The betrayer of CPF members

I was fuming with anger when I read about how PAP MPs Zanial Sapari, Cheryl Chan and Yee Chia Hsing had opposed revising CPF automatic payout mechanism to start at 65 years of age.

The PAP government has already betrayed Singaporean’s trust in them when they passed laws not to return CPF members their life long savings at their 55 years of age as originally promised. And now, we have several smart alec MPs trying to delay the payout start date further.

It is not far-fetched to assume that these MPs are millionaires. Unlike a very large proportion of our citizens, they do not need to depend on their CPF monies to fulfill their dreams and spending wishes. It is one thing to encourage our senior citizens to stay active and work for as long as possible.

But it is another thing to use that as an excuse to further hold on to their CPF life savings. We have our desires and dreams on how we wish for their life-long CPF savings to be used. Some of us want to start a small business, others may wish to use the money send their children for an overseas education, etc.

If we were to hold a national referendum on when our citizens would like to start receiving their CPF payouts, I am confident that the majority will pick 65 over 70. In our local parlance, it is called “damn bastard”! Sure enough, some may squander their savings away – but so what? If after living for more than half a century and they still cannot think, that is their life.

So why can’t 65 years old be the automatic default payout age for all – whether they are on the Retirement Sum Scheme (RSS) or the CPF Life scheme? For those who wish to receive their payouts later (which I believe that they are in the minority) they will need to inform the CPF Board.

Is this so hard to implement? After all, PAP was elected by our citizens to serve them. At 65, many are not in their pink of health. So, please do not deliberately make things difficult for these people.

 

Simon Lim

 

 

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34 Responses to “The betrayer of CPF members”

  • old man:

    We remember thees PAP MPs and don’t vote them in including all other PAP MPs. Time for us to fight back with our votes.

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  • Please read::
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  • oxygen:

    MANY PAST THE AGE OF 70 are physically incapacitated to varying degrees – what is the use of returning their money to them past that age by installment under false pretense of nanny-look-after-the-kid hypocrisy that they would splurge all in Batam? So ladies cougar go to Bali and buy toy-boy for sex too?

    I HAVE COMPELLING APPREHENSION THAT THE PUBLIC MINDS quite justifiably, THINK CPF SCHEME IS A FRAUD. And this is not far from law and reality. Both in statutory and common law applications, there is NO SUCH A THING AS TRUSTEESHIP TO MORTALITY. You might as well tells us that your money is confiscated for undisclosed needs elsewhere (a secret of national interest confidentiality again or it is not in our interest to tell you???) bullsh*t.

    If the contrary is true, then fund management is the most lucrative business. Anyone with a licence to operate investment banking can solicit for public money, and once in the receipt of possession, then change the rule that investors CANNOT SELL OUT AND WITHDRAW THEIR MONEY until mortality hits. The offending investment bank as a legal entity exists in perpetuity – IT THEREFORE INHERITS PUBLIC MONEY SOLICITED AND OBTAINED IN CIRCUMSTANCES OF DECEIT AND LEGALISED FRAUD and keeps it as its own.

    IS THAT LAW OR INVESTMENT BANKING OR BOTH – if it is allowed to incubate to this degree of absurdity?

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  • Try To Remember:

    Good Party law-makers make Good laws. Pro-Aristocrats-Party law makers make pro aristocratic laws.

    All law makers can only make laws dictated by their party and in the interest of the Party.

    If you want a balance law, you need a balance parliament.

    Different parties may punch each others inside the parliament, but they are only just fighting for those outside the parliament.

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  • rukidding:

    Bo Pian,…P.a.p. is Pimps and prostitutes mah !

    Thus they are “low life creatures” Mah !

    They will “do anything” to “stay in power” !

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  • PC Ong:

    Hello Simple Simon, you want CPF payout age 65. But now people living longer, health care costs more expensive, where got enough to last your entire life? If you want 65 payout age, then prepare to contribute more during your working life. Employee contribution rate must increase to 30% or even 40% from the current 20%. Use your brain please

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  • lky's letter:

    Just do what LKY wrote to Tay if we can’t remove bad and evil government.

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  • Bapak:

    A very clear example PAPigs dont care or serve the people. Dont vote them, remember you have your rights & excersize your rights by voting them out.

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  • patriot of TUMASIK:

    Idiotic sheep who trust & believe a man with a slick-tongue of a Snake-Oil salesman deserve whatever they are facing today…

    The Coward call Nationalists & Patriots Cowards when he Betrayed his country and WORK for the Japs during the Occupation…

    Slaughtered 1,000,000 unborn through his LEEgal Abortion Bill in 1974 and replaced the Lost Generation by opening the doors WIDE for FTs with Dubious QUALIFICATION & HEALTH CERTIFICATES to replace them

    That is The REAL TRUTH from the “BS hardtruth” written by a Coward & Traitor

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  • Bastards Need To Be Cursed:

    These three bastards need to be cursed by all the other CPF members, especially those who want their money back from the Ah Long as early as possible.

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  • We not suipid:

    Pap MPs may not get million dollars as politicians, but most of them hold well paying jobs or very profitable businesses. Their combined remuneration would be in the hundreds of thousands, if not millions. Impossible for them to understand and empathize with the common man who needs his CPF to live because his earning power has diminished with age.

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  • Parlance on perversions:

    Now I’ve seen a natural aristocrat get really angry over things unethical… simple Simon speaks for us all.

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  • Harder Truths:

    These MP’s were voted by the electorate by a HUGE majority.

    Until the time they are voted out they have the legal right to do what they want. No point to KPKB now.

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  • You Voted For It:

    Why should they hold a referendum when PAP owns the parliament?
    They got the mandate from dafts to exercise unfettering rights to do as they wish.

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  • CPF is kosong already:

    those pap MPs are not in clown pap inner circle so for them to talk as if they know the truth is nothing but fake news.

    even our esteemed Mr Ong TC did not know how much is pap kitty even though he was the President.

    from normal human behaviour, as long as someone delays in repaying us our OWN money, it is not wrong to say that someone has already spent our money and is in difficult to repay us so come out with all manner of lies BS fake news to delay returning to us our OWN money.

    it is not wrong to say our OWN money has been squandered by the pap fools in gic temasick. these pap fools are proven to be spending dollars reaping cents. no need Cambridge economics degree also know CPF is kosong already.

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  • angkat to gain rites of entry:

    I was fuming with anger when I read about how PAP MPs Zanial Sapari, Cheryl Chan and Yee Chia Hsing had opposed revising CPF automatic payout mechanism to start at 65 years of age.

    I am not surprised at all. On the contrary. These rookie PAP cadres will ‘angkat’ in order to be noticed to gain the rites of entry into the permanent ranks of the established PAP order and secure their automatic exuberant rewards in the form of legalized heists from the taxpayers.

    Where else can you find a part-time job that pays nearly a quarter million dollars and where you need to turn up only a few times a year to make a farce appearance? How many times have they been caught on camera dozing off during the sessions? Did you think they Were they because they cared for us? So why would anyone be surprised when they spoke up against us?

    With such easy bountiful loot, would you be surprised that they’d do everything to please their boss to ensure they remain in those jobs?

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  • angkat to gain rites of entry:

    Did you think they Were they because ….

    should read: Did you think they were there because …

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  • Biggest scam in SG:

    Dear Simon,
    We trublus are all equally fuming with anger.
    Like many have imagined and voiced out , i too feel something bad had gone wrong with the reserves…
    ..and President HY cant talk…already billued n silenced by her boss and mil$ salary.
    She forgotten she took an oath.

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  • LIONS:

    do the gahmen really care about ensuring our CPF is safe for our retirement?

    i say bullshits!

    they just want to ensure that older sgs n others are able to PAY THEM as and when due so like THE RUNAWAY MEDICAL FEES AT GOVT HOSPITALS?

    THIS GOVT IS TOTAL CRAP.

    it is only worried about its gang-member$ and that is clear to all.

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  • I am 64 soon:

    Quote: National referendum .. the majority will pick 65 over 70…
    Agree … but
    I believe at least one out or every 6~7 reaching 65 may not need money from CPF drawdown at 65 .. the garanteed 5% per annum safe return still unbeatable from any investment, given at older age .. it is therefore .. rather automatic drawdown at 65 .. let old folk has a choice sounds logical .. afterall, many older folks believe they could live till 90 and beyond …

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  • LIONS:

    . it is therefore .. rather automatic drawdown at 65 .. let old folk has a choice sounds logical .. afterall, many older folks believe they could live till 90 and beyond ..
    ==========================================================================
    90 N BEYOND?

    MEDICAL COSTS WILL KILL YOU BEFORE YOU REACH 80?

    ANYWAYS,by which time,they cannot enjoy themselves in ‘BATAM’?

    Most will be POPPING MEDICINE/PILLS instead of chewing a great steak?

    dont be fooled by the uncaring gahmen who care only for themselves???

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  • NotMyProblem:

    Biggest scam in SG:
    Dear Simon,
    We trublus are all equally fuming with anger.
    Like many have imagined and voiced out , i too feel something bad had gone wrong with the reserves…
    ..and President HY cant talk…already billued n silenced by her boss and mil$ salary.
    She forgotten she took an oath.

    She took the Indian or the Malay oath?!!

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  • Sgans need not have to crawl:

    PC Ong:
    Hello Simple Simon, you want CPF payout age 65. But now people living longer, health care costs more expensive, where got enough to last your entire life? If you want 65 payout age, then prepare to contribute more during your working life. Employee contribution rate must increase to 30% or even 40% from the current 20%. Use your brain please

    If the PAP team were more talented and has the ability to come up with a First World economic model that is able to enable us to earn wages like other First World countries, without driving the cost of housing through the roof through a cheap labor intensive driven economic model, and not shortchanged us by paying ridiculously low interest rates on our CPF savings because they created a gigantic hole in our reserves through their incompetent management of our sovereign funds, Singaporeans need not have to crawl, or to envy the lives of the Malaysians, Taiwanese, the S.Koreans, and other First World countries.

    PAP: You have to thank us: Singapore is simply badly run and Singaporeans are getting a very bad deal from the PAP.

    In other First World countries, the employer pay your social security contribution (like our CPF employer’s contribution) and from that, they get free Universal healthcare, unemployment benefits and old-age pensions. What do Singaporeans get? Million-dollar Ministers and civil servants.

    When those in other countries buy a property, the value of their properties do not depreciate to zero like ours do. On the contrary, most have appreciated many times their original purchase values. Besides, their mortgage payment is often less than our CPF employee’s contribution too.

    So how well has the PAP performed?

    Yet they pay themselves the highest salaries in the world and even more obscene bonuses. It’s like they’re saying you have to thank them instead (for the miserable life they brought you).

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  • I am 64 soon ...:

    Quote: Some of us want to start a small business, others may wish to use the money send their children for an overseas education, etc …
    When coming to 65, any folk would have had sufficient life experience .. could have invested somehow sometime somewhat .. that failure would always be much more than successor .. its not wise to “start a small business” in Singapore .. as more retail shop close down a matter of fact very corner in this island .. its therefore a 5% garanteed yearly return somehow sound wise … “to send kid for overseas education” at 65 years old? .. NO joke lah .. you mean .. grandchildren? .. Joke aside .. I DO see folk having late second marriage.. @ my age kids still in primary school .. another friend/relative even older than me looking after grandchildren .. family problem .. children not looking after own children but leave them to their old parents … Gosh! .. Rare examples

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  • Biggest scam in SG:

    NotMyProblem: She took the Indian or the Malay oath?!!

    Thats the Big question!

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  • oxygen:

    @ I am 64 soon

    THIS POST OF YOURS GOT MY HEAD SCRATCHING of utter bewilderment for a number of reasons.

    Firstly, where and when CPF guarantee you or anyone a “5% per annum safe return”? Care to supply the evidence in writing of that promise from CPFB?

    I am 64 soon: Quote: National referendum .. the majority will pick 65 over 70…
    Agree … but
    I believe at least one out or every 6~7 reaching 65 may not need money from CPF drawdown at 65 .. the garanteed 5% per annum safe return still unbeatable from any investment, given at older age .. it is therefore .. rather automatic drawdown at 65 .. let old folk has a choice sounds logical .. afterall, many older folks believe they could live till 90 and beyond …

    In over 40 years in casino-like adventure of investing, I haven’t discover ANYWHERE ON PLANET EARTH (you might dwells in a different planet or universe which I must respect of difference if that is so) that is “safe return” of risk undertaking. The only hypocritical safe return in the entire universe of investment is US Govt treasury bonds – these are guaranteed of stated return of interest and capital repayment by Uncle Sam, no less. But be wary, US print $$$$ to pay you back in fiat fully depreciated currency, so your risks is loss of purchasing power – the longer you hold of that security, the bigger will be your loss of invested value.

    And Uncle Sam pays you 2.6% now on 10-yr treasury and roughly 3% on 30-year bonds. WHERE DID CPF INVEST THE PEASANTS that could yield them and reward us 5% guaranteed safe return? It is either a FANTASY OR MIRACLE that within the global investment space, there exists such wonder no-risk return investment which even UNCLE SAME can’t offer to the rest of the world?

    No wonder you call that “still unbeatable from any investment”. Me think it is your fictional invention. Note your bold claims of “unbeatable” return from “ANY INVESTMENT” ( the word “any” including risky ones I supposed??) All my investing for over 4 decades involved risk adventures of big and small. I won’t brag my returns, my CPFIS returns is in LEE-jiapore CPF records. On my book, 5% return is CHICKEN SH*T return over the long haul is fiacking waste of my time and entertainment. My superannuation fund manager Down Under did over 8% return average over 20 years and that is solely in so-called highly risky stocks in natural resources. Risk or not, like it or not, the returns I got outclassed the 5% you aimed for and it is through cycles of good and bad exaggerated risks WITHOUT FEAR.

    WAKE UP! THERE IS NO RISKLESS RETURN.

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  • I am 64 soon ...:

    @ oxygen: please read carefully
    When I was 55 the minimum sum was $123000 .. my classmate 6 months older was $117000 .. I left the whole bunch of minimum sum with CPFB without property pledge .. I was told at that point of time when commencing drawdown at 65 I can expect some $1100 per month for 20 years .. those who pledge property can expect even less than half amount .. whichever the case, no big deal .. It is estimated one every 7 could do that .. and those with property pledge about one every six member .. that key issue here obviously the majority could not meet minimum summ requirement at 55 could do NOTHING when coming age of 65 .. it is therefore why worry if drawdown start 65 or 70 or even 75 .. Final point to remind OXYGEN .. at least 50% born 1960 or later can expect to live beyond 85 .. joke aside .. Please tell me what investment with low risk give you 4% per annum return? .. DONT talk rubbish!

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  • oxygen:

    @ I am 64 soon…..

    THANK YOU VERY MUCH INDEED FOR THE REJOINDER. You pleaded in earnest that I should read carefully the content of your earlier post comment. I would implore the same from you!

    What flummox me in bewilderment is your sudden inexplicable SHIFT of investment return to 4% per annum now when you claimed earlier CPFB’s guarantee of 5% return is unbeatable bargain – something which are challenged upon you. Here is my proof. You started off on this premise

    I am 64 soon: the garanteed 5% per annum safe return still unbeatable from any investment,

    and now?

    I am 64 soon ...: Please tell me what investment with low risk give you 4% per annum return? .. DONT talk rubbish!

    So which one are you standing on? 5% guaranteed unbeatable from any investment or 4% per annum return for low risks?

    IT WOULD BE NICE IF YOU CLARIFIES NEXT, THANKS!!

    I noted that you also shifted your paradigm, introducing new parameters not illuminated earlier (and therefore not challenged in my rebuttal post. Here is new substance introduced in your rejoinder. Yes, please read carefully, thanks, mate.

    I am 64 soon ...: I was told at that point of time when commencing drawdown at 65 I can expect some $1100 per month for 20 years .. those who pledge property can expect even less than half amount

    and this

    I am 64 soon ...: Final point to remind OXYGEN .. at least 50% born 1960 or later can expect to live beyond 85 .. joke aside

    Mate, no one is disputing both claims made by you are inaccurate, flawed or otherwise tainted of unreliability – certainly not me. I can’t fathom in best of effort sincerely of reading carefully comprehend how these new claims of yours is relevant to this debate of my engaged thoughts.

    MATE, I DISPUTED YOUR 5% GUARANTEED RETURN as possibly inaccurate of assertion when UNCLE SAM only offer 2.6% for 10 yr bond, 3% for 30-yr Treasury. That is if CPFB offer 5% “risks free” return, it is actually risky investment because 5% risks free investment – to my knowledge – does not exist in recent time.

    Risks is a gravitational concept moving with shifting economic…

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  • I am 64 soon ...:

    @ Oxygen
    Let’s not corner ourselves to the point of .. CPF actual return whether 4% or 5% or anywhere in between
    You are a small man indeed!
    In any case a realistic or garanteed 4% agreeable and acceptable .. again this figure is anytime BETTER than any highrisk investment
    Talk sense!

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  • I am 64 soon ...:

    @ Oxygen
    Let’s NOT bring in other places where longterm bonds return than higher 5%
    If any Tom Dick or Mary .. think those places offer you 5% or higher return just go ahead if you have tonne of loose money .. and you reckon there are indeed many such Tom Dick and Mary?
    Back to realistic..
    The majority who could not meet minimum sum requirement at 55, those had pledged property to draw out more money at 55 .. their balance in CPF when come close to 65 .. likely to be small figure .. and monthly payout likely to be mere few hundreds .. so why border if the drawdown starts at 65 or 70 or much later …

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  • oxygen:

    @ I am 64 soon…

    FIRST LET ME THANK YOU FOR COMING BACK to this forum, it gives me impetus and encouragement to continue this conversation.

    I am 64 soon ...: Let’s not corner ourselves to the point of .. CPF actual return whether 4% or 5% or anywhere in between

    If your 5% claims of initial post comment is now irrelevant of being “cornered”, it beats my comprehension why your excited utterance is ANCHORED to this exaggerated wild claims of yours in the FIRST INSTANCE.

    I am 64 soon: garanteed 5% per annum safe return still unbeatable from any investment

    Obviously in denial now, that aforesaid claims is fallacious but yet it still DID NOT STOPPED you from further CONTINUING assertion of unsubstantiated extravagance of this (now slightly reduced) claims.

    I am 64 soon ...: In any case a realistic or garanteed 4% agreeable and acceptable .. again this figure is anytime BETTER than any highrisk investment

    In that travel to fantasy illusion, you DIDN’T explain what is “highrisk” investment in your mind discovery and definition. I promise you this – if you talk to a SEASONED financial journalist or a finance academic or someone with long in depth experience of investment banking industry of either 4% or 5% risks free rate of return per annum available from CPFB, THEY WILL ALL LAUGH THEIR HEADS OFF to uncontrollable giggle.

    There is no such a thing as risks-free return in fixed income securities presently – the highest among major economies is US, parts of EU, Japan were in negative yield return in 10 yr Treasuries in 2016 and many are below 1% now.

    This leads me to the conclusion that you either oblivious of reality in denial or you simply don’t know what you are talking about in your post comments. IT IS MISLEADING TO READERS – that is why I challenged you. It is NOT because I choose to be

    I am 64 soon ...: You are a small man indeed!

    Global financial market is intricately intertwined, its texture is very rich, invigorating of dynamic reaction and mutual causation but there is no such a thing as risk-free return except in academic theory. That is why I wrote

    to be…

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  • oxygen:

    @ I AM 64 SOON…

    That is why I wrote

    oxygen: Risks is a gravitational concept moving with shifting economic…(cycle)

    Mate, what is your definition of “low risks” or “high risks”? Is it simply volatility of return or the risks of losing a large part of your invested capital? I am confident you will discover your conceptualisation (flawed or valid) of risks/return paradigm after you have explained this reality phenomena. Here is my weblink. Go on, read this

    Central bank gold buying surges to 50-year high

    http://www.mining.com/central-bank-gold-buying-surges-50-year-high/

    Physical gold has ZERO COUPON rate of return unlike equities (shares) or bonds (fixed interest securities) and spot gold price is at multiple year high which must imply some downside (and upside too) risks of capital loss (or gain on upside too) and yet nothing of income to cushion if you hang on to a loss-making transaction.

    is this a high-risk investment or a low-risk investment in your mind, @ I am 64 soon…?

    IF IT IS HIGH RISK INVESTMENT for no return except negative downside risk of capital loss, WHY ARE ALL THOSE CENTRAL BANKS SO STUPID TO INVEST IN PHYSICAL GOLD when CPFB can find attractive “low risks” or risk-free investments to generate either 4% or 5% return of payout to all its members – allegedly conquering the low-risks or no risks investment landscape?

    Whoa – if that happens – CPFB must be the best investment managers of retirement funds which BEATS THE SANITY AND SKILLS OF THOSE STUPID CENTRAL BANKS buying physical gold in 2018 in quantity not seen for the last 50 years!!!

    On my book, CPFB offering 5% risks free return is academic fiction of construction. The real world outside is far more challenging of achieving return for VARYING RISKS INEVITABLE. To my mental framework, risks and perception of risks travel in opposite direction. The lower the perceived risks (in price bubble of overconfidence) the higher is the real risks of asset price collapse occasioning in catastrophic losses. And correspondingly, the higher the perceived risks (the asset prices kicking in fear at the bottom) the higher is the upside potential because downside risks is priced in. Remember the investing dictum – buy when there is blood on the street.

    Low risks and high risk are conceptualisation of the investors’ mind construct. Once you placed your bet, the risks paradigm shifts out of your control.

    SO PLEASE DON’T TALK RUBBISH ABOUT LOW RISKS OR HIGH RISKS INVESTMENT. Central bankers are not ALL COLLECTIVELY stupid TOGETHER.

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  • pap PA paid IB ci:

    I am 64 soon ...:
    @ oxygen: please read carefully
    When I was 55 the minimum sum was $123000 .. my classmate 6 months older was $117000 .. I left the whole bunch of minimum sum with CPFB without property pledge .. I was told at that point of time when commencing drawdown at 65 I can expect some $1100 per month for 20 years .. those who pledge property can expect even less than half amount .. whichever the case, no big deal .. It is estimated one every 7 could do that .. and those with property pledge about one every six member .. that key issue here obviously the majority could not meet minimum summ requirement at 55 could do NOTHING when coming age of 65 .. it is therefore why worry if drawdown start 65 or 70 or even 75 .. Final point to remind OXYGEN .. at least 50% born 1960 or later can expect to live beyond 85 .. joke aside .. Please tell me what investment with low risk give you 4% per annum return? .. DONT talk rubbish!

    dont be too happy too early. the mentioned 5% interest earned in RA vests with CPF pool. the day you mati, after 65, the interest earned does NOT belong to your beneficiaries.

    of course keep all the money in OA SA and even MA. the money, and interest earned in these accounts, vest with with your beneficiaries. please dont talk when you are not with the facts.

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  • oxygen:

    @ pap PA paid IB ci:

    A LOT OF DAFT SINKIES don’t understand that in all money matters, WHAT IS NOT IN YOUR POSSESSION is NOT your money but the one who is in control and possession.

    There is a long history of Governments confiscating peasants superannuation money (because these are artificially frozen monetary asset thought not to be immediately available to and needed to fund current consumption) by all means cunning and devious in all strange financial distress circumstance of mismanaged economy. Here is the weblink of recent historical case examples.

    https://www.ainsliebullion.com.au/gold-silver-bullion-news/confiscating-your-super/tabid/88/a/1250/default.aspx

    Over in Down Under, there is the SMSF – self-managed superannuation rolled into state controlled super funds – IT IS IMPOSSIBLE FOR govt to confiscate or play hanky-panky with withdrawal rights of agreed dates of maturity settlement.

    PEASANTS TOO STUPID TO EVEN BEGIN TO DISCOVER THEY ARE STUPID TO IMPOSSIBILITY DON’T UNDERSTAND THIS FACT OF REALITY – if the governments of the day needs to play hide and seek with your superannuation money, MOST LIKELY A PLOT IS HATCH TO STEAL YOUR RETIREMENT MONEY by all sorts of devious delaying tactic pushing out further and further lump sum withdrawal date nearer and nearer to beyond the rightful owner mortality date.

    Or they can simply borrow your retirement funds and never return or intending of returning.

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