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17-06-2014, 09:40 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
Source: The Real Singapore
THE MOST LIKELY REASONS WHY YOUR CPF MONEY WILL NOT BE RETURNED LUMP SUM
Post date: 17 Jun 2014 - 6:58pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/20140213_st_cpf.jpg?itok=YFDmh4cB
Let's cut away all the nonsense and wave away all the smoke from the smoke screen, shall we?
You will not get your CPF lump sum monies back because CPF most likely does not have the cash to return to you.
To those of you who have lent money to someone, how do they behave when they can't repay you? They make excuses, cook up fanciful stories, or tell sob stories of why they need the money just a little while longer. But whatever the reason, it doesn't change the fact one bit that they don't have the cash to return you in full.
It is a very high possibility that the bulk of your our CPF monies are either tied up in investments or lost in bad investment decisions. To attempt to return to all CPF members their monies would be equivalent to a bank run. Ever seen lots of people queuing up at a bank demanding their savings back? Yeah, that will happen if CPF has to return you back all your money at a go.
The situation would be better if the government was more honest about this from the start, and just admit that CPF doesn't have the cash on hand to return to everyone at age 55 or whatever legal retirement age. Instead, they tell complicated stories, draw flip charts, and even get PAP members not related to CPF to explain CPF in simpler terms. Now, people are frustrated and suspicious about what is really happening at CPF.
Are PAP MPs such as Hri Kumar, Tan Chuan Jin, Lim Swee Say and Chan Chun Sing employees or directors of CPF?
If no, then on what basis are they to assure the public about the security of CPF? How is it they, who are not working for CPF in any way, are privy to the financial health of CPF? Are they saying that simply because they are PAP members, therefore they are qualified to explain to us about the security and health of the CPF monies?
Why only PAP MPs can try to explain how CPF works? Why not WP MPs? CPF is supposed to be non-partisan, and now, the whole issue has taken a partisan stand, when party members who are not working for CPF, seem to be able to explain the inner workings of CPF and the safety of everyone's retirement funds.
As far as many of us are concerned, all MPs, regardless of party affiliation, are part of the government. They have the legal mandate of the voters to represent them in parliament. No such nonsense about PAP = government, and government = PAP only. That's destructive and exclusionary politics.
Retiree
TRS Contributor
*Note: Another thread you might be keen to read: How our CPF Ponzi scheme will end in tears for CPF members (http://sammyboy.com/showthread.php?182350-How-our-CPF-Ponzi-scheme-will-end-in-tears-for-CPF-members&p=1886483#post1886483)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?184257-The-Most-Likely-Reasons-Why-Your-CPF-Money-Will-Not-Be-Returned-Lump-Sum&goto=newpost).
Source: The Real Singapore
THE MOST LIKELY REASONS WHY YOUR CPF MONEY WILL NOT BE RETURNED LUMP SUM
Post date: 17 Jun 2014 - 6:58pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/20140213_st_cpf.jpg?itok=YFDmh4cB
Let's cut away all the nonsense and wave away all the smoke from the smoke screen, shall we?
You will not get your CPF lump sum monies back because CPF most likely does not have the cash to return to you.
To those of you who have lent money to someone, how do they behave when they can't repay you? They make excuses, cook up fanciful stories, or tell sob stories of why they need the money just a little while longer. But whatever the reason, it doesn't change the fact one bit that they don't have the cash to return you in full.
It is a very high possibility that the bulk of your our CPF monies are either tied up in investments or lost in bad investment decisions. To attempt to return to all CPF members their monies would be equivalent to a bank run. Ever seen lots of people queuing up at a bank demanding their savings back? Yeah, that will happen if CPF has to return you back all your money at a go.
The situation would be better if the government was more honest about this from the start, and just admit that CPF doesn't have the cash on hand to return to everyone at age 55 or whatever legal retirement age. Instead, they tell complicated stories, draw flip charts, and even get PAP members not related to CPF to explain CPF in simpler terms. Now, people are frustrated and suspicious about what is really happening at CPF.
Are PAP MPs such as Hri Kumar, Tan Chuan Jin, Lim Swee Say and Chan Chun Sing employees or directors of CPF?
If no, then on what basis are they to assure the public about the security of CPF? How is it they, who are not working for CPF in any way, are privy to the financial health of CPF? Are they saying that simply because they are PAP members, therefore they are qualified to explain to us about the security and health of the CPF monies?
Why only PAP MPs can try to explain how CPF works? Why not WP MPs? CPF is supposed to be non-partisan, and now, the whole issue has taken a partisan stand, when party members who are not working for CPF, seem to be able to explain the inner workings of CPF and the safety of everyone's retirement funds.
As far as many of us are concerned, all MPs, regardless of party affiliation, are part of the government. They have the legal mandate of the voters to represent them in parliament. No such nonsense about PAP = government, and government = PAP only. That's destructive and exclusionary politics.
Retiree
TRS Contributor
*Note: Another thread you might be keen to read: How our CPF Ponzi scheme will end in tears for CPF members (http://sammyboy.com/showthread.php?182350-How-our-CPF-Ponzi-scheme-will-end-in-tears-for-CPF-members&p=1886483#post1886483)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?184257-The-Most-Likely-Reasons-Why-Your-CPF-Money-Will-Not-Be-Returned-Lump-Sum&goto=newpost).