An honorable member of the Coffee Shop Has Just Posted the Following:
4) When they finally realize that some people will be really short of funds for retirement, they came up with Life Annuity which is basically totally opposite of the CPF's self financing system! Life Annuity is in essence, similar to the "Social Security System" where retirement financing is basically share pooling of risks. Life Annuity is just pushing off risks and responsibility from PAP government's failed management of the CPF system, by shifting the inadequacy of retirement financing to some other "shorter life" Singaporeans. If you look at it from another perspective, it is shifting the risk to the descendants of those "shorter life" Singaporeans, depriving them their rightful inheritance.
Such glaring insincerity on PAP's part in taking care of our retirement financing really makes me think that PAP is only interested in milking our CPF as CHEAP funds for them to invest and earn profits/taxes. In places like Hong Kong, EPF contributors will invest DIRECTLY their retirement funds into different trust funds with indications of their various risk portfolios. They can choose to invest in different percentages of different risk portfolios. Although their system is not perfect but the fact is, the government cannot mess around with their retirement funds directly! But it seems that CPF has become a piggy bank that gives PAP very cheap funds to play around with!
My distrust of PAP government further enhanced when they started to play the game of Taichi. They started to claim GIC and Temasek Holdings don't manage our CPF funds, throw smoke bombs about GIC etc.
In GIC's website, it tries to throw smoke bomb and demonstrate IGNORANCE that it is managing our CPF money. GIC is basically trying to obfuscate the fact that it is managing our CPF money by saying:
http://therealsingapore.com/content/...your-cpf-money
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