Source : The Straits Times, Forum , Aug 30, 2007
ON THE proposed compulsory annuity, I would strongly urge the Government not to cross the fine line on CPF policy, so as to preserve Singaporeans' trust and faith.
Like most Singaporeans, I have always regarded CPF money as my retirement nest egg and even if I could not touch this hard-earned money locked up in CPF by the Government until age 67, the money is still rightfully mine and should be disbursed to my next-of-kin when I die.
But if the Government forces me to part with my money to buy an annuity which starts paying only at age 85 and the remaining money is not given back to my heir when I die, then I would view this as a very serious breach and abuse of my trust in the CPF system.
Please take into consideration the intense feelings we have against mandatory measures like a compulsory annuity scheme.
It is a double whammy: money is taken away from us without giving us a choice, and there is no refund to my family when I die.
I don't think people will accept this.
Dr Lim Boon Hee
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