Annuities Protest

• reddressman

  10 Oct 07, 22:19

  Originally posted by t_a_s:

  if someone organises annuity petition, i will definitely join

  wu yiah boh?
  
  most people wont do it, I think, in the name of justice and equality. They very Righteous minded wan. They will pass this virtue to their children who will then either turn out to be a kind or mercenary person to take care of them in their old age when they are sickly and weak and lonely. enjoy.
• TheGoodEarth

  11 Oct 07, 09:26

  Originally posted by reddressman:

  wu yiah boh?
  
  most people wont do it, I think, in the name of justice and equality. They very Righteous minded wan. They will pass this virtue to their children who will then either turn out to be a kind or mercenary person to take care of them in their old age when they are sickly and weak and lonely. enjoy.

  hahaha, a realist .....
  Better to rely on insurance, then to rely on filial piety. Insurance is a contract - there are legal obligations. Filial piety is ..... just a moral obligation. How many sad reality stories have you not read or heard?
• Daddy!!

  13 Oct 07, 21:29

  Let annuity substitute for Minimum Sum
  TWO years ago, when I was 53 years old, I bought a $100,000 annuity using funds in my CPF Ordinary Account, in case I lived beyond the age of 82. This annuity will start paying a guaranteed monthly payout of $500 when I am 62 until I die.
  
  I pledged my annuity to the CPF Board but was told that as there is a shortfall of $290 - under the compulsory annuity, the monthly payout would be $790 - I would not be entitled to full exemption from the Minimum Sum scheme.
  
  I was advised to give up my annuity if I needed a lump sum of money in the future.
  
  When I turned 55 this year, the Minimum Sum of $99,600 was set aside in my Retirement Account.
  
  On Aug 19, the Prime Minister proposed the compulsory annuity. The following day, I called the CPF Board to ask that it reconsider my appeal for a full exemption from the Minimum Sum scheme.
  
  A week later, I received a letter from the board saying that I could apply for a partial exemption and set aside a reduced Minimum Sum.
  
  As I had pledged my annuity, whose value is higher than the required Minimum Sum, it is only logical that I should be granted a full exemption from the Minimum Sum scheme.
  
  Furthermore, with the annuity I am assured of a monthly payout until I die, thus securing my retirement.
  
  Everyone has different retirement needs and only the person himself knows best what he needs for his golden years.
  
  Having planned for my retirement since young, I know clearly what I will need for my future. Having provided its citizens with a good education, the Government should trust them to know what is best for them.
  
  The Government should be more flexible when dealing with the hard-earned savings of its people, built up over the years. It should look at each appeal on a case-by-case basis as the retirement needs of people differ.
  
  Goh Mui Sim (Ms)
• t_a_s

  13 Oct 07, 21:53

  CPF is our own savings, the government has no rights to interfere how we use our money, they can't force us to buy annuity if we dont like this idea. some of us may have already bought the annnity, and it is logical to stick to it rather than change to what the governmnet's new proposal.One thing bad about this government is they are very fickel minded, every now and then, they like to change this change that, this shows that they have no confidence in governance. worse still, they cant accept criticism.
• reddressman

  13 Oct 07, 23:48

  Originally posted by t_a_s:

  CPF is our own savings, the government has no rights to interfere how we use our money, they can't force us to buy annuity if we dont like this idea. some of us may have already bought the annnity, and it is logical to stick to it rather than change to what the governmnet's new proposal.One thing bad about this government is they are very fickel minded, every now and then, they like to change this change that, this shows that they have no confidence in governance. worse still, they cant accept criticism.

  u say like that I cannot say you are right or wrong.
  
  1 thing for sure , the MAJORITY had endorsed.
• reddressman

  14 Oct 07, 22:43

  There is no need to protest.
  
  The Majority have spoken.
  
  
• qlqq9

  14 Oct 07, 22:51

  Originally posted by t_a_s:

  CPF is our own savings, the government has no rights to interfere how we use our money, they can't force us to buy annuity if we dont like this idea. some of us may have already bought the annnity, and it is logical to stick to it rather than change to what the governmnet's new proposal.One thing bad about this government is they are very fickel minded, every now and then, they like to change this change that, this shows that they have no confidence in governance. worse still, they cant accept criticism.

  Indeed, it is true that CPF is our own money/savings, they have no right at all to interfere, but unfortunately they are extremely high-handed to decide for the nation how they want our money to be managed. They are fickle minded in order to attain what they plan for. This sort of gahmen are working for themselves only not for the good of the people.
  
  For goodness sake, if they really care for the people, they should come out with various options to deal with the old age problems to let people have the option rather than to force it on people to buy annuity. At the end of the day, we still want our say if they care enough to allow people to choose. The first world gahmen should come out with world class solutions not forcing the nation to please themselves.
• reddressman

  14 Oct 07, 22:58

  Originally posted by qlqq9:

  Indeed, it is true that CPF is our own money/savings, they have no right at all to interfere, but unfortunately they are extremely high-handed to decide for the nation how they want our money to be managed. They are fickle minded in order to attain what they plan for. This sort of gahmen are working for themselves only not for the good of the people.
  
  For goodness sake, if they really care for the people, they should come out with various options to deal with the old age problems to let people have the option rather than to force it on people to buy annuity. At the end of the day, we still want our say if they care enough to allow people to choose. The first world gahmen should come out with world class solutions not forcing the nation to please themselves.

  Ermm....the MAJORITY gave them the mandate, remember?
  
  Any Majority representative here? take a bow.
• qlqq9

  14 Oct 07, 23:10

  Originally posted by reddressman:

  Ermm....the MAJORITY gave them the mandate, remember?
  
  Any Majority representative here? take a bow.

  thank the 66.6% of the voters for you people are truly enjoying the fruit now, you reap what you sow.