MPs offer ideas to improve CPF

[opmi]

Just received CPFIA monthly statement.

Thinking of this suggestion: CPF Board should immediately transfer CPFIA balance daily back to CPF-OA.
Currently it is 2 monthly of inactivity before the auto transfer. Nowadays, the banking system can easily
do that. Yet there is no improvement in this process since 90s, when paper processing was still dominant.
CPF Board not trying hard enough to act in the best interests of individual members when they allow the funds to languish
in Agent Banks CPFIA at almost zero interest rates.

I'm already transferring myself using DBS internet banking. You can also do it via ATM. Or you are too lazy to take care of your own interest? Should CPF assume you will not use that fund to buy shares?

Ya. Doing IB transfer. But 80% of CPFIA account dont even know. Policy is for masses, not knowledgeable folks like VBs. Hahaha

It is irrelevant whether using leftover funds in CPFIA soon, the Agent Banks can always get funds from CPF OA to settle trades. Meanwhile there is a cost between sitting in OA and CPFIA.

[ghchua]

Ya. Doing IB transfer. But 80% of CPFIA account dont even know. Policy is for masses, not knowledgeable folks like VBs. Hahaha

It is irrelevant whether using leftover funds in CPFIA soon, the Agent Banks can always get funds from CPF OA to settle trades. Meanwhile there is a cost between sitting in OA and CPFIA.

Don't do DBS IB transfer. It is not immediate. Takes about one or two working days for the funds to be available in CPF OA. For immediate transfer, please use ATM or DBS Phone Banking.

[opmi]

Ya. Doing IB transfer. But 80% of CPFIA account dont even know. Policy is for masses, not knowledgeable folks like VBs. Hahaha

It is irrelevant whether using leftover funds in CPFIA soon, the Agent Banks can always get funds from CPF OA to settle trades. Meanwhile there is a cost between sitting in OA and CPFIA.

Don't do DBS IB transfer. It is not immediate. Takes about one or two working days for the funds to be available in CPF OA. For immediate transfer, please use ATM or DBS Phone Banking.

Wa, learnt something new today. Thanks.

[specuvestor]

Ya. Doing IB transfer. But 80% of CPFIA account dont even know. Policy is for masses, not knowledgeable folks like VBs. Hahaha

It is irrelevant whether using leftover funds in CPFIA soon, the Agent Banks can always get funds from CPF OA to settle trades. Meanwhile there is a cost between sitting in OA and CPFIA.

Don't do DBS IB transfer. It is not immediate. Takes about one or two working days for the funds to be available in CPF OA. For immediate transfer, please use ATM or DBS Phone Banking.

This is legacy or it changed with the new same day crediting system FAST?

[chialc88]

This is legacy or it changed with the new same day crediting system FAST?

FAST is between banks and also saving/current ac.

Not applicable to CPFIS.

FAST factsheet

Love Compassion

[Drizzt]

i also don't understand why people who are happy and contented with CPF need to join in this CPF forum. And makes people who are not so happy with some aspects of CPF suspect something is amiss with people who are happy with CPF.

Actually, I don't intend to rely on CPF fully for my retirement and I tend to treat CPF as a riskless reserve.

What I don't get are the illogical arguments I see. I also deliberately (as a social engineering exercise) posted many redundant comments along the lines of "but you can use CPF to do precisely what you accuse CPF of not allowing (higher returns)" and I've been generally ignored.

I think that this CPF Return issue is just a stalking horse for people to complain about the government or perhaps to avoid the real issue - that they really want the CPF money now.

"but you can use CPF to do precisely what you accuse CPF of not allowing (higher returns)"

i agree many can fall or have fallen into illogical arguement

On the other hand, i think only about 15 % of CPFIS investors make more than 2.5% return from OA. On many of those who have fallen into illogical arguement, most of them have lost or made less than 2.5% from their OA.
So these group of people wonder why our G can't gives more then 2.5% in OA? Why can't OA interest equal to SA OR RA?

i am in sympathy with them though i manage to belong to the 15% group. Actually i also think CPF scheme has more pros than cons only if you manage to be in the 15 % group of CPFIS.

In other words, people who are investment savvy and can plan for long term ROI, who don't have cash flow problem, have benefited from CPF in general.
But how many % of the people again?
Only about 15 %.

So can't our G think of something how to help the rest (85%?) do better.
i think that's the gist of discontentment in our CPF scheme.

with their resources of research, i felt the government can do a lot more introducing the better products and nudging the general investor to a correct direction.

[Freenasi]

i also don't understand why people who are happy and contented with CPF need to join in this CPF forum. And makes people who are not so happy with some aspects of CPF suspect something is amiss with people who are happy with CPF.

Actually, I don't intend to rely on CPF fully for my retirement and I tend to treat CPF as a riskless reserve.

What I don't get are the illogical arguments I see. I also deliberately (as a social engineering exercise) posted many redundant comments along the lines of "but you can use CPF to do precisely what you accuse CPF of not allowing (higher returns)" and I've been generally ignored.

I think that this CPF Return issue is just a stalking horse for people to complain about the government or perhaps to avoid the real issue - that they really want the CPF money now.

"but you can use CPF to do precisely what you accuse CPF of not allowing (higher returns)"

i agree many can fall or have fallen into illogical arguement

On the other hand, i think only about 15 % of CPFIS investors make more than 2.5% return from OA. On many of those who have fallen into illogical arguement, most of them have lost or made less than 2.5% from their OA.
So these group of people wonder why our G can't gives more then 2.5% in OA? Why can't OA interest equal to SA OR RA?

i am in sympathy with them though i manage to belong to the 15% group. Actually i also think CPF scheme has more pros than cons only if you manage to be in the 15 % group of CPFIS.

In other words, people who are investment savvy and can plan for long term ROI, who don't have cash flow problem, have benefited from CPF in general.
But how many % of the people again?
Only about 15 %.

So can't our G think of something how to help the rest (85%?) do better.
i think that's the gist of discontentment in our CPF scheme.

with their resources of research, i felt the government can do a lot more introducing the better products and nudging the general investor to a correct direction.

Double confirm gov can. Its whether they wan to direct resources to help the 85%. Simply giving a fixed deposit-like 2.5% is like telling them "U invest yourself u lose money. Then better keep quiet and accept the 2.5% I am giving u". No matter how they explain over the media and meet-the-folks session, many people simply dont buy the idea, now.

[Temperament]

i also don't understand why people who are happy and contented with CPF need to join in this CPF forum. And makes people who are not so happy with some aspects of CPF suspect something is amiss with people who are happy with CPF.

Actually, I don't intend to rely on CPF fully for my retirement and I tend to treat CPF as a riskless reserve.

What I don't get are the illogical arguments I see. I also deliberately (as a social engineering exercise) posted many redundant comments along the lines of "but you can use CPF to do precisely what you accuse CPF of not allowing (higher returns)" and I've been generally ignored.

I think that this CPF Return issue is just a stalking horse for people to complain about the government or perhaps to avoid the real issue - that they really want the CPF money now.

"but you can use CPF to do precisely what you accuse CPF of not allowing (higher returns)"

i agree many can fall or have fallen into illogical arguement

On the other hand, i think only about 15 % of CPFIS investors make more than 2.5% return from OA. On many of those who have fallen into illogical arguement, most of them have lost or made less than 2.5% from their OA.
So these group of people wonder why our G can't gives more then 2.5% in OA? Why can't OA interest equal to SA OR RA?

i am in sympathy with them though i manage to belong to the 15% group. Actually i also think CPF scheme has more pros than cons only if you manage to be in the 15 % group of CPFIS.

In other words, people who are investment savvy and can plan for long term ROI, who don't have cash flow problem, have benefited from CPF in general.
But how many % of the people again?
Only about 15 %.

So can't our G think of something how to help the rest (85%?) do better.
i think that's the gist of discontentment in our CPF scheme.

with their resources of research, i felt the government can do a lot more introducing the better products and nudging the general investor to a correct direction.

Double confirm gov can. Its whether they wan to direct resources to help the 85%. Simply giving a fixed deposit-like 2.5% is like telling them "U invest yourself u lose money. Then better keep quiet and accept the 2.5% I am giving u". No matter how they explain over the media and meet-the-folks session, many people simply dont buy the idea, now.

Well said! i think you have hit the nail on it's head. G can't simply psycho the masses (the 85%) anymore as far as OA is concerned.

[CY09]

Hi guys,

I got an answer from CPF regarding a query on the property pledge. Seems to be interesting. My thoughts is that it seems better to pledge the property than channeling $77,500 inside

-------------------------------------------------------------------------

Dear CY09

Thank you for your email of 10 June 2014.

If the property is being pledged for $77,500, no refund of this amount is required upon the demise of this member.

I would be pleased to help you if you need clarification or further assistance on CPF matters. Alternatively, you can call us on 1800 2271188 from Mondays to Fridays, 8am to 5.30pm.

Yours sincerely

Customer Correspondence Unit
Central Provident Fund Board


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From: XXX [mailto:darigaaz88@hotmail.com]
Sent: Tuesday, 10 June, 2014 2:48 PM
To: CPF MEMBER (CPF)
Subject: RE: Query on Minimum Sum pledged through property

Hi,

Thanks for the clarification.

So to confirm, if a member has pledged his property for half of the min sum (say $77,500 for the min sum). Upon his demise at age 80 with his beneficiaries subsequently selling off his flat at say $300,000, his beneficiary will receive all proceeds deducting off legal fees with CPF not being entitled to $77,500 of the $300,000 under current CPF policies?

Thank you for your help

[funman168]

Hi ghchua,
I tot using ATM or IB both takes abt 1-2 working days.
U tried both methods before?

Ya. Doing IB transfer. But 80% of CPFIA account dont even know. Policy is for masses, not knowledgeable folks like VBs. Hahaha

It is irrelevant whether using leftover funds in CPFIA soon, the Agent Banks can always get funds from CPF OA to settle trades. Meanwhile there is a cost between sitting in OA and CPFIA.

Don't do DBS IB transfer. It is not immediate. Takes about one or two working days for the funds to be available in CPF OA. For immediate transfer, please use ATM or DBS Phone Banking.