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Thread: CPF Minimum Sum

  1. #121
    Senior Member Big Kahuna's Avatar
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    Default

    Quote Originally Posted by Kit View Post
    If a person don't live to the minimum age, then no, he/she won't get the money.
    This is also only partial of the story, if u touch wood did not live to see the money, the money will goes to your nominee, it won't disappear like someone here trying to propagate....next...I expect some will say what if you don't have nominee or next of kin? Then I will reply too bad....it's all your fault for not making sure u have one....it will be the same to all your assets or inherits....it will go to the state...

  2. #122

    Default Re: CPF Minimum Sum

    Quote Originally Posted by Big Kahuna View Post
    This is also only partial of the story, if u touch wood did not live to see the money, the money will goes to your nominee, it won't disappear like someone here trying to propagate....next...I expect some will say what if you don't have nominee or next of kin? Then I will reply too bad....it's all your fault for not making sure u have one....it will be the same to all your assets or inherits....it will go to the state...
    if no nominee, the money will go where?
    Objection !!!

  3. #123
    Senior Member Kit's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by Big Kahuna View Post
    This is also only partial of the story, if u touch wood did not live to see the money, the money will goes to your nominee, it won't disappear like someone here trying to propagate....next...I expect some will say what if you don't have nominee or next of kin? Then I will reply too bad....it's all your fault for not making sure u have one....it will be the same to all your assets or inherits....it will go to the state...
    No next-of-kin my fault?? I guess people will next say its illogical and unreasonable to take back out own money?

  4. #124
    Senior Member Kit's Avatar
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    Default Re: CPF Minimum Sum

    and again, there is a difference between what i have and get to spend and CPF. I can sell off all my assets and spend the last cent before I die. CPF can outlive anyone.

  5. #125
    Senior Member Kit's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by ninelives View Post
    if no nominee, the money will go where?
    YOU WILL LOSE IT AND ITS ALL YOUR FAULT!

  6. #126

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    Quote Originally Posted by ninelives

    if no nominee, the money will go where?
    Some info on nominee part.

    http://mycpf.cpf.gov.sg/CPF/my-cpf/Overseas/LivO5.htm

    http://mycpf.cpf.gov.sg/CPF/my-cpf/m...vest/MI-11.htm

    Rmb saw a morning show mentioned b4 if no nominee, the amount, assets etc will be distribute among immediate family, relative member or what under certain law. Can't rmb the actual detail.
    Last edited by huatman; 20th June 2014 at 04:20 PM.

  7. #127
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    Default Re: CPF Minimum Sum

    I have a suggestion:

    Make CPF optional for people. Whoever decided to withdraw their CPF must sign this form:

    "I hereby declare that I shall be responsible for the money I'm undertaking and vow that I shall not come back to beg the state for pension or subsidy or food should I blow it in RWS or on my china women or latest Canon flagship model"

    Sign and date

    Why can't people have option? Why does it have to be "government knows best"?
    Last edited by quicpic; 20th June 2014 at 02:29 PM.

  8. #128
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by Big Kahuna View Post
    This is also only partial of the story, if u touch wood did not live to see the money, the money will goes to your nominee, it won't disappear like someone here trying to propagate....next...I expect some will say what if you don't have nominee or next of kin? Then I will reply too bad....it's all your fault for not making sure u have one....it will be the same to all your assets or inherits....it will go to the state...

    I don't buy this argument. It is my money! I want to spend it. I can leave it to a nominee, but that is not the purpose of retirement fund.

  9. #129

    Default Re: CPF Minimum Sum

    I think in general, CPF is a good thing. But there are some limitations now that need to be addressed.

    Singapore today is no longer like 15-20 years ago. The cost of living has gone up a lot. Inflation is much higher than the commoner's salary increase.

    The other problem is the lack of clearer transparency from the government. I find it uncomfortable that on the one hand, they are saying: Voice your opinions! Let's have a dialogue. We want you to suggest how we can make Singapore better. Singapore belongs to all of you. Yet, their actions speak otherwise.

    Many Singaporeans have brought up a few strong points about their unhappiness with the CPF. Yet till today, we haven't gotten any clarification from the government. Are they afraid?

    I'm not talking about opponents who would like to abolish CPF. I think that's suicidal. I'm talking about those who wish to know what exactly is OUR money being used for. If investment, what sort of investment? How much is the government making from us? Even the former president Ong, who tried to pry into such issues, was not given any chance. Then who can??

    And given the high cost of living, high inflation, minimum sum scheme, etc, is there any way the government can increase the interest earned from our CPF to be higher to "keep up with the times"?

    For now, many are feeling fed up the government is making all the money, yet the citizens are not enjoying the fruits of Singapore's success. Whenever I hear LHL or other ministers urging Singaporeans to work hard, be productive, stay relevant, make Singapore our home, I feel like saying DUHH!! Is the government treating us like workers (or to put it crudely, slaves!) in an MNC? Who is enjoying all the rewards?

    If they really care about the people, then jolly well make sure we are moving ahead together. You create the minimum sum scheme, you bring in so many foreigners and give them citizenship with the reason (or excuse?) that Singaporeans shun certain jobs or you want to improve the economy, you cause lowering of wages of your own people, and yet you barge your way around with the minimum sum scheme, refuse to built affordable HDB BTOs when people needed them between 2007 and 2012! That's like being a big bully.

    HDB flat prices rocketed up to unimaginable costs from 2007-2012. Many had no choice but to use their CPF money to buy expensive resale flats or DBSS flats. So literally, it looks like this:

    Your hard-earned salary --> Your CPF --> Buy over-priced HDB flat --> Government's coffers for the next 20,25,30 years.

    Money in, money out. Talk about what minimum sum???

    Basket....

  10. #130

    Default Re: CPF Minimum Sum

    Quote Originally Posted by Kit View Post
    No next-of-kin my fault?? I guess people will next say its illogical and unreasonable to take back out own money?
    You are right !
    Some Gahment sakporker already publicly declared that our CPF money is not actually our money...


  11. #131

    Default Re: CPF Minimum Sum

    Quote Originally Posted by ninelives View Post
    if no nominee, the money will go where?
    Quote Originally Posted by huatman View Post
    Some info on nominee part.

    http://mycpf.cpf.gov.sg/CPF/my-cpf/Overseas/LivO5.htm

    http://mycpf.cpf.gov.sg/CPF/my-cpf/m...vest/MI-11.htm

    Rmb saw a morning show mentioned b4 if no nominee, the amount, assets etc will be distribute among immediate family, relative member or what under certain law. Can't rmb the actual detail.
    Something about the Public Trustee
    http://www.ipto.gov.sg/content/ipto/...pf-monies.html

    Pt.7 (if no nominee is made) - What are the Rules of Distribution under the Intestate Succession Act (Non-Muslims)
    Last edited by huatman; 20th June 2014 at 04:21 PM.

  12. #132

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    Quote Originally Posted by huatman View Post

    Something about the Public Trustee
    http://www.ipto.gov.sg/content/ipto/...pf-monies.html

    Pt.7 (if no nominee is made) - What are the Rules of Distribution under the Intestate Succession Act (Non-Muslims)
    Basically, everyone of us better made our nomination asap. You can change nomination whenever u want. But it's best to nominate.

    If no nomination, the public trustee will take a long time to distribute the money to the family.

    With nomination, it's v fast.

    In a gist, the govt will not makan your money, contrary to what some ppl say

  13. #133

    Default Re: CPF Minimum Sum

    Quote Originally Posted by donut88 View Post
    Basically, everyone of us better made our nomination asap. You can change nomination whenever u want. But it's best to nominate.

    If no nomination, the public trustee will take a long time to distribute the money to the family.

    With nomination, it's v fast.

    In a gist, the govt will not makan your money, contrary to what some ppl say
    Without nomination there nos of paper work to be carry out and can drag quite a while.

    There will also be notice published looking for beneficiaries of those cpf member who had passed away and they didn't not make any nomination.
    http://www.ipto.gov.sg/content/ipto/...s/notices.html

  14. #134

    Default Re: CPF Minimum Sum

    Quote Originally Posted by donut88 View Post
    Basically, everyone of us better made our nomination asap. You can change nomination whenever u want. But it's best to nominate.

    If no nomination, the public trustee will take a long time to distribute the money to the family.

    With nomination, it's v fast.

    In a gist, the govt will not makan your money, contrary to what some ppl say
    Yes, by all means make a nomination. But must make sure not to use the wrong form under the Enhanced Nomination Scheme which came into effect on 1 Jan 2011 or else the deceased CPF member's monies will only go into the CPF accounts of the nominees and cannot be withdrawn out in cash.
    http://www.tremeritus.com/2014/05/08...mination-form/

  15. #135

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    Quote Originally Posted by tomcat View Post

    Yes, by all means make a nomination. But must make sure not to use the wrong form under the Enhanced Nomination Scheme which came into effect on 1 Jan 2011 or else the deceased CPF member's monies will only go into the CPF accounts of the nominees and cannot be withdrawn out in cash.
    http://www.tremeritus.com/2014/05/08...mination-form/
    It's not "make sure".

    We have 2 options to choose. Cash or CPF. Not everyone wants to let family have it as cash.

  16. #136

    Default Re: CPF Minimum Sum

    Anybody here don't want their family to get the CPF in cash after they up-lorried may I ask ?

  17. #137

    Default

    Quote Originally Posted by tomcat View Post
    Anybody here don't want their family to get the CPF in cash after they up-lorried may I ask ?
    Why not?

    Not every family is the same lor.

    Each family has its own unique situation and problems. There will be situations where u will think giving as CPF is better than cash

    Why do u think the govt give 2 options for us to choose?

  18. #138

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    Quote Originally Posted by ninelives View Post
    if no nominee, the money will go where?
    If no nominee, the state distributes to your next of kin.

    No next of kin? Then what's the problem since got nothing of concern anymore.

  19. #139

    Default Re: CPF Minimum Sum

    Quote Originally Posted by donut88 View Post
    Why not?

    Not every family is the same lor.

    Each family has its own unique situation and problems. There will be situations where u will think giving as CPF is better than cash

    Why do u think the govt give 2 options for us to choose?
    So that they can continue to hold on to your CPF even after you die?

  20. #140

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    Quote Originally Posted by tomcat View Post
    So that they can continue to hold on to your CPF even after you die?
    U see. Only ppl who didn't have full understanding of the system, will say such things

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