The CPF problems that never get fixed!

CPF Life had been revamped with new recommendations from CPF Advisory Panel recently.  However, the myriad of problems with CPF Life still never seem to get fixed!  They are:

1)      The solvency of CPF Life has still NOT BEEN GUARANTEED by the Singapore government!  Reasons (or rather excuses?) have been given, but there is no shrieking of responsibility here when the Government had passed law to make it compulsory and enforced on its citizens in the first place!  It seems totally at odd that on one hand, they passed laws to make CPF Life compulsory, and on the other hand, they cannot stand behind and be responsible for the proper management of the system called “CPF Life” that they set up and guarantee its solvency?  By continually refusing to guarantee the solvency of CPF Life, are their actions telling us that they have totally no confidence behind the people they appoint to manage “CPF Life” and hence they don't dare to guarantee the solvency of CPF Life?

2)      Transparency of CPF Life has still not existed! 

Transparency, yes, transparency! CPF Life is about mandatory locking up of their citizens’ money by Government, and hence transparency of the book of “CPF Life” is of utmost importance!  Nobody likes their own money to be forced into management by somebody else who cannot open their books and show how their money are managed and the performance! 

To improve transparency, firstly, “CPF Life” needs to be separated as an independent entity with its annual financial statements and audits!  This is the single most important criterion!  Next, there needs to be transparency of how the CPF Life payout are being calculated, how the bequest amount are being calculated etc.  Only when “CPF Life” is a separate entity with its financial statements will we know whether accumulated over the years, are managers of CPF Life recommending CPF Life payout that is below optimal amount and a lots of profits have been accumulated, thus allowing CPF Life payout to be increased! 
Without a separate book (i.e. financial statements), CPF Life in its current form which is not detached from CPF Board means that when there are profits accumulated, it belongs to CPF Board (and hence the Government)? And when CPF Life payout is adjusted lower in future (possible), it is because of trying to accumulate more profits or really the existing payout is not sustainable?  Empty words are just useless!  Actions speak louder than words!  By continually refusing to separate CPF Life into a separate entity with its financial statements and cashflows and publish them annually etc, people obviously will start to believe that they are trying to make profits out of the CPF Life scheme isn’t it? 

Transparency, transparency, transparency!  We really need transparency and separate book (i.e. financial statements) for CPF Life individually (and separate from the book of CPF Board)!!!!!!!!!!!!!!!!!!