CPF Life: Shumething for “Free my CPF” protestors, anti-PAP cyber warriors to reflect on

In CPF, Financial competency, Financial planning on 24/06/2014 at 4:50 am

The OECD has criticised the UK government’s recently announced plans to end the obligation to buy an annuity at retirement.
Anyone aged 55 or over will be able to take their entire pensions savings pot as cash from next April instead of buying an annuity that would guarantee an income for life.

Pablo Antolin, chief economist and head of the OECD’s private pensions unit, said he was concerned the UK government’s proposals would lead to pensioners running out of money in old age.
“An annuity is the only instrument that provides complete protection in retirement and which safeguards individuals against the danger that they exhaust their savings before death,” he said.

Mr Antolin said the proposed UK reforms were driven by the high costs of buying an annuity, but he argued that savers were unlikely to achieve better incomes in retirement simply as a result of scrapping mandatory annuitisation.
Mr Antolin is expected to say at the Investment Innovation & the Global Future of Retirement conference in New York on Monday that partial annuitisation should be encouraged as an integral part of direct contribution retirement plans offered to savers across the OECD.

 With investors likely to be faced with an environment of low yields and low investment returns for some time, the only way to ensure adequate income in retirement is for workers to save more for longer, said Mr Antolin.

He also criticised private pension providers for marketing annuities as investments, rather than insurance products.

“Buying fire insurance is not an investment. That is how an annuity needs to be looked at, as insurance against outliving one’s resources,” he said.

The above was reported by FT on Monday. Apologies to FT for such a long extract. But it’s for a noble cause, educating S’poreans and showing that the PAP govt has conventional wisdom on its side, on this issue as on the immigration and growth issues.

But as one totful reader pointed out, the ministers expect million-dollar salaries to follow conventional wisdom?

Related article:

I’ll end with a constructive suggestion to those TRE posters who keep posting there that I’m a PAP, WP, ISD mole whenever TRE republishes something of mine (got three pieces there now). Rather than getting frus and abusive, why don’t they start a petition asking TRE not republish me. I have no issues about not appearing there. Let the readers decide.

  1. basically, tre and the other so called “alternative” websites are getting desperate ….

    • The sad thing is that the PAPpies remarks can keep these sites going without having to alienate the middle ground. ((((

  2. I do not believe a leopard can change its spots.
    Why is there a need to give the PAP 2nd or 3rd chances?

  3. truth hurts

  4. […] SG: 5 Things You Should Know About CPF Medishield Life – Thoughts of a Cynical Investor: CPF Life: Shumething for “Free my CPF” protestors, anti-PAP cyber warriors to reflect on – Online interview: CPF saga and its your […]

  5. Problem is the lousy & expensive annuities, which even pappies cannot solve. No lah, can solve but will disrupt financial sales and GDP. Minimum sum of $158K will only get you $1K monthly pension from 65 yrs old, no inflation adjustment somemore. Imagine you started work 30 years ago with $2K salary. 30 yrs later today, you still paid $2K. Sure, lifetime annuity, but I bet many will just commit suicide. Anyway no worries man, euthanasia law will be discussed from 2016 onwards and become law by 2020.

  6. your blog is pretty objective. it is quite sad to see people saying you are PAP IB based on just 3 posts. oppies need to realise that we should not oppose just for the sake of opposing. there should be debate and thought, not just complaints.

  7. Commenting your last paragraph:

    Please dun anyhow humtum TRE. TRE a free for all platforms to pour grievances and feel “safe” parroting. Not many readers can one genuinely debate with. Many TRE’s readers dun give a shit for alternate views but theirs. When SOD tried to explain, parrots attacked his grammar viciously, instead.

    Not only you were branded “PAP, WP, ISD.” Stupid Old Dog kenna worsts beside the nick “Stupid Old Dog”. SOD kept repeating, never “voted for the PAP,” Parrots even trashed his family members and worst his late wife. Would you believe SOD missed her so much and still cry every day? -:(

    Read all comments “SOD and Stupid Old Dog” below:

    Stupid old dog. You have been attacking redbean every time you read his articles. Do you know him, or your barking is just because of your stupid guesses? Or he slept with your wife? I think it is more of the latter.”

    Dunno if you are aware SOD was offered “Sintercom,” before Dr. Tan closed it. Last minutes decided against. Poor writing skill and dunno HTML.

    Sorry OT, have many alternate views on insurance, CPF, annuities, mutual fund or other investment’s tools, not this time.

    Stupid Old Dog

    PS: Original draft trimmed 2/3 to readable length.

  8. […] – Aspirant SG: 5 Things You Should Know About CPF Medishield Life – Tots of Cynical Investor: Something for “Free my CPF”, cyber warriors to reflect on – Online interview: CPF saga and its your money – Online Citizen: CNA […]

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: