CPF retirement payout changed from 20 to 30 years, without telling anyone?

Why is it that the payout period under the CPF Retirement Sum scheme has been changed from 20 years to age 92, without apparently, telling anyone?

I saw a posting in a Whatsapp chat group for old Rafflesians that the payout period under the CPF Retirement Sum scheme (for those born before 1958, for whom the CPF Life scheme is not mandatory) has been extended from the original 20 years to age 95 (30 years if you start your monthly withdrawal from age 65).

This means that the original monthly payout would be reduced because of the longer payout period.

Why was this change made, without as I understand it, any announcement in the media or in Parliament.

Why has the CPF Board not written to me (and I assume others like myself too) of this change?

 

Leong Sze Hian

 

 

 

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34 Responses to “CPF retirement payout changed from 20 to 30 years, without telling anyone?”

  • At their mercy:

    All their schemes are written on toilet paper.
    So, even when we reach age 70, they can also extend the remaining withdrawal to age 150, right or not?

    And any time, they can also say our CPF money is all dumped into the common pool.

    How to trust them? All schemes are not committed. Can anyhow change anytime.

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  • N.Jungne:

    Aiyoh 20 years take 30 years to clear mah, clever hor?

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  • Bobo:

    Seriously, what monkeys businesses is CPF board doing? Why gov. allows CPF board to suka suka change term without our consent. This is outrageous act and dishonest. This is the end result when people gong gong, bo chap and bo bian. Wake up Singaporeans!

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  • HowMuchMoreCanWeTake:

    A lot of us wont get to enjoy our money..sob*sob*
    So be smart and vote these parasites out…
    Things will change for the better…slowly but surely.
    They cant tax us anymore for now …so this is their next resort.
    Blatant robbery in broad daylight.

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  • Bapak:

    70% loves it, how to complain?

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  • Maybe This:

    Maybe it has to do with this:

    https://wolfstreet.com/2018/09/18/who-bought-1-47-trillion-of-new-us-national-debt-past-12-months/
    [ Who Bought the $1.47 Trillion of New US National Debt over the Past 12 Months? ]

    Of the 12 largest holders of US Treasuries, after China and Japan, seven are tax havens for foreign corporate and/or individual entities. The value in parenthesis denotes the holdings in July 2017:

    Ireland: $300 billion ($312 billion)
    Brazil: $300 billion ($271 billion)
    UK (“City of London”): $271 billion ($230 billion)
    Switzerland: $233 billion ($244 billion)
    Luxembourg: $222 billion ($213 billion)
    Cayman Islands: $196 billion ($240 billion)
    Hong Kong: $194 billion ($197 billion)
    Saudi Arabia: $167 billion ($142 billion)
    Taiwan: $164 billion ($184 billion)
    Belgium: $155 billion ($99 billion)
    India: $143 billion ($136 billion)
    Singapore: $128 billion ($112 billion)

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  • So kepala pusing:

    If they can turn an indian person into a malay person, what more they wont dare do? Nothing is put to a vote. Suspucious isnt it?
    The laws have put virtual shackles on us all.
    Only ev 4 years we get a chance to turn our lives around…that too sprinkled with a lb of PAP monkey business.
    GOD PLEASE HELP US AND OUR SG..

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  • LIONS:

    PAP,blood-$uckers.

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  • Garmen is CPF!:

    Bobo: ” Why gov. allows CPF board to suka suka change term without our consent.” Hello, where have you been all this while? CPF is Garmen and Garmen is CPF!

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  • RSHK1234:

    This year many companies make more late payments to clear their suppliers’ bills….

    Same rule applies huhh….

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  • True facts:

    They had already lost heavily in overseas investment how to pay now???

    Understood la.

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  • Old man:

    Can we file for a hearing and challenge the Board. Any lawyers to take the challenge

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  • Old Boy:

    Uncle Leong,

    Everytime I read your articles there are many question marks?

    Do something about it like writing to the forum or writing to them direct and publishing their answers for us to know. Telling us your questions do not serve any purpose.

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  • CPF is a scam:

    after decades of born and lived on the island u still beleive such scams, i feel sorry for u .

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  • rukidding:

    Cheng Hu….Bo $$Liewu leow !

    Dare not admit !

    If picak Lobang,….overnite the $$$$ will become “worthless”

    Most probably the “losses” were “created” by the Naked emperor’s Holy Jinx wife !

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  • rukidding:

    Already last week told you people about the sad story of my fren who got Gastric Cancer and also a Kidney Transplanted patient.

    Doctor at SGH help wrote a letter for him to “withdraw out early” his Cpf …base on Medical condition.

    Well,..it took Cpf six months to finally released ONLY 70% of his total cpf sum.

    Unfortunately, that was in 2014….and unfortunately or fortunately.//he didn’t managed to die and is still kicking today !

    But sadly,…he has NO MORE $$$ to buy his medication.

    He sought to withdraw on the balance ( about $ 80k left still )….but the cpf staff at SGH counter says its not possible .

    Lan, lan,…he nows has to “borrow” $$$ from Frens and relatives and have to write promissary letters and “willed” the sums of $$$ he borrowed from his creditors and pay them back after he “kicked his bucket” ??

    This is what is mean’t by… “Do Good, Do together” meaning by our President of Stinkapore

    This is what our Naked Emperor came out and told the people on Tv that …all the sick will be “taken care off” ???

    I am beginning to see all the “double meaning” used of words by Pappy now….

    Do be careful when they used the word….”select committee”

    Do be careful when they use the word “will be taken care of” !

    These all have “double meanings”.

    I hope the 70% and those New Sillyzeans will “wakeup” and “not fall into Pappy’s trap” this time round !

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  • LIONS:

    92/95 IF YOU ARE STILL ALIVE?

    WTF,might as well make it 102??????????????????????????????????????????????

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  • HarderTruths:

    Since there is no money left they will keep the scam going for as long as possible.

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  • Centennial Provision Funeral:

    Mr. Leong, please understand that we sheeple are lesser mortals in the administration of the privileged aristocrats: Trickle-down economics at its most depraved excesses.

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  • Perspective:

    This leaves no choice for all those affected but to VTO! As though it is not enough to hold back a Minimum Sum until 65, they are now dragging out the payouts to 30 years. CPF is retirement savings for all Singaporeans which they have sacrificially set aside over many years of working life. It is the single retirement income for most Singaporeans. Not only has the Party extended the age for CPF withdrawal (used to be 55), but also increased the Minimum Sum, and now, they stretched out the draw-down period. It means retirees have less payout each month to live on, especially with rising cost of living. With less monthly payout, they may be forced to sell off their 40-year old-or-more HDB flat at lelong prices and downgrade to a senior flat, which makes it a double whammy! Lastly, few 65-year old retirees will reach 95 which begs the question,”What is the real reason behind this change?”

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  • Perspectve:

    Those born in and before 1957 would be very upset as they are about to draw down on their CPF savings. They are the baby boomers who have contributed to the building of the nation in the early year of our independence. As they see the value of their aging flat decline and the reduce sum on their CPF monthly pay-outs, they will cry foul at the PAP.

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  • How Come No Consultation?:

    Suka suka change CPF Ruling, not even have to go through Parliament?

    CPF Members got BIG SAY during coming GE you know?

    CPF Members also eligible voters, may change the whole CPF Board to a new management if these nonsense continues!

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  • Lye Khuen Way:

    Mr Leong’s ‘payout period changed from 20years to age 92′ was baffling.
    Only when and if you read further do one sort of understood what Mr Leong trying to say.

    1)the start of Minimum Sum Scheme payout from age 64 for those cohort borned in 1953 and earlier, the payouts used to last 20 years but from a year or two ago, it should last an additional 2 years due to the
    Additional 2% on the 1st $60K.

    2) as I had opted for the CPF Life, my payout is for life.

    3)the CPF Board has indeed not been forthcoming with many of its changes.
    Another was that involving the Enchanced Nomination Scheme.
    Which led to many Fake News.

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  • Undaft:

    If true, bad………………..

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  • Perspective:

    If a CPF Account Holder decides on a monthly draw-down starting at age 70, how likely is he to live up to age 100? LOL! What if half-way through he decides to withdraw the remaining balance in a lump sum? Will he be allowed to do that? For example, at 85, he needs money for medical treatment or to enjoy a final holiday because death is imminent.

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  • Zorro:

    Very sneaky. Very stealthy. In the old days this would have gone unnoticed but thanks to vigilantes like Mr Leong, we are now more aware. Thanks Mr Leong.

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  • Perspective:

    20-25 year pay-outs would be more realistic. If a person starts drawing down at age 65, it will stretch out to 85-90 years old – a more realistic life expectancy. If he draws down from age 70, it will stretch out to age 90-95. How many people actually live beyond 90 years old?

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  • oxygen:

    @ Rukidding

    WATCH OUT WHEN PAPpys use the term “SUBSIDY” – be wary if they are subsidizing you and WANTING YOU TO SUBSIDIZE their PAPpypolitics/PAPpynomics agenda.

    Remember peasants pay for the land but no title to that of legal interest in the legal document of their HDB lease contract.

    Of course, every one discover that surprise ONLY AFTER FULLY PAID THEIR FLAT AND RECEIVES THEIR TITLE DOCUMENT FOR THE FIRST TIME READ – after final settlement of mortgage owed.

    rukidding: I am beginning to see all the “double meaning” used of words by Pappy now….

    Do be careful when they used the word….”select committee”

    Do be careful when they use the word “will be taken care of” !

    These all have “double meanings”.

    I hope the 70% and those New Sillyzeans will “wakeup” and “not fall into Pappy’s trap” this time round !

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  • oxygen:

    @ Perspective

    GREAT INFORMATIVE COMMENTS ABOVE – particularly this one.

    Perspective: With less monthly payout, they may be forced to sell off their 40-year old-or-more HDB flat at lelong prices and downgrade to a senior flat, which makes it a double whammy! Lastly, few 65-year old retirees will reach 95 which begs the question,”What is the real reason behind this change?”

    GD

    IT IS DOUBLE WHAMMY BASHING OF THE WEAK OLD AND THE INFIRM MOST VULNERABLE SECTION OF OUR SOCIETY – if you care to do your sums, it will show that the 2 rm 30 yr lease SEXY is priced MORE EXPENSIVE PER SQUARE FOOT than the 5-rm BTOs and that is not even FACTORING IN the additional imposition of HDB resale levy that these senior citizens must comply at HDB’s demand.

    THEY HAVE NO CAPACITY TO RESIST IN OLD AGE.

    PAPpys has hidden undisclosed motives in this REVERSE asset STRIPPING politics scam. If they do a actuarial study or simply an arithmetic computation, the median age of mortality might be below 80, maybe closer to 75 and most peasants won’t be able to touch most of their retirement savings in their lifetime. That “surplus” otherwise residual could then be extracted by inflating healthcare costs.

    VOTERS DON’T ASK QUESTIONS OR CHALLENGE PAPpy on their statistical numbers and the logic as relevant to CPF lock-up. They just swallow what they are told as “true” – particularly the 70% too stupid to even begin to discover they are stupid to impossibility. Inside their desiccated coconut is just long kow chwee (drainage) water which flow whichever direction of elevation/slope of lies PAPpys fed them with.

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  • oxygen:

    @ Perspective

    PAPpys HAVE ALREADY MADE PREPARATION TO SEDUCE these baby boomers with budget lolly in the forthcoming budget pipeline for the so-called Merdeka Generation. Like the PGP of era past, it will be another mirage of fiction of co-payment which they know those seduced can’t afford financially to part-take of participation. It will be just another trickery of PAPpy’s hollow log accounting – simply money stored in hibernating accounts to draw on in the future to fund election seduction lolly yet again.

    But there will be plenty of gullible fools as usual – not knowing that PAPpys are actually cutting up and patching their cut out sphincters to balance up the pimples on the PAPpys’ faces.

    Perspectve: Those born in and before 1957 would be very upset as they are about to draw down on their CPF savings. They are the baby boomers who have contributed to the building of the nation in the early year of our independence. As they see the value of their aging flat decline and the reduce sum on their CPF monthly pay-outs, they will cry foul at the PAP.

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  • SeeNoEvilSpeakNoEvil:

    In the end the monthly pay out we’ll be getting could be $300-500..
    This seems like some kind of underhandedness going on..altho leegalized as usual!

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  • DOOMERANG:

    VOTE THEM ALL, REPEAT , “ALL” OUT !!!!

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  • henry:

    Draw Down Age ( DDA ) was the previous name.

    Now they rename it as

    Payout Eligibility Age ( PEA )

    Confusing all those born between 1955 to 1957.

    They confuse further by having lots of FAQs for those born
    after 1958 and talk about this & that.
    Also mention about “delaying payout between PEA and 70 yrs old”

    All got nothing to do with people born between 1955 to 1957.

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  • henry:

    Anyone born earlier than 1959 are under the
    Retirement Sum Scheme ( RSS )
    And they can join CPF LIFE anytime.

    If under the RSS, can start monthly withdrawal from PEA
    but cannot defer beyond 70yrs old. At 70, the monthly payout will commence regardless if you requested or not.

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