CPF makes a moral justification by arguing it is a "savings and pension plan" under the auspices of a moral justification of helping citizens set aside their own money. The very first thing you are greeted with on their website is that it's savings and an overview represents it as "setting aside" your own funds.

The government makes a moral justification of a savings plan but then when we dig down to it it's all ether and really just a scheme for bond rate arbitrage for the government.

The point isn't that might makes right is false, it's that the moral justification is a facade.