

Civil servants or PAP-affiliated grassroots who prefer anonymity could transfer funds jointly with relatives’/friends’ accounts.

Once the required resources, not just financially, are in place and before the suit is launched, there will be more updates. Action speaks louder than words.

Phillip Ang

PS
Elected MPs and almost all finance/legal/accounting professionals who are in a position to speak up and take appropriate action prefer cowardly silence. Time to think out of the box and help ourselves. 🙂

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4 Responses to Class-action suit only option for CPF members to right a sorry situation

  1. I an fully in support of this action, likewise we should act upon the Population White paper issue which was rammed down our throat.

    • Phillip Ang says:

      Thanks. Need to be patient as there’s a lot of work to be done. Have set up account with Lim Tean the link on my post. Please share my post and his FB posts with relatives and friends. We also need the numbers to justify public interest to the court.
      I really hope CPF members will band together and show the government that we are no pushovers, for once. All CPF legislations which will impact our lives must first seek our feedback and be debated in Parliament.
      Although the population issue is extremely important, it is more difficult because Singaporeans cannot see or feel any immediate impact.
      If the CPF suit is successful, even in any small ways, others may be encouraged to take up this issue. So I guess we can only do so much at the moment.

    • Phillip Ang says:

      Will write on the population issue soon. The policy has already failed and what we have been told are in fact lies. 😦

  2. Anthony Sim says:

    In this tiny nation we call home, we need to assert our authority otherwise who would? We are answerable to ourselves and our future generation. Having ourselves to become “lame ducks” because we allowed ourselves to become so by allowing the powers of this PAP government to decide every legislation they wish to do so is not what makes a DEMOCRATIC country a True Country….we fought so dearly for.
    CPF is our hard earned savings. Interest rates are miserably unwarranted. This form of savings is out of our control as it is govern by the strict rule applied to the members, and we have no say or any form of control to determine how we are to manage our monies when we should be withdrawing all our monies at 55 years of age as promised.
    As we allow ourselves to determine our future by they every changing and strict rule, look at what has happened. The Withdrawal age at 55 years of age is currently extended to 70 years of age. And with strict conditions. ASK yourselves why this has changed? Is this absolute control or is this because the CPF pot is running low due to government’s lack of foresight in their incompetent management skills in their failed investments ventures locally and overseas.
    You be the judge of this….sit tied and suffer silently or assert our rights to have this current government put in its right place….and work for the people, be answerable and most importantly have the common decency to admit their flaws and indecisiveness leading to FAILURES in their management and policy making procedures.

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