Singapore, as IFEX has noted here, is an "authoritarian state notorious for its undemocratic practices and laws". A city that has been an one party state since 1959, muzzled the media during the 2006 elections to ensure that the ruling People's Action Party wins again. Quoting from IFEX,
... the government barred even the "legitimate" bloggers and website managers from promoting political manifestos and banned the use of Internet technology such as podcasting and videocasting to disseminate political content.
It's not surprising, therefore that the Singapore Government now wishes to meddle with the economic decisions of individuals and families. It is planning to make it mandatory to purchase annuities, so retirees who are expected to live to eighty and beyond have enough savings to meet their expenses. The government's own Central Provident Fund scheme that already makes it compulsory for employees and employers to contribute to retirement savings, may not be adequate to meet the expenses arising from increased life expectancy.
To defer or not to defer my consumption, to live or not to live beyond the age when my savings run out, or to depend or not to depend on my children and grandchildren is my choice and mine alone. It's my personal responsibility to save adequately for my retirement, and the government should have no say on how much I save and how I invest those savings. Why should a Singaporean trust a boneheaded crowd that clamps down on any dissenting views to know what is best for him or her?