Tuesday, May 4, 2010

Beware of CPF Life Scam

From: yansimon52
On May 3, 8:32 pm, zero wrote:

> This is to inform all CPF members should be very cautious when signing
> up for the so called CPF Life Scheme.

> It is a big con scam.

> I recently found out some elderly CPF members had money from their CPF
> retirement account deducted as "Annual Life Premium Deduction" ranging
> from hundreds to almost a thousands of dollars but the actual payout
> from the scheme is less than S$50 per month.

> This is quite shocking because through out the whole CPF Life
> consultation exercise last year, the idea of having a annual premium
> deduction from CPF member's RA account as well as its quantum were not
> raised and consulted at all.

> In addition, all CPF Life members were not informed of this "Annual Life
> Premium Deduction" when they sign up for it.

> And the funniest thing is how could the quantum of CPF Life annual
> premium deduction be 10-100X more than its monthly payout ?

> Logically, if the yearly premium is so high while the monthly payout is
> so low, though the scheme will run for 20 years or more, all 30,000 CPF
> Life members will eventually exhaust their RA account after several
> years of premium deductions where and how would CPF Life member received
> their monthly payout ?

> To conclude, CPF Life is another screwed up money sucking game.

As I said....this is their (MIWs) con job of screwing you rubbish
ppl...those with low CPF saving......to either give up your
citizenship and stay elsewhere and die elsewhere...or you just lan lan
let the govt siphon away your CPF over time...until you up the lorry.
Don't ever dream of getting a well deserved 'rest and relax' twilight
years after all those years of hard work you did for the country.
In fact, this CPF Life scheme has hurt alot of those low income
workers (whose saving range from $20K to $80K (with low CPF saving).
They (CPF/govt) still got the cheek to tell you that for those with
$80K cpf saving...you could used up 30K for your housing..to buy your
so-called 'studio apt' for old folk .LOL...LOL...

On average those 1 rm 1 hall studio apt are selling at 70K to
80K...HDB already con you with this sort of high prices...so your 30K
(plus need to top up in cash about 40K) plough into this studio apt
(LOL) will lead you high and dry in your twilight years....lan lan
until your up the lorry.

Well...our MIWs would tell you rubbish ppl that they wanted to make
sure or to take care of you of your well being right thru your old
age....they say they will give you $200 to $300 monthly allowance.
Wowww.....what can this $300 do for you in our Sg high cost of living?
I think social welfare give up higher allowance that this pathetic
monthly $200 to $300 CPF Life scheme.
Can say its another scam job created by our 'too smart alec' MIWs.

This time I bet you the ruling party PAP is gonna face an uphill task
in this coming erection....for their being 'too smart'.
Do you know that how many poor ppl fall into this low CPF saving


  1. The CPF Life indeed is something that seems very grey to many people. I wonder if those folks that had join the scheme knows what they are in for or had they merely rely on what was being 'sold' to them. I pen some thoughts on this topic at my blog - http://jotterbooksg.blogspot.com/

  2. Woah God Bless them.

  3. My parents had signed up for this CPF Life scheme. They told me that they received a letter from CPF, stated in the letter that an amount of S$3K+ will be deducted from their RA (Retirement Account). Their monthly payout is only S$90/-
    My parents was shock as this was not stated in the Life scheme introduction letter. Feel cheated.
    Can those people who have joined this scheme redraw out and get them to deposite the money back into their RA?.

    1. They'll collect $3k in under 3 yrs, then after that, it'll be $90 for the rest of their life? Also, the Pioneer Generation gives some aid for this, no? Nevertheless, $90 can cover breakfast for a month. They can thank the government everytime they have their kaya toast set at a hawker centre (assuming prices don't go up)

  4. ## Anonymous @ MAY 6, 2010 9:39 AM

    When we purchase an insurance policy, there is a free look period of i think 14 days where the policy holder has the right to ask for refund and cancel the policy, less some fees i think.

    The premium for this scheme is very unclear and I am not sure MAS is doing anything about this. For the sake of not losing out in the long term, you should read the small prints in more details and see if it worthwhile cancelling it.

  5. Don't argue with Idiots, they will bring you down to their level and beat you with expereince...cpf life is something you get every month even if you dont have support from others.. at this day and life, you dont get support from your own but if you have a lump sum they are there to finish it for you and leave you in lurch.. think !!!... But don't jump in blindly.. it may be good for some of US..

  6. Don't ever trust the MIW with your money.