Lease Buy Back Scheme (LBS)

With the LBS now the hot topic for discussion, Boon Wan has wisely entered the fray to warn the oldies who took the scheme and ended with a lot of cash to be careful. ‘I urge our seniors to exercise prudence and caution.’ Said Boon Wan. He did not recap on the oldies visiting Batam story but instead spoke about the numerous foreign property investment schemes being peddled in the market.

And I thought I had a better idea. Or someone, some concerned and do gooders, would say the best thing is to retain the cash in the CPF accounts or make the oldies buy a compulsory annuity scheme with the cash from the LBS. Well, I thought I was being smart, but I was late. This was what Boon Wan suggested.
‘The best advice I can offer, is to use the substantial cash proceeds to voluntarily top-up you and your spouse’s Retirement Accounts. That will be a sure way to ensure that you can both enjoy a steady income each month in your golden years.’

There is a slight difference from what I had in mind. I was thinking of another compulsory scheme ala CPF minimum sum scheme. I am very concern for the welfare of the daft and irresponsible oldies. I would want to help them, not to lose their money because of their foolishness. I need to protect them. Boon Wan was talking about a voluntary top up scheme. At least he was kinder by allowing the oldies the right to choose. I am the kindest of all, but of the extreme kind, and am suggesting to make the retention of the cash by compulsion, no choice. They said you need to be cruel to be kind. I subscribe to that.

Now, which is the kinder scheme, voluntary or compulsory? Keeping the money in the CPF is definitely a good thing. The money will not fly away. Only slight drawback, the oldies may die before touching it.

Kopi Level - Green


Anonymous said...

I support the compulsory scheme suggested by u. In fact it should also extend to their bank accounts and any other assets. U read about the 87 years old woman kena con and the old uncles kena con by the peidu mama. With so much danger, I think the govt should nationalised all the assets once the oldies passed 55 and use the assets to buy them the annuities. Safer that way.

Anonymous said...

Anon 9.14. Unfortunately your suggested scheme could only work when the people have 100% trust of the government. Currectly, the government only enjoys 60.1% trust and the President 33%. So, NO GO!

Anonymous said...

Anon 9:14 has a good point. All those who reached 55 cannot be trusted with their money. Must put all their money in a trust.

Anonymous said...

If we are to be 1st world citizens;
We must be free to choose;
Make good or bad choices;
And we must accept the responsibility of our own actions.

So I say;
Abolish everything that is compulsory in Singapore that is supposed to be good for us:
a)National Service
c)you add on to this list

Anonymous said...

just back from my usual breakfast with kakis over a cup of very thick coffee O and a bowl of "law mee"........

simon said that the recent issues about cpf, lease buy back, pioneer generation package, etc etc etc are causing confusions among a lot of people, even the educated also encountered problems digesting them.....

he said, everywhere you go, people are talking about money money money........

Is Singapore = money money money???

Anonymous said...

Wahaha... u c

Papua is bastard, so good.. caring 4 her daft stinkaponang, kis laonang koh nang piang

So good... this cow exhibiting his love 4 his daft fellows, like a mother for her child, reallee showing his releegious upbringing

Huat ah, we r so blessed n lucky, cuntry full of pious n holeey characters

Leemember, papigs is the only party, taking care from the cunt to the other final hole

Anonymous said...

9.14 am has A very good point cause as the responsible adult gets older they become childlike and irresponsible. I support the nationalization scheme to confiscate all their assets. Of course that would include all ministers who are above 55. Like that u think they will support or not?

Anonymous said...

/// simon said that the recent issues about cpf, lease buy back, pioneer generation package, etc etc etc are causing confusions among a lot of people, even the educated also encountered problems digesting them..... ///
September 04, 2014 9:49am

Why you worry so much?
Let me teach you a Buddhist mantra to save you time from being distracted by all these background noises.

Every morning, before you read the Straits Times, repeat this Buddhist mantra 10 times:
"Anything good, the PAP Millionaires will not call me. Any free service for Singapore, PAP will guarantee call me to volunteer."

Anonymous said...

Another see nothing, hear nothing, do nothing mantra of non involvement, no attachment. Good for those who want to be monks and walk around with just a piece of cloth on their back.

Please tell them to stop begging for more than they need.

Anonymous said...

"Now, which is the kinder scheme, voluntary or compulsory? "

That depends on PAP and Khaw, not RB or commenters lah.

Then PAP depend on what?

60% lah.

Then 60% depend on what?

Whether opposition is ready to be govt or not lah.

Then depend on which opposition to be ready? Definitely not online one like RB or HLP one like Roy, tio bo?

So best hope now is WP and/or Sinkie First Party.

But till now both Teochew Ah Hia and Hainan Ah Ko didn't say they are ready to be PM what?

So accept Khaw and PAP to decide which is the kinder scheme lah.

Anonymous said...

"So best hope now is WP and/or Sinkie First Party."
Anon 11.13 am

Tiok. SDP don't have Hainan Ah Ko, one gay guy and one psychiatrist doctor anymore. NSP don't have Goh Meng Seng and now Nicole Seah anymore.

So are they stronger now than they were in 2011?

Overall, is opposition stronger now than they were in 2011?

oldhorse42 said...

Lease buy back scheme is another con job.
Why does one need to sell the tail end of the lease back to HDB?
20 or 30 years before the lease expiry, HDB will sure enbloc the estate, offering the lessees attractive terms like new HDB flat at nearby estates and compensation to induce the occupiers to move out and return the flats to HDB for redevelopment.
This is done to sooth the anxiety and concerns of the residents.Many of the flats are built about the same time and the leases will also run out the same time.
We are talking about sizeable number of voters involved.
Not to placate these voters is political suicide which no MP of the area would want to do.
So the MP would make sure the estate is enbloc before the lease runs out.

Anonymous said...

Why so old still must top up minimum sums? Why? Why? Why?

Anonymous said...

I think under the scheme max cash you can take out is 100 k so even if you are 80, die die the rest go into your cpf top up to provide u with the monthly annuity mah to protect u.

Anonymous said...

Wow mr Cow so sincere & caring for Sinkies. Let him continue in his million dollar job so he can continue to enjoy $8 heart by-pass and live long long

b said...

LBS is not about cruel or kind. Its about win or lose. Its a gamble. No one know for sure what is good or bad- can only speculate.