Ignorance of the Law Is No Excuse, But It Is Reality

[Arcachon]

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*Return of CPF money after selling your property.*

Recently, I was asked by CPF Board to return the total amount I used my CPF money plus interest when I sold my apartment.
I was shocked and asked CPF staffs why I need to return my money when I already 66 years old, they said it a new rule regardless of your age.
The amount I need to pay back is more than my selling price because of the accrued interest.
Instead of asking back my 50% I took from my retirement fund they wanted the whole amount plus interest over 20 years.
Why should I pay interest for my own money and why should I return my money when CPF had released my fund when I reached 55 years old?
This has caused me financially because upfront I have to use my saving to pay agent commission, lawyer fee, flat rental, mover and other charges.
CPF Board kept my whole selling price for 15 days without interest and returned my money after deducting the 50% of my retirement fund I pledge for my property.
Apparently, only those who sold their properties were notified by the CPF Board of such unreasonable rules especially so for those way above 55 years old��
Please let your friends and family members know of such hidden and unreasonable CPF rules which will affect the seniors who dont have spare money upfront for payment, hence affecting the sale proceedings��

[Arcachon]

https://www.gov.sg/factually/content/top-4-cpf-myths-debunked

https://www.icompareloan.com/resources/buying-a-property-use-up-cpf-before-it-vanishes-into-retirement-account-at-55/

[star]

https://scontent.fsin3-1.fna.fbcdn.net/v/t1.0-9/23905386_10208702874604100_8008559749292154044_n.jpg?oh=df93f9415f42c0a1c736d44fb35c2a21&oe=5AA4E4EC

*Return of CPF money after selling your property.*

Recently, I was asked by CPF Board to return the total amount I used my CPF money plus interest when I sold my apartment.
I was shocked and asked CPF staffs why I need to return my money when I already 66 years old, they said it a new rule regardless of your age.
The amount I need to pay back is more than my selling price because of the accrued interest.
Instead of asking back my 50% I took from my retirement fund they wanted the whole amount plus interest over 20 years.
Why should I pay interest for my own money and why should I return my money when CPF had released my fund when I reached 55 years old?
This has caused me financially because upfront I have to use my saving to pay agent commission, lawyer fee, flat rental, mover and other charges.
CPF Board kept my whole selling price for 15 days without interest and returned my money after deducting the 50% of my retirement fund I pledge for my property.
Apparently, only those who sold their properties were notified by the CPF Board of such unreasonable rules especially so for those way above 55 years old��
Please let your friends and family members know of such hidden and unreasonable CPF rules which will affect the seniors who dont have spare money upfront for payment, hence affecting the sale proceedings��

One question. If your CPF ordinary and special account already hit the retirement sum at 55yrs old do u still need to pay incurred interest to CPF?

[Arcachon]

One question. If your CPF ordinary and special account already hit the retirement sum at 55yrs old do u still need to pay incurred interest to CPF?

hit the retirement sum at 55yrs old - BRS FRS or ERS

http://dollarsandsense.sg/wp-content/uploads/2017/08/CPF-Life-Plans-768x460.png

[Amber Woods]

https://scontent.fsin3-1.fna.fbcdn.net/v/t1.0-9/23905386_10208702874604100_8008559749292154044_n.jpg?oh=df93f9415f42c0a1c736d44fb35c2a21&oe=5AA4E4EC

*Return of CPF money after selling your property.*

Recently, I was asked by CPF Board to return the total amount I used my CPF money plus interest when I sold my apartment.
I was shocked and asked CPF staffs why I need to return my money when I already 66 years old, they said it a new rule regardless of your age.
The amount I need to pay back is more than my selling price because of the accrued interest.
Instead of asking back my 50% I took from my retirement fund they wanted the whole amount plus interest over 20 years.
Why should I pay interest for my own money and why should I return my money when CPF had released my fund when I reached 55 years old?
This has caused me financially because upfront I have to use my saving to pay agent commission, lawyer fee, flat rental, mover and other charges.
CPF Board kept my whole selling price for 15 days without interest and returned my money after deducting the 50% of my retirement fund I pledge for my property.
Apparently, only those who sold their properties were notified by the CPF Board of such unreasonable rules especially so for those way above 55 years old��
Please let your friends and family members know of such hidden and unreasonable CPF rules which will affect the seniors who dont have spare money upfront for payment, hence affecting the sale proceedings��

When he sells his apartment after after 55 years, he needs to return to his own CPF account the amount he took up to finance the said property and the accrued interest. He also needs to set aside the minimum sum + medisave after which he can withdraw all the remaining money left in his ordinary account. The accrued interest is not paid to CPF board but to his own CPF ordinary account, so it is still his own money.

The writer did not loose any of his money to CPF board. If he had not used his CPF money to pay for his apartment, his money in his CPF account would have earned 2.5% interest for the last 15 years. However, with him using his CPF to finance his apartment, he actually borrows from his own CPF account and pay the interest of 2.6% until the day he sells his apartment. The interest per se is actually paid to his own CPF account.

[star]

When he sells his apartment after after 55 years, he needs to return to his own CPF account the amount he took up to finance the said property and the accrued interest. He also needs to set aside the minimum sum + medisave after which he can withdraw all the remaining money left in his ordinary account. The accrued interest is not paid to CPF board but to his own CPF ordinary account, so it is still his own money.

The writer did not loose any of his money to CPF board. If he had not used his CPF money to pay for his apartment, his money in his CPF account would have earned 2.5% interest for the last 15 years. However, with him using his CPF to finance his apartment, he actually borrows from his own CPF account and pay the interest of 2.6% until the day he sells his apartment. The interest per se is actually paid to his own CPF account.

If lets say his account already hit minimum sum at 55yrs old before he sell his house does he still need to pay incurred interest? If yes, after paid incurred interest he can still withdraw the excess since he already hit minimum sum?

[Amber Woods]

If lets say his account already hit minimum sum at 55yrs old before he sell his house does he still need to pay incurred interest? If yes, after paid incurred interest he can still withdraw the excess since he already hit minimum sum?

Yes, all he needs is to return the amount he withdrew for his apartment and the accrued interest back to his CPF account and immediately request for withdrawal all the money remaining in his CPF account. Even if his sales proceed is less than what he withdrew plus the accrued interest, he still can withdraw the money as long as he set aside his minimum sum plus medisave.

[star]

Thanks Amber woods for the clarification. Btw must one fully paid his property before he can pledge his property to CPF? If still got mortgage loan can pledge the property to half the minimum sum?

[minority]

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*Return of CPF money after selling your property.*

Recently, I was asked by CPF Board to return the total amount I used my CPF money plus interest when I sold my apartment.
I was shocked and asked CPF staffs why I need to return my money when I already 66 years old, they said it a new rule regardless of your age.
The amount I need to pay back is more than my selling price because of the accrued interest.
Instead of asking back my 50% I took from my retirement fund they wanted the whole amount plus interest over 20 years.
Why should I pay interest for my own money and why should I return my money when CPF had released my fund when I reached 55 years old?
This has caused me financially because upfront I have to use my saving to pay agent commission, lawyer fee, flat rental, mover and other charges.
CPF Board kept my whole selling price for 15 days without interest and returned my money after deducting the 50% of my retirement fund I pledge for my property.
Apparently, only those who sold their properties were notified by the CPF Board of such unreasonable rules especially so for those way above 55 years old��
Please let your friends and family members know of such hidden and unreasonable CPF rules which will affect the seniors who dont have spare money upfront for payment, hence affecting the sale proceedings��


This is fake ignorance.

[otansg]

This is fake ignorance.

Singapore has a lot of ignorant people. These people are so lucky that Singapore is such a friendly place for fools with money. If these people live in China, India, I am very sure they will be cheated of their money. Or in the first place, they probably are not good enough to have money to buy a house.