CPF - Do you want your money back? Act now

CPF – An unending scheme that was meant to end at 55

A great saving scheme for retirement has now been turned into a nightmare for many hapless Singaporeans. They entered this compulsory scheme with the promise of getting their life savings back at 55. Without their permission and consent, many outrageous legislations have been introduced to hold back their money till eternity without having a say or a chance to say no or to opt out from it by the most honorable govt run by the most righteous and honorable men and women elected by the people to look after their interests and to protect their interests.

In the case of the CPF, many do not see their interests being protected but eroded by the very people they elected to protect them. Many want their life savings back but their voices were drown in the wilderness. Their elected representatives refused to hear them or to represent them. Instead their elected representatives participated in the horrendous schemes to hold back the money from them at 55. Now this scheme, instead of terminating at the age of 55, would only end when they die. Oops, not really the case. In some circumstances the scheme or the money would continue to be locked up in the CPF, transferred into the accounts of their beneficiaries and could go on and on, never ending.

What kind of monstrous scheme has this life saving scheme for retirement turned into? You ask me. Do you want it to be this way, without your consent, to becoming a money eating monster that eats away your life savings? Compulsory purchase of life insurance scheme, compulsory purchase of medical insurance scheme, and aka datang, or brooding, compulsory schemes for the seniors.

Take the case of the money that is to be pledged against the CPF you withdrawn, your own money, to purchase properties. Not only that you have to pay interest for borrowing your money, you would have to cough up more money to return to the CPF even if you are 100 or 200 years old or more if you have not met the minimum sum stipulated. Should not such pledges be terminated once a person reached the age to withdraw his CPF savings? There is no provision to end the pledging scheme. By right one’s obligation to contribute to the CPF should end at 55 and everything squares of as that is the age when one should be withdrawing his savings from the CPF. But now, when you sell your property, you must pay back to the CPF the money you borrowed from your own savings, plus interests, with no time frame in sight, with the conditions set for the minimum sum. Why like that?

What kind of fucking nonsense is this? Return our money. We want our money back.
Lim Tean and Philip Ang are risking themselves to fight for you, on your behalf to take back your money. The hope for success is very small, because the people you elected to protect your money would not be protecting you and your money but fighting against this. But don’t give up hope. This is your only chance to take back your money. 

We must all do our part. This is what Philip Ang and Lim Tean expects from you, a small contribution to the huge legal fees that would be needed to fight this case legally. The details are a work in progress. Everything must start with a small step, a first step. Philip Ang wrote this, posted in TRE,

‘CPF members (non members are also welcomed) who wish to right this sorry state of affairs should contribute and no freeloading, please. Even if 20% of members contribute $10 each, this will be more than sufficient.

Our present priority is to create more awareness and raise sufficient funds before initiating action.

Lim Tean and I have set up a crowdfunding account @ https://www.facebook.com/tean.lim.75. (POSB Savings 198-91842-3) Please keep a record of your transaction as your particulars will be required before the launch of the class-action suit. Unused portion will also be returned, pari passu.’

This is the time to act to do something good for yourself. You need to act to protect your own money. Whatever the amount you can contribute, just send it to them in the above account provided.

This is the first time that Singaporeans are standing up for their own right, fighting for the right to their money, their life savings. Every drop counts. Do something to help yourself. Do it now.

PS. I have sent in my contribution by the time you read this.


Anonymous said...

Uncle, count me in for tat...it's our monies not entirely Garman monies as an NMP auntie claimed...

Anonymous said...

They should pay us million dollar salaries.
So that we will not be so motivated to ask for our CPF money back.
Like some people we know .....

Anonymous said...

Suggest you compile a list of Members' of Parliament who will support returning our CPF money back to us at age 55 years old.
This list should be publicized.

Any MP who is not on the list should be voted out.

You are either with us and for us.
Or you are against us.

Anonymous said...

Ah Long San has a close relationship with President Trump.
So what?
President Trump can give me back my CPF money ??

If not, then Ah Long's close relationship with President Trump is of no use to Singaporeans.

Anonymous said...

/// SMRT’s newly-hired Chairman Seah Moon Ming announced yesterday (Oct 23) that he will be hiring 200 more engineers to fix the worsening rail reliability issues SMRT lines are facing.

Also announced is the introduction of “independent” audit teams, which will conduct internal checks on the maintenance department. ////


How many "independent audit teams" do we have to conduct internal checks on the maintenance of our Singapore reserves?

Is Halimah Yacob working all alone by herself on this matter?

Virgo49 said...

Hopefully, those with enormous and those with quite substantial amount of CPF's monies will join in for this suit.

Many oldies, with their depleted only meagre balance Retirement savings would not join. Made not much difference to them now as most also been channelled into the CPF's Life Scheme.

For those oldies who are thinking of selling their flats who most brought them at affordable prices and gain a hefty profits would be may be join in.

As the capital gains could be substantial and many had to refund what's over interests or minimum sum plus Medisave back to their CPF account.

These monies will be held back just like the young dies.At least the young dies got chance to use it. Not many oldies can use them to punt to their heart's content and die with a smile their happiest moments.

The PAP is very kind to make sure the Oldies leaves some for their young dies as the young dies might need them most after sucked dry by them.

Many Sinkies are parasitic. They would stand by and have the Others fight the battle for them and also save their monies and skins.

If they won, hurrah, Good for me.

Saved my contributions and harvest the same benefits.

If they lose, there I told you.

You cannot win the PAP, suckers.

Anonymous said...

@ October 24, 2017 9:47 am

Every politician;
whether elected or not elected;
should be asked to make a public declaration;
does he/she support the return of our cpf money at age 55 years old as originally promised.

And every Singaporean will then know how they should vote.

I suggest we start with the non-PAP politicians first.

The PAP politicians can then decide if they want to join in or not.
No need to wait for PAP to get the list started.

Anonymous said...

@ October 24, 2017 11:16 am

Why not use Facebook to conduct a National Referendum among Singaporeans?
Do we want our CPF money returned back at age 55 years old?
As originally promised.

Anonymous said...

Rb, does the Singapore court recognises class action as in the USA?

Anonymous said...

If the oldies took out the money, Govt said would lose their money to batam women then ask government for hand out. Now no need go to Barat, sg also has many honey trap

Anonymous said...

Rb, does the Singapore court recognises class action as in the USA?
October 24, 2017 12:28 pm

If the Singapore Constitution can be changed regularly.
If an Indian person can become a Malay person.

If the Singapore court does not recognize a class action suit.
Well then, can we change the Constitution so that a class action suit will be legally recognized by the Singapore court?

Anonymous said...

How many oldies go to Batam? That was a ridiculous excuse. Only the number 4 is 5 is more ridiculous.

The sad thing is that daft Sinkies know the PAP government is trying all ways and means with every tinker, to hold on to our CPF money, yet we continue to vote for them.

Why didn't dafties do something about it if they think the PAP government is not doing the right thing? But, like brain-dead zombies we continue to vote PAP, election after election.

PAP would think we agree with their policies. Whose fault is it? Now it is too late to regret!

Chua Chin Leng aka redbean said...

Lim Tean and Philip Ang are asking only for $10 or $20 per person, not a drumstick of a whole chicken. Give it a try and let them sort out the legal issues. Treat the small sum of money as a donation even if it does not work out. That is all you have to lose.

Just do it

Anonymous said...

Hi 126pm, you are 1oo% correct!

People con't to vote for PAP!

How to beat PAP?

Don't waste time and resources.

No point! No point!

Anonymous said...

RB: "Without their permission and consent, many outrageous legislations have been introduced to hold back their money till eternity without having a say or a chance to say no or to opt out from it"

You stupid fucking Sinkies!!! You fucking deserve it!!!!

Who the fuck says you fucking Sinkies got no say?!?!?!

You fucking voted for it what!!!!

Now prepare to be FUCKED!!!!! Hahahaha!!!!

Anonymous said...

Wait till they have 100% Parliament to themselves.

Then daft Sinkies will know the meaning of getting fucked upside down.

Holding on to our CPF money is not the final nail in the coffin. As someone commented in an earlier post, what is there to ensure that they do not try tinkering with the law further to pay members less on the dollar like a bankrupt? Quite impossible to think of, but if they can say 4 is 5, never discount that.

Unknown said...


Thanks for sharing.

I understand most people do not feel empowered to even take the first step to effect change. :( But I will try anyway.
What will actually happen on the day that we file the suit is all international media attention will be focused on our CPF system.
If it's so good, how come a one in 5000 years lawsuit against CPFB? Why does this not happen in any other country? What has been happening to our CPF during the past decades? How much has the government legally 'stolen' from us?
So we are not only looking at the failure of our court to allow the suit to proceed and there is optimism for change. Will we file a subsequent suit? I think we should just take it one step at a time because there will be many minefields. Also hoping that CPF members are not like PAP, NATO. Otherwise can't even proceed.
Even if this fails, we have to continue fighting for what is rightly ours. Time to think out of the box and not continue to plead or beg PAP.
As for me, I have no vested interest other than $140k in CPF OA and SA by 55 next year.

Phillip Ang

Anonymous said...

If this CPF class action suit is held nearer to the next upcoming General Election, the PAP will feel more heat . . .

Anonymous said...

Dear Uncle Rb, Mr Lim Tean & Mr Philip Ang,

U all have my respect. Me salute to our heroes. & help those silver elderly in Spore get back what they r due. Today the Straits Times MSM tries to paint our retirement monies or pension funds r all a OK, but me won't believe in them cos Sporeans r all been shortchanged for a long time.

b said...

All pensions scheme in this world is a sort of ponzi scheme. Putin easy, takeout difficult.

b said...

All are politicians fault. They work with banksters and big pharmas to cheat our savings.

Anonymous said...

I think you should allow people just to contribute without being the persons taking the legal action as some are afraid of being counter sue. This will greatly Ensure larger contribution as some are kiasi

Anonymous said...

Any CPF money involved in the SIA S$18.8 billion purchase of 20 Boeing 777-9 and 19 787-10, helping to create 70,000 jobs for Americans and none for Singaporeans?

[Singapore Airlines is majority-owned by the Singapore government investment and holding company Temasek Holdings, which holds 56% of voting stock - Wikipedia. ]

Chua Chin Leng aka redbean said...

Hi Phillip,
I believe your team must have communicated with the other political parties to work together on this. This would make this project more broad based and with more participation. Hope no political party would stay out from this because of their small mindedness.

For those kiasi, they can pool their money with someone who is comfortable to do the payment or can contact Phillip/Lim Tean directly and hand over the money by hand or through whatever means.

Virgo49 said...

Hi Anon 8.13

After kena hassle to spend 18.8 Billions for carrying the American Balls, Trump called him Loong.

Means Looony Tunes. SIA or SIA in Malay lost how many millions and asked staff to take no pay leave and now they want to throw Good MONIES on Bad.

CPF's monies??

Anonymous said...

The deliberations, judgment (or non-judgment) and 'explanations' (as opposed to justifications) to dismiss Dr Tan Cheng Bock's application and subsequent appeal should ring a VERY LOUD BELL in the ears and mind of everybody (citizens and non-citizens), and should have served as a WAKE-UP CALL.

The elaborate wayang displayed throughout one and a half years of time to alter the Sacred Constitution (sworn by each and every MP to protect it to the best of their ability but none ever did) for the purpose of staging a Reserved Elected Presidency for the Malays, ending up with a Non-elected Walk-over Presidency being held by a Pseudo Malay, should be another EYE-OPENER and a SECOND WAKE-UP CALL.

Until and unless this case (for that matter, any case against the "Dishonourable Son") is heard in an International Court, I foresee many obstacles and minefields will be put up, by extremely 'learned' personalities, to ensure either the case cannot proceed, or, if proceeded, would be met with humongous illogical logics to counter each and every move you make, culminating in a status quo.

Nevertheless, no matter what consequences, this case must go on despite the foreseeable problems and difficulties ahead. I will do my part to contribute for each and every member of my family - there are 21 of us.

Anonymous said...

S$18.7 billion SIA-Boeing deal to create 70,000 jobs in the US

Ah Loong and PAP so clever at creating 70,000 jobs for Americans (foreigners).
Taxi driving jobs for Singaporeans.
Good jobs for 70,000 Americans.

Why the fuck 70% Singaporeans still want to vote for PAP I will never understand.

Anonymous said...

Singapore Malls' Amazonian Emptiness

Singapore's malls are one click away from irrelevance, though the investment trusts that own them are carrying on as if nothing has changed.

The first hint of trouble showed up in January when department store John Little shut down after a 174-year run. Then, in July, Amazon.com Inc. introduced its two-hour Prime Now delivery service, choosing the city-state of 5.6 million people as the testing ground to fine-tune its Southeast Asia ambitions.

The landlords don't appear all that perturbed; at least not yet. CapitaLand Mall Trust, the island's biggest retail real-estate investment trust, announced 2.78 Singapore cents (2 cents) in dividends last week, unchanged from a year earlier. That's an annual yield of almost 5.5 percent at a time when the 10-year Singapore government bond offers only 2.2 percent. The tantalizing premium is keeping investors hooked.

Even the analyst community is discounting the threat from online shopping: There are 13 buy recommendations on the CapitaLand Mall REIT, and not a single sell, according to data compiled by Bloomberg. But look under the hood, and there are signs that not everything is hunky dory.

While all its malls are almost fully occupied, agreements at some of the bigger properties are being struck at increasingly lower rents. Forget a suburban property like Westgate in Jurong East, which has seen 17 percent of leases signed at rents 10.5 percent cheaper than three years ago; even marquee names like Raffles City, a prime Singapore landmark, are settling for less:

Tenancy Tantrums

Singapore's malls are seeing lease renewals at increasingly lower rents than three years ago.

*New rentals versus old rates, typically committed three years ago. Retail leases only for IMM Building and Raffles City; newly created and reconfigured units are excluded.

Singapore's economy grew 4.6 percent in the third quarter from a year earlier, with the government estimating full-year expansion of between 2 percent and 3 percent. Yet, CapitaLand Malls' tenants -- from food and fashion to supermarkets and services -- reported negative or mediocre sales growth in the first nine months of 2017. You can expect entertainment and electronics, the categories where tenants are still doing well, to start feeling the Amazon effect when the online service is able to iron out its early wrinkles.

Then there's fintech. By some estimates, the Singapore banking industry's space requirement could shrink by 30 percent, or 6 million square feet, over the next decade. To the extent suburban malls like to house a bank branch or two to catch footfalls, they'll be affected. Indeed, the sharp drop in the rental reversion rate at CapitaLand's Tampines Mall -- from growth of 0.6 percent in the first six months to a decline of 4.3 percent in the first nine -- was because of a change in tenant mix from banking to food and beverages, according to OCBC Investment Research.

Cheapest in a Decade

Shop rentals in central Singapore are a fifth lower now than just before the collapse of Lehman Brothers

Ahead of further increases in U.S. borrowing costs, CapitaLand Mall Trust has reduced its balance-sheet risk by selling the serviced-residence part of Funan, a 1980s-vintage mall that used to specialize in electronics and is currently undergoing a costly redevelopment. By the time Funan reopens in 2019, there may not be anybody left on the planet who still goes to a store to buy a computer or a phone. So the new address will play host to everything from a homegrown theater company's auditorium to a test zone for drone photography.

All that "creative intersection" stuff looks nice on paper. But with about half a million square feet, or 8.1 percent of the city's retail space, lying vacant, and an equal amount of new supply under construction, creativity alone may not be enough to fill the Amazonian emptiness that's threatening to engulf this shoppers' paradise.

Anonymous said...

I hope Ang & Lim can consider public input on what to sue for.

- I sense many people want withdrawal at 55.
- Please don't leave out the BIGGER item: profit that has been kept by the Government unethically, immorally and illegally. The last term (illegally) is what we want the court to decide. The earlier two terms are obvious. The lost profit over a few decades is very substantial.

Chua Chin Leng aka redbean said...

We need more people like Anon 11.45pm to affirm their support for this cause. For a small step, it costs only $10 or $20 to get this moving. Don't wait anymore.

Singaporeans have been waiting and waiting for something to happen. Make this happen. You can do it. It does not cost an arm or a leg.

We need to get our act together for once for our own good, not someone telling you it is for your own good, and empty your pocket.

Just send in your contributions and close your eyes, Lim Tean and Phillip and his team have a lot of work to do to fight this case for you. What is $10 or $20? They are not asking for peanuts.

Anonymous said...

Civil servants or PAP-affiliated grassroots who prefer anonymity could transfer funds jointly with relatives’/friends’ accounts.

Once the required resources, not just financially, are in place and before the suit is launched, there will be more updates. Action speaks louder than words.

Phillip Ang

Elected MPs and almost all finance/legal/accounting professionals who are in a position to speak up and take appropriate action prefer cowardly silence. Time to think out of the box and help ourselves....

United we stand:
October 21, 2017 at 11:36 pm (Quote)

Its time to stop kpkbing and put your money where your mouths are, fellow sgs.
Mr Ang is taking a big step for all of us , so lets be united n support him ..
Lets not be so negative saying that it wont work, even before trying eh?
Good luck n God bless Mr Ang n everyone.

This rogue gov got to go:
October 23, 2017 at 5:01 pm (Quote)

I did my part. Trans $xxx
To the above a/c.
Cus i want my cpf back at 65 latest.
At 55 no go…pushed to 65…now defaulted to 70..?
No wonder wherever we go these days the poor are visible…its a disgrace, in a country thats supposed to be one of the richest in the world..
Just open our eyes n we’ll see them..
What the hell! Bring in mils of foreigners, push us out of our jobs n our own ppl are going hungry!

Anonymous said...

I wanted to contribute but I wanted to be frank I am kiasi type. Can they set up another account for people to contribute but don't take part in class action?

Chua Chin Leng aka redbean said...

Anon 9:13, just use your spouse's account or parent's account to transfer the contribution also can.

If still kiasi, just buy my book and I will contribute whatever amount you paid to the fund on your behalf. You buy books, I contribute, in a way donating my books to the cause.

There are so many ways when there is a will to do it.

b said...

The only way to withdraw at 55 is to have another passport. This is to ensure you do not stay around and become a burden for the rest of the sinkies.

Anonymous said...

Anyone who is reading this can afford to spare $10 to this cause.

Anonymous said...

RB , please tell me where to buy yòur book . I would like to pay you in cash so that there is no traceability . By the way how much is your book cost so that I can top up the access amount for this CPF class-suit . Can I collect your book in person ; maybe like over a cup of coffee with you .
Yes , I believe many people like me is the kiasi type .

Chua Chin Leng aka redbean said...

My book is $15. Can email me at redbeansg@yahoo.com to meet up at MBFC for kopi if convenient to you.

Anonymous said...

Where is MBFC ?

Chua Chin Leng aka redbean said...

Marina Bay Financial Centre or I can meet you at Raffles Place.

Virgo49 said...

i had bought Mr Chua's books by transferring to his account.

Mr Chua's Account is not one of the fund raising account so should be confidential.

Nowadays, people are purchasing items thru onlinebanking sales.

So, should be very safe to do on line banking transactions.

Even now by Pay phones.

CCS is encouraging you to go cashless.