Dear Mr. Tan
I read an article (link from your blg) about the pros and cons of annuities. It seems that the cons are overwhelming. What is your opinion about CPF Life annuity?
REPLY
The cons apply mostly to annuities sold by comercial insurance companies, where the charges are high and the consumer does not get a fair return on the annuity. These negative points do NOT apply to CPF Life, as it is runned on a mutual basis (i.e. the CPF does not run it to make a profit), and any surplus is distributed fairly among the annuitants.
This is explained in my book, Practical Guide on Financial Planning. You will also find other tips that are benefiicial to people approaching retirement.
Friday, April 30, 2010
Compensation for Pinnacle Notes
Hi Mr Tan,
I have purchased $10k of Pinnacle Notes Series 7. The current value is 0.01% I was offered 30% compensation. Should I accept or reject the compensation? Can I join the legal action after accepting compensation?
REPLY
You should accept a flat 30% compensation, WITHOUT handing over your notes, and WITHOUT deduction of interest. If interest is deducted, then the net compensation is quite small, so there is no point in getting this compensation. If you get compensation, you can still join the class action, but you must still hold the notes. Don't hand it over to the distributor.
I have purchased $10k of Pinnacle Notes Series 7. The current value is 0.01% I was offered 30% compensation. Should I accept or reject the compensation? Can I join the legal action after accepting compensation?
REPLY
You should accept a flat 30% compensation, WITHOUT handing over your notes, and WITHOUT deduction of interest. If interest is deducted, then the net compensation is quite small, so there is no point in getting this compensation. If you get compensation, you can still join the class action, but you must still hold the notes. Don't hand it over to the distributor.
Renewal of motor insurance
Hi Mr Tan,
I have 2 cars under my name. The first car was borrowed to a friend who then disappeared together with the car. I filed a claim for total loss. The second car was involved in an accident while going straight. Another car beat the red light and crash onto my car. This case is still being pending investigation. According to a witness on site, the other car is at fault.
Due to the claim for total loss, I am not able to renew the insurance from any insurer as the road tax is overdue. Can you advice me on what to do?
REPLY
You can buy third party insurance, which covers only claims by third party. It will not cover damages or loss of your vehicle. You can take the risk on your own. Your insurance compnay should be prepared to insure you on third party insurance. If not, you can try a few other insurance companies. If they all refuse, you can seek assistance from the Land Transport Aurhority and MAS.
I have 2 cars under my name. The first car was borrowed to a friend who then disappeared together with the car. I filed a claim for total loss. The second car was involved in an accident while going straight. Another car beat the red light and crash onto my car. This case is still being pending investigation. According to a witness on site, the other car is at fault.
Due to the claim for total loss, I am not able to renew the insurance from any insurer as the road tax is overdue. Can you advice me on what to do?
REPLY
You can buy third party insurance, which covers only claims by third party. It will not cover damages or loss of your vehicle. You can take the risk on your own. Your insurance compnay should be prepared to insure you on third party insurance. If not, you can try a few other insurance companies. If they all refuse, you can seek assistance from the Land Transport Aurhority and MAS.
Good government advocacy
Read this article.
Quote
Singapore has also endorsed the principles of governance based on an accountable and transparent government, long-term orientation and social justice.
Unquote
Quote
Singapore has also endorsed the principles of governance based on an accountable and transparent government, long-term orientation and social justice.
Unquote
Election into Parliament
Read this article by Yoong Siew Wah.
My comment
I prefer a system where every constituency elects its own member of Parliament. I do not like the changes to the Constitution that were made during the last 20 years, especially the concept of GRC. It makes our system quite complicated and reduces the accountability of the elected person to the voters.
My comment
I prefer a system where every constituency elects its own member of Parliament. I do not like the changes to the Constitution that were made during the last 20 years, especially the concept of GRC. It makes our system quite complicated and reduces the accountability of the elected person to the voters.
Loss of NRIC
Many office buildings require the visitors to hand over the NRIC in exchange for a visitor pass. This is troublesome for the visitor. There is the risk that the visitor may forget to collect back the NRIC or may misplace it after receiving it back. This has happened to me before and has occurred again recently. I have now lost my NRIC. I spent a lot of time looking for it, without success. Now, I have to apply for a new NRIC.
I do not know how keeping a person's NRIC helps to improve security in a building. It is also unfair to ask the visitor to hand over the NRIC in exchange for a visitor's pass.
Tan Kin Lian
I do not know how keeping a person's NRIC helps to improve security in a building. It is also unfair to ask the visitor to hand over the NRIC in exchange for a visitor's pass.
Tan Kin Lian
Calling taxi by SMS
This new service will be on public trial from Friday 30 April (earlier trial on 26 April was shelved due to technical problem).
It will involve customers who hold a Starhub mobile phone. To get a taxi, use your Starhub mobile phone and send TAXI to 79797. The taxi booking fee is $1.50 (off peak hours) and $2.50 (peak hours). It is $1 cheaper than the normal type of booking.
If a taxi is available, you will get a SMS. The taxi driver will call you by mobile phone to ask for the pick up point. If no taxi is available for 10 minutes, you will be removed from the Queue, and a SMS will be sent to you.
Watch this video for an explanation of how the system operates. You can also visit this website. (About 100 taxis have registered for this service)
Tan Kin Lian
It will involve customers who hold a Starhub mobile phone. To get a taxi, use your Starhub mobile phone and send TAXI to 79797. The taxi booking fee is $1.50 (off peak hours) and $2.50 (peak hours). It is $1 cheaper than the normal type of booking.
If a taxi is available, you will get a SMS. The taxi driver will call you by mobile phone to ask for the pick up point. If no taxi is available for 10 minutes, you will be removed from the Queue, and a SMS will be sent to you.
Watch this video for an explanation of how the system operates. You can also visit this website. (About 100 taxis have registered for this service)
Tan Kin Lian
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