CPF Life Plans

last SG · 2009-09-15T09:48:55+00:00

what old issue, why alway link our CPF to temasek and all those losses, CPF lifeplan was created long before this crisis took place, i was in SIM doing HR w...

maxtor SG

Product wise.

By the way, if you are looking to buy an annuity, the CPFLife plan offers the best return at the moment in the market (due to the fact that the principal amount compounds at 4% p.a.). There is a competitor, Manulife's SRP which offers a non-guaranteed 5% p.a. (non-compounded). Other people in the industry may feel otherwise and I highly encourage you to post here if you do.

Rock^Star SG

Ok let me give my layman's analysis.

For Plan 1 aka Basic Plan: Govt locks in 10% of your money for annuity but payout the annuity portion from age 90. How many do you know live till 90?

For Plan 2 aka Life Balanced Plan: Govt locks in 30% of your money and annuity payout at age 80. Quite a few live till early 80s.

For Plan 3 and Plan 4: Govt locks in all your money and if halfway you need a huge amount of cash, you die already. Benefit is if nothing happens, the payout is indeed quite good.

One more thing need to clarify is the 3.75% - 4.25% interest given. From what I understand, that is given to the CPF life plan yes BUT only for the portion which is non annuity. If you park all your money in annuity like Plan 3 and Plan 4, the interest given is not fantastic if compared to similar industry financial products....say maybe 0.025%? CPF website says that it will be based on market returns.

Well this is my layman's take on it. Pls feel free to correct if anything. Seems to me that annuity benefits those who live longer. Given food in this modern day and all that MSG in there, most people contract some form of illness by their 50s or 60s, serious or not. Therefore to live till early 80s is already a miracle, let alone 90.

angel7030 SG

Product wise.

are u sure, u put in starhub and you get 8% dividend return, more than them lor...u never study your work one is it?? everytime i have to teach you one, imagine a mei mei teaching her uncle...so lame

angel7030 SG

This I suspect is just another effort by the cursed despot with a zombie wife and his ass licking cronies to hold on to Singaporeans' money.

shit, bo medicines liao, i go IMH pharmacy and Q up first.

maxtor SG

For Plan 1 aka Basic Plan: Govt locks in 10% of your money for annuity but payout the annuity portion from age 90. How many do you know live till 90?

For Plan 2 aka Life Balanced Plan: Govt locks in 30% of your money and annuity payout at age 80. Quite a few live till early 80s.

For Plan 3 and Plan 4: Govt locks in all your money and if halfway you need a huge amount of cash, you die already. Benefit is if nothing happens, the payout is indeed quite good.

Regardless of which plan you choose, CPFLife locks up all your money. The only concern here is whether one would like to receive less now so their loved ones will receive more when they pass on.

Since CPFLife locks up all your money, there shouldn't be an annuity or non-annuity portion. The interest rate you receive on your CPFLife annuity should be 4% now, and be converted to yield of Singapore Government Securities + 1% after the end of this year. This coincides with the changes in CPF interest rates made to the SMRA (Special, Medisave and Retirement Accounts).

Historical Yield of 10 year SGS Rate

For more information regarding changes of CPF interest rates, see -

http://mycpf.cpf.gov.sg/CPF/News/News-Release/N_3Sep2009.htm

angel7030 SG

Regardless of which plan you choose, CPFLife locks up all your money. The only concern here is whether one would like to receive less now so their loved ones will receive more when they pass on.

Historical Yield of 10 year SGS Rate

For more information regarding changes of CPF interest rates, see -

http://mycpf.cpf.gov.sg/CPF/News/News-Release/N_3Sep2009.htm

For me i dun contribute to CPF

Atobe SG

U dun talk rubbish lah,...who said no refunds, CPFlife plans come in 4 plans to choose from ya, three of these plans allow for a contributor to bequeath his savings to his beneficiaries if he dies while still on the CPF Life scheme.

The Life Plus plan gives the most in monthly payouts but will yield the smallest amount that can be bequeathed to beneficiaries.

On the other hand, the Life Basic plan gives the least in monthly payouts but provides the most should the contributor die. So dun anyhow talk rubbish ok.

Read the full text that was released by the CPF before you unload your daily load of "hum" onto the various threads twice a day.

If you read Point 22 in the ‘Introduction to CPF Life’ (*1) - it states very clearly that -

"For those members who wish to receive the highest monthly income, they can choose the LIFE Income Plan. However, there are no amounts for bequest in this plan."

If you have no understanding to the meaning of the word "bequest" - ask you parents if they have prepared their wills and included you in any of the wordings.

Stop spreading your daily flippant crap from your "hum".

angel7030 SG

Read the full text that was released by the CPF before you unload your daily load of "hum" onto the various threads twice a day.

If you read Point 22 in the ‘Introduction to CPF Life’ (*1) - it states very clearly that -

"For those members who wish to receive the highest monthly income, they can choose the LIFE Income Plan. However, there are no amounts for bequest in this plan."

If you have no understanding to the meaning of the word "bequest" - ask you parents if they have prepared their wills and included you in any of the wordings.

Stop spreading your daily flippant crap from your "hum".

Uncle, i said the three plan only, who want to opts for the 4th plan, read probably hor...u think i dunno meh.

Atobe SG

Uncle, i said the three plan only, who want to opts for the 4th plan, read probably hor...u think i dunno meh.

Do you know what your "hum" is writing ?

You mentioned 4 plans, and "talk alot and sing alot too" about the three plans - did you mentioned the 4th plan - when your "hum" had said so strongly - "U dun talk rubbish lah,...who said no refunds".

The 4th Plan had no refunds.

With all the talk and attention focused on the refunds - no one bothered about the security of the fund that support such an insurance plan and how the large pool of money is being invested and how the profit will benefit the members.

Even the payout is not inflation indexed - as explained in Point 33 of the ‘Introduction to CPF Life’ (*1) - even as the payout will fluctuate to account for the investment returns and mortality experienced amongst the members to this proposed program.

The existence of the "hum" in spreading frivolous ignorance can only derail any serious contributors to the thread.

angel7030 SG

Do you know what your "hum" is writing ?

The 4th Plan had no refunds.

The existence of the "hum" in spreading frivolous ignorance can only derail any serious contributors to the thread.

i mentioned 3 plans only, i did not want to go into the 4th plan, because it is not popular among those who opts for it.

I dun see anything wrong with CPF lifeplan, it is good, however, i see a family social problem in adopting the plans, the old folks have to decide for themselves, and most are influenced by their childrens, who will ask them to opts of less monthly cash and money refund upon death. u get what i mean...

secret_boy SG

Well i dont believe in all this CPF life plans. In my recent Letter eailier this year to the ST Forums about the DPS and the reply that Income gave is totally unacceptable. If you want the citizens to retire at 65 years old and the DPS covers only till 60 , than what if the person dies at 61 and still has a child schooling ?

maxtor SG

Do you want to elaborate further on your letter to ST Forums and the reply that Income gave?

For many of us the CPF Life plan is not an open option. It's compulsory.

angel7030 SG

Govt never ask you to retire at 65yo, they only said if you can work, carry on, and the official retirement age is 62yo ya. Any child who is below the age of 21yo will not be eligible for DPS, a guardian have to be appointed by the CPF holder just incase he passed away at 61yo, whichto me, is very sayang. And when his/her Child reach 21yo, he/she will be able to take over the DPS money kept in CPF whereby during this the Guardian can only use for this child education, medication and any other hardship grant as deem appropriate.

secret_boy SG

Do you want to elaborate further on your letter to ST Forums and the reply that Income gave?

For many of us the CPF Life plan is not an open option. It's compulsory.

My mum is 60 this may 2009, she receive the letter to say that her DPS will not be renewed as it covers only till the person is 60. In my letter, i also mention on more citizens are now working till they are above 60 and many has got some form of $ commitment be it paying for child's school fees or elderly parents medcial.

Reply i got from income:

Income said they are running the DPS on behalf of CPF and the admin is done by CPF , they are working together to study if covering those above 60 is possible .

(More or less is something like that, i just cut short some parts and simplify it)

deepak.c SG

For me i dun contribute to CPF

In case you don't know, most sole proprietors need to pay CPF for Medisave (even taxi drivers pay Medisave), if you don't need to pay CPF, only confirms your vocation as a prostitute. A prostitute working off the streets don't need to pay CPF.

Fantagf SG

Paiseh paiseh, you expose her vocation.

NOw I gonna help her improve her business since she complains business is no good. Hello, male forumers if any of you need some service do feel free to contact angel7030.

Rock^Star SG

my advice to forumites here above 55 who intend to sign up for the CPF life plan.....hold on first. Don't be too tempted by the extra bonus of up to $4k if you sign up now. Once u sign the plan, it's a contract for life....there's no opt out unless on medical or citizenship grounds.

The govt seems to be in a hurry to make singaporeans above 55 to sign up for the plan by giving the extra bonuses. In my view, if they really meant to benefit the citizens, why such gimmicks? Why not give the bonuses to all singaporeans?

Atobe SG

i mentioned 3 plans only, i did not want to go into the 4th plan, because it is not popular among those who opts for it.

The contradictions of the life of a pathetic "hum" can also be seen in the ways that the "hum" thinks about "cock" and will continue to sing its "song".

"I dun see anything wrong with CPF lifeplan, it is good, however, i see a family social problem in adopting the plans".

How can you say that "I dun see anything wrong with the CPF lifeplan" - even when you "see a family social" ?

You are already an insufferable ignorant "hum" - are you trying to be "swei-siao" too ?

What was the price that you have to pay for the PAP Government to give a Taiwanese "hum" the papers for Citizenship ?

Do you have to sing the "cocks" and talk "song" about the PAP ?

Since when has CPF been allowed to be used for any medication, and that the "Govt never ask you to retire at 65yo" ?

angel7030 SG

no, it is an option, but of course you dun get the rebate, taxis are different, they are bound by contract, there are lots of causal workers not contributing to CPF, and the govt and NTUC are pestering them like crazy. My Dad told me, CPF in singapore is a like an attachment, a chain tight on your legs, therefore it is up to individual to pay CPF, but I am not saying CPF is no good, for a layman on the street with a family, he should contribute to CPF for the sake of security and long term saving or leasing House.

There are lots of medical insurance that provide better coverage than Medisave, but of course, if i dun contribute, i expect no relief in both personnal and business taxes...so i hv to weight the pros and cons. But for me, i may not be in Singapore for long, will retire in Taiwan, so why should i get attached to CPF, sure they will make problem for me with i wanted to totally withdraw it before moving back to taiwan. A chain on the leg ya

angel7030 SG

The contradictions of the life of a pathetic "hum" can also be seen in the ways that the "hum" thinks about "cock" and will continue to sing its "song".

"I dun see anything wrong with CPF lifeplan, it is good, however, i see a family social problem in adopting the plans".

How can you say that "I dun see anything wrong with the CPF lifeplan" - even when you "see a family social" ?

You are already an insufferable ignorant "hum" - are you trying to be "swei-siao" too ?

My humble Uncle, u get me wrong,

Last time, you can withdraw all your CPF by 62yo, most will spend and write deeds for his/her decendents, today, you cannot withdraw all, they pay you month by month, the more you withdraw, the less your decendents take when you pass away, and if you opts for th 4th plan, which provide no return, i think with today youngsters mind, they will leave their old man rot till death without even bother to take care of him....on the other hand, if the old man opted for less monthly payout and more return upon death, i think his decendents will make him die faster...so you get the picture?? family problem hor

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