CPF’s sly wording on the draw-down age option

The CPF Board do send out letters to those approaching their cohort draw-down age.

For those borned in 1953, it’s their 64th Birthdays.

There after, I believe it is 65.

The sly way they put it, is to suggest that you could delay your draw-down and receive more per month.

That applies to both Minimum Sum Scheme or those who opted for CPF Life.

Those who instinctively do not want any delay might just chuck the letter and the forms aside.

That’s where the devils come in.

Tuck away in the middle of the FORM, is a line that tell you that if you didn’t indicate that you want to start your draw-down from age 64,or 65,the DEFAULT AGE is 70. [ LINK ]

Yes, Age 70.

I happen to opt for the CPF Life and somehow my enhanced top-up application had already stated I wanted my draw down to start from age 64.

If unsure, call, write or better still go down personally to any of the CPF offices. Note that the Main CPF Board office is closed on Saturdays.

(Emphasis)

In places like the UK, or US of A or Europe, this kind of action

Tuck away in the middle of the FORM, is a line that tell you that if you didn’t indicate that you want to start your draw-down from age 64,or 65,the DEFAULT AGE is 70.

is not acceptable. It’s not Christian, kosher or halal. It’s politically toxic, playing games this way.

 

Lye Khuen Way

 

* Comment first appeared on TRE June 11, 2018 at 7:50 am.

 

 

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32 Responses to “CPF’s sly wording on the draw-down age option”

  • when has PAP been ethical?:

    Since when has the PAP been ethical?

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  • Bapak:

    Hi LKW, long time no hear from you. Good to read your contributiin again. Welcome back. Hope this is not a one-off thing & never hear from you again. Election is coming, we need to work harder. The regime IBs have been activated & working 25 hrs a day to plp their master. We need more like-minded supporters to ffffffffffs them.

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  • mike:

    Soon, they will just email you. Like iras.
    Notice is in the email. Go read among a pile of spams and junks. Plus free scams and virus.

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  • mike:

    First we provide absolute power to single party.

    Then the parliament provide absolute power to the relevant agencies without the need to go back to parliament for major changes and decisions.

    Whose fault do we think it is (was).

    Who belief in honest men in running a nation? I don’t…
    I only believe in a healthy system which able to correct itself without fear of men altering it to one own gain.

    Thus, are we in such system? No.
    Are we far from it? Still some distance …
    as 70% of us (which is normal) are in dreamland and 30% of us are struggling to dream about a system that 70% doesn’t care.

    How to go about it? Educate your children, they are the only hope to make changes if not too late.

    I came from a family that believe the miw were best for the country… but now, 1/3 believe in alternate voice while 1/2 trust no politicians. My dad retrenched and unemployed for 14years while I was made redundant (new replacement word for retrenchment… haha…) since 4 years ago. Now my dad hates miw and while I had never believe in any politician since 20years ago.

    How much had change in SG? I say nothing much. Still thinking TCB can fix this bug in the system? Hilarious… the answer lies in the power of us being able to make decisions, and create unexpected results for the politicians.

    Why america is considered great by many? Because they can put someone like Trump in position and give you that long middle finger.

    We educate our children not to believe what we were shown or spoken but to find out and verify ourselves if we are interested in it.

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  • Merobok:

    This is not only the tricky part but other administrative procedures too!
    I know of friends who have renounced their S’pore citizenship and writing in to withdraw their CPF including their Medisave medi-life etc….
    Oh boy, it was a tedious task and not a straight forward process….after forwarding the renunciation letter and acceptance by the citizenship office, they were told to prove their identity and past employers they had worked with(CPF would have a record as they contributed to the CPF)
    It took them at least 3 months for everything to come through!
    One can surmise the reason behind it!

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  • pap clown says INDIAN is malay:

    inside 200m is not within 200m. it is unethical. but pap does it.

    INDIAN is malay. it is unthinkably unethical. but pap does it.

    since CPF is kosong, how can pap be ethical? cannot. one lie covered by a bigger lie. HDB rental unit is asset also can lie. WTF.

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  • oxygen:

    ENTRAPMENT IS ILLEGAL AT LAW because consent of counterparty has been refused. In blunt truth, it is obtaining financial benefit by one party by deception and oppression.

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  • oxygen:

    IN TRUSTEESHIP LAW DATING BACK TO OVER 700 YEARS OF COMMON LAW APPLICATIONS, there is no such a thing as trusteeship to perpetuity nor to mortality at the sole trustee’s usurpation of the trustee’s unlawful determination – the owner of the trust assets is denied of his exclusive quiet enjoyment of those rights – the legitimate owner might as well give it away to a thief or robber.

    If the contrary is true, than investment bankers can simply confiscate all the assets/properties of the investors and hold that to perpetuity to its advantage knowing that all investors have mortality and corporate entities like investment banking institutions survive to perpetuity unless and until voluntarily liquidated or forced into liquidation by unsatisfied aggrieved creditors.

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  • Real Sperm:

    My friend died before he could withdraw his CPF.

    The one size fits all delayed withdrawal of cpf is stupid. Only smart people accept this logic?

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  • oxygen:

    JUST RETURN THE LUMP SUM in the balance of CPF members – faithfully, diligently and without qualifications at 55, WE WILL ALL SOON DISCOVER how many senior (read SILLY) citizens put their retirement savings back in for the seductive 1% higher interest rate.

    AT LEAST CPFB INSIDE KNOWS who these SILLY citizens are even if the rest of us don’t know.

    They will have a BIG UPROARIOUS LAUGHTER OF WHO THESE COMICAL INVESTORS ARE inside the concrete wall of CPFB offices after that.

    CLAP CLAP CLAP.

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  • Bobo:

    In the past we trusted CPF board so much that we have no question to ask, check or doubt their honesty and sincerity. We understood that 3 months before people turned 55, they (automatically) received letter on the CPF money withdrawal date. There’s no evil act like this time, playing with words to con people and finding mean ways to prevent people from drawing money. WTF, CBT.

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  • having the option to decide:

    //Tuck away in the middle of the FORM, is a line that tell you that if you didn’t indicate that you want to start your draw-down from age 64,or 65,the DEFAULT AGE is 70. [ LINK ]

    Yes, Age 70.//

    one jump from 65 to 70.

    some idiot said “helps to simplify the activation process for members” ?

    if white idiot could tok kok with this kind of language, imagine how ‘good’ the mentality of the leaders and its citizens lor ?

    simplify to withdraw at 70 only ? simplify ? more like burden lar ?

    to truly simplify is having the option to decide at age 60 of withdrawing either at 61, 62, 63, 64, 66, 67, 68, 69, 70 hor ?

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  • StillVotePAP?:

    As more people read n inform their friends /families, cpf service counters may be working OT.
    good for them to give feedback..
    Or were they strictly instructed on the “DONT ASK, DONT TELL” rule?
    What the hell is PAP hiding by being so cunning?

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  • N.Jungne:

    Yes welcome Khuen Way, but how many of our 64 & 65 folks reads English and has email. Do CPFB wants to see these people at the Office with their children to interpret. Why not default with Pinky out of PeeM Opera.

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  • default 75, 80, 85:

    CPF rules change frequently without notice.
    I expect that in a few years time, the default will be raised to 75.

    If they get 70% again, likely the default will be 80 years old very soon.

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  • Anonymously:

    There is a question which interests us all:
    If I had forgotten the option form, and realised it only when I reached 65 years and 10months, can I still apply to withdraw or I am stuck and can withdraw only when 70 yes old?
    If the answer is yes, can I claim the arrears of ten months worth of cpf money which I had forgotten to collect?
    Does anyone know? It’s very important!

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  • WeArePartlyToBlame:

    We sillyzens are to blame..
    After all these years we still believe that we have an honest gov in charge!
    Politics IS a dirty game after all, folks.

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  • Just fyi:

    @Anonymously
    Best you go down to any cpf branch office to enquire in person..get the officer’s name n destination for reference..
    Go early my friend…cpf branches always packed …

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  • Bapak:

    @Just fyi is correct. Go early bro and tell all your friends. And after that never forget to VTO comes GE. And tell all your friends too.

    Anonymously:
    There is a question which interests us all:
    If I had forgotten the option form, and realised it only when I reached 65 years and 10months, can I still apply to withdraw or I am stuck and can withdraw only when 70 yes old?
    If the answer is yes, can I claim the arrears of ten months worth of cpf money which I had forgotten to collect?
    Does anyone know? It’s very important!

    Just fyi:
    @Anonymously
    Best you go down to any cpf branch office to enquire in person..get the officer’s name n destination for reference..
    Go early my friend…cpf branches always packed …

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  • Just fyi:

    @Anonymously
    Error..
    Shd read….get the officer’s name and designation…
    Apologies.

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  • Same as cdc fund:

    At best this is known as trickery! Now you see it now you don’t

    It is the same as the CDC fund……….automatic opt in! It may be $2/- but it’s all gone x the no of sinky employees…….it probably run into billions…….all in the Pappies pocket.

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  • Concerned:

    Must say that its actions/lack of action make the govt
    look very sly. What they say and what they eventually do
    also make them look like big-time scammers.

    If its a rare and uncomman incident, you say someone
    slipped up. But these things are happening so regularly
    in so many areas. One can only conclude they are planned,
    and done deliberately. No govt, esp comprised of scholars,
    can otherwise behave so deviously.

    What reasons are there for keeping the power with a party
    that gives constant indication it is abusing it? That it
    is trying to bluff the people? How do you have trust in
    such people and such a political party?

    It does not help when those in charge refuse to explain
    themselves and their actions. Refuse to reveal basic
    facts. And when they try, speak in double-talk. These are
    the reactions of cheats and the extremely stupid. You
    do not want such people in charge, even if they give you
    the occasional treat like a GST voucher for the piddling
    amount of say $30. In simple terms, that’s attempted bribery,
    and a poor attempt at bribery too!!

    It is extremely sad that a party that started off well has
    sunk to these absymal levels. It is heart-breaking that
    Sporeans accept such behaviour by continuing to vote for
    this party, which behaves so suspiciously. Worse, it now
    refuses to allow and accept criticism. It’s a rotten situation.

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  • 【理恨龍】Lee Hoon Leong:

    GIVE & TAKE

    1. Giving Away

    This must be, and it has been like this for the longest time in living memory, the strangest way of ‘giving’ someone something
    (including SG Bonus, SG Dividends, GST Vouchers
    - and now CPF “payout” that ought to have been “payback” since the funds rightfully belong to the eligible retiree-member anyway & thus rightfully his/her own money in any case, having faithfully & dutifully contributed, in cash, no less, over decades of his/her working life -
    which were all the receiver’s paid (excess!) taxes in the first place, hence ‘giving’ in quotes!

    Strange way to give because the giver always asks, on every occasion such ‘giving’ occurs or is about to, the receiver if he/she would like to opt out!… wtf?!!

    Shouldn’t it be an opt-in exercise rather?

    As in:
    “Oh, we’re going to give this, this and this (to everyone eligible) so if you don’t wish to receive this, this or this (and would much prefer us to keep it/them as public reserves for some other current and/or future public purposes for the benefit of all), you may wish to opt out by signing this, this and/or this.”

    This has happened time and time again, over and over, that one has literally lost count!

    (Note:
    Maybe even since 1993 when they decided to ‘give’ discounted shares of SingTel which was going to float in what was hitherto the nation’s biggest, most gi-normous IPO ever, when every citizen eligible for the exercise
    - make everybody stock market-savvy & become a nation of investors, the calling then was -
    was asked if he/she would like to opt in for such shares when they should in fact have, upon giving first, query if he/she would NOT want to (top up CPF accounts in cash in order to) partake of this ‘once-in-a-lifetime great, if not the greatest, investment’ they touted it to be!)

    - continues below -

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  • Just Take Out:

    For the elderly who have more than $49,800 in ther MA with the extra amount spill over to their OA, they should withdraw every cent and do whatever they want with their money. Forget about the extra interest.

    With these idiots around, don’t leave a single cent behind.

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  • FOXY PAP:

    All in tune with foxy PAP.

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  • FOXY PAP:

    “Minority representation applies only at election time” !

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  • FOXY PAP:

    An Indian can transform into a Malay. Tarzan can morph into a monkey !

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  • FOXY PAP:

    A $2 company A.I.M. owned by PAP can buy over a software developed at $2.4Million (with HDB residents’ money) for $140K – from PAP-run Town Councils !

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  • rukidding:

    My friend got CANCER.

    One very Good and kind, senior SGH Principle doctor help wrote letter for him to withdraw cpff on medical grounds.

    Wtf,…had to pay a few hundred dollars just to get medical records from SGH to re;ease to cppf.

    Took him 8 months to finally receive only 70% of his cpff savings released.

    8 months ????….lucky he still around after that 8 months of wait.!

    More horrific to know is….NOT 100% ….I say again….NOT 100% was released to him hor,…just 70% only !!!

    What kind of “Bank” is this ????….even a dying man,..”certified dying” by a senior general hospital doctor….also “carry little weight” ???

    Cpff “die, die” still want to “hold on” to 30% of his hard earned $$$$ ?

    Wtf,…so…”gian png ” ( greedy ) and “unethical” !

    You people tell me ????….what kind of “devils” have we “voted” ??

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  • Sly Aristocrats:

    Q: What did the pioneer pap guy say to the 3g pap guy wrt cpf?

    A: “We insisted withdrawal age be 55 years just so you chaps would not plot a protracted postponement of people’s provisions thereby procuring perdurable perdition for your good selves.”

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  • Lye Khuen Way:

    Bapak, thanks for your comments.

    I still lurk around on and off giving my 2 cents worth.

    Yes! We need to put right falsehood planted by IBs.

    I dare say, Fake News, deliberate Fake News are mostly from the IBs.
    No?

    Bapak:
    Hi LKW, long time no hear from you. Good to read your contributiin again. Welcome back. Hope this is not a one-off thing & never hear from you again. Election is coming, we need to work harder. The regime IBs have been activated & working 25 hrs a day to plp their master. We need more like-minded supporters to ffffffffffs them.

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  • oxygen:

    @ rukidding

    THE METAPHORICAL ANSWER to your question below is ‘WHITE DEVIL”

    rukidding: You people tell me ????….what kind of “devils” have we “voted” ??

    In real life geological history, WHITE DEVIL is probably the richest gold deposit ever mined in Australia. This deposit sat near Tennant Creek, Northern Territory, Australia, grading 14.6 grams per tonne of ore rock – the average gold mine around the world now is only 1 gram per tonne. WHITE DEVIL is further enriched with high grade copper attached.

    https://www.mindat.org/loc-259639.html

    and

    https://pubs.geoscienceworld.org/books/book/1209/chapter/107016222/the-white-devil-gold-deposit-tennant-creek

    For its endless greedy “owner”, namely Western Mining, it is a godsend rich deposit of harvest for exploitation to the fullest till the deposit drops dead from total exhaustion of mineral economic resources.

    CPF is something like this – PAPpys “WHITE DEVIL” gold-copper fabrication – even retaining the last drop of blood, sweat and tears of a dying man.

    This will never happens in Down Under solely on compassionate ground. CPFB should have engaged professional actuaries to do an estimate of expected life-span of those with chronic illness and allow them to withdraw their CPF at 55 without impediments.

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