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22-06-2014, 02:10 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
Refer THE SHIT TIMES 21-June 2014 (Sunday) "Amy Khor clears air on retiree's CPF claim."
Refer to CPF website:
Thsoe born 1954 and earlier :
You can apply to join CPF-Life now (option 1),OR
You can remain on the Minimum Sum Scheme (option 2).
(There is no 3rd option that you can withdraw all your CPF money in one lump sum).
Why CPF did not warn her that if she did not withdraw all her CPF money in one lump sum at age 55 (1993),then her CPF money will be transferred to the newly created Retirement Account (RA) at age 55 (1993) and she will only be able to receive her monthly payout between the drawdown age of 60 to 65.
Those born 1955 -1957 :
You can appy to join CPF-Life when you reach 55 years old (option 1),OR
You can remain on the Minimum Sum Scheme (option 2).
(These is no 3rd option that you can withdraw all your CPF money in one lump sum).
Irene Yap argued that she should be exempted from these Minimum Sum(MS) rules as these MS rules only apply to those born in 1958 and later.
She argued that thoses born under 1958 should have the right to get ALL their CPF money at age 55 (1993) and free from the Minimum Sum(MS) rules and regulations.Shewas born in 1938 and shoud be free from all the MS rules and regulations.
The CPF had notified Irene 4 months before her drawdown age in 1998 (60 yeras old) that she could apply to receive her monthly payouts from her Retirement Account (RA).
Why Irene got to apply to receive her monhtly payout from her own CPF RA ?
Why CPF did not inform her the option to withdraw all her CPF money in one lump sum ?
In 2012,the CPF reminded Irene that she could start her monthly payout any time ,or withdraw her RA savings in a lump sum,provided sha had property to pledge ?
What do you mean by property to pledge ?
According to the CPF website :
If you are unable to set aside your full Minimum Sum (MS) in cash,your property,bought with your CPF savings,will automaticlly pledged for up to half of your MS,
You may pledge your property up to 50% of the MS after you have obtained the consent from all other co-owners to do so.
The amount that you can pledae depends on :
#HDB's quarterly median resale prices for HDB flats or valuation prices for private properties;
#Outstanding housing loan amount (including non-housing loan for private properties);
#Co-owner's CPF usage (for joint-ownership cases); and
#Your share of th property.
Upon the sale of the property,you will need to refund the principal CPF amount withdrawn towards the property plus the accrued interest as well as the pledged amount.
The implementation of pledging of property is unclear and complex and many CPF members do not fully and clearly understand how it works and even CPF Board staff may also not fully and clearly understand how it works.
The CPF have stated that only CPF members who meet the minimum sum when they turn 55,including those who have pledged their property,can withdraw any amount over the minimum sum from their Ordinary and Special Accounts.
The CPF has notified Irene Yap she could withdraw her money but still left many doubts in our minds.
That is the problem when u have No transparency and No accountability.
IF Irene Yap is exempt from the Minimum Sum(MS) rules and regulations and she can now withdraw all her CPF mony in one lump sum (3rd option),what about those many CPF members born before 1958 who have been tricked into choosing only option 1 and option 2 and have NOT been notified on the 3rd option ???:*:
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?184586-More-doubts-on-CPF-Minimum-Sum&goto=newpost).
Refer THE SHIT TIMES 21-June 2014 (Sunday) "Amy Khor clears air on retiree's CPF claim."
Refer to CPF website:
Thsoe born 1954 and earlier :
You can apply to join CPF-Life now (option 1),OR
You can remain on the Minimum Sum Scheme (option 2).
(There is no 3rd option that you can withdraw all your CPF money in one lump sum).
Why CPF did not warn her that if she did not withdraw all her CPF money in one lump sum at age 55 (1993),then her CPF money will be transferred to the newly created Retirement Account (RA) at age 55 (1993) and she will only be able to receive her monthly payout between the drawdown age of 60 to 65.
Those born 1955 -1957 :
You can appy to join CPF-Life when you reach 55 years old (option 1),OR
You can remain on the Minimum Sum Scheme (option 2).
(These is no 3rd option that you can withdraw all your CPF money in one lump sum).
Irene Yap argued that she should be exempted from these Minimum Sum(MS) rules as these MS rules only apply to those born in 1958 and later.
She argued that thoses born under 1958 should have the right to get ALL their CPF money at age 55 (1993) and free from the Minimum Sum(MS) rules and regulations.Shewas born in 1938 and shoud be free from all the MS rules and regulations.
The CPF had notified Irene 4 months before her drawdown age in 1998 (60 yeras old) that she could apply to receive her monthly payouts from her Retirement Account (RA).
Why Irene got to apply to receive her monhtly payout from her own CPF RA ?
Why CPF did not inform her the option to withdraw all her CPF money in one lump sum ?
In 2012,the CPF reminded Irene that she could start her monthly payout any time ,or withdraw her RA savings in a lump sum,provided sha had property to pledge ?
What do you mean by property to pledge ?
According to the CPF website :
If you are unable to set aside your full Minimum Sum (MS) in cash,your property,bought with your CPF savings,will automaticlly pledged for up to half of your MS,
You may pledge your property up to 50% of the MS after you have obtained the consent from all other co-owners to do so.
The amount that you can pledae depends on :
#HDB's quarterly median resale prices for HDB flats or valuation prices for private properties;
#Outstanding housing loan amount (including non-housing loan for private properties);
#Co-owner's CPF usage (for joint-ownership cases); and
#Your share of th property.
Upon the sale of the property,you will need to refund the principal CPF amount withdrawn towards the property plus the accrued interest as well as the pledged amount.
The implementation of pledging of property is unclear and complex and many CPF members do not fully and clearly understand how it works and even CPF Board staff may also not fully and clearly understand how it works.
The CPF have stated that only CPF members who meet the minimum sum when they turn 55,including those who have pledged their property,can withdraw any amount over the minimum sum from their Ordinary and Special Accounts.
The CPF has notified Irene Yap she could withdraw her money but still left many doubts in our minds.
That is the problem when u have No transparency and No accountability.
IF Irene Yap is exempt from the Minimum Sum(MS) rules and regulations and she can now withdraw all her CPF mony in one lump sum (3rd option),what about those many CPF members born before 1958 who have been tricked into choosing only option 1 and option 2 and have NOT been notified on the 3rd option ???:*:
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?184586-More-doubts-on-CPF-Minimum-Sum&goto=newpost).