Does that sound right to you? Two things here.
1. Payouts are for life but not written in law. That means, they can simply say 'thank you for your money' and stop paying you in the future when the fund runs out.
2. The payout can be any amount and just have to suck your thumb if it's peanuts (not Mrs Goh's version of peanuts, mind you)
So do you have a choice to opt out? Sorry. Law says you are in if you have over $40k in your CPF which means they'll take your money and will assure you the above.
And compare this with the one reported by CNA where this crucial information are excluded. Strange? Not not all coming from a state's times.
I am so blessed to be a Singaporean!