Serious Mindef is also an Investment Fund Manager!

[Papsmearer]

Another example of a screw-up PAP government.

Mindef investing money from its budget is a first in the world. Who is the beneficiary of the investment?

Why is the money released to Mindef in the first place? The Finance Minister should be answering that question in Parliament if the Opposition knows how to perform its role of holding the government accountable

Ok, some clarification here. The SAVER-Premium fund is a pension plan for SAF regulars. This is separate from their CPF and what not. Why they need their own pension plan, don't ask me. i have always been confused with it, but its a separate contribution for the regulars. Anyway, the SAVER plan is set up like a little CPF agency within the SAF. The board of directors consists of the Chiefs of all the various armed services as well as other people like auditors and accountants. They prepare a financial statement every year. So, the BOD manages these funds, as you can see, not an unsubstantial fund size. And $25 to $50 million very year into REIT ETFs alone. Not to count the other money in fixed deposits and even real estate.

What the AGO is saying is that MINDEF appointed not one but 2 fund managers to manage their funds among other things without the BOD's approval. Because the fees and salaries of the fund managers have to be paid out of the SAVER funds, the BOD has to approve the appointments. And i don't know why 2 were appointed and not just one. These fund managers invested the $25 million and $50 million in US REITS without explaining to the board what is their fees, why choose those investments, etc.

So, it sounds like someone at MINDEF had some friends or relatives in the fund management business, and simply appointed them over the head of the SAVER Fund to run part of their funds for them. This is really a no no and seriously breaches the fiduciary duty of the BOD. But I am going to go out on a limb and say that no one will be court martialed.

 

[Papsmearer]

Right off the bat, I can tell you these 2 fund managers appointed by MINDEF are dirty and crooked or at the very least incompetent. The fact that they are given such large sums to manage is scary.

Firstly, if they have any experienced in managing institutional funds, they should have met the clients and find out detail information about the clients. the clients in this case being the saver premuim fund. The reason for doing this to know your client. Just because MINDEF appoints them, it does not mean they can suka suka invest the money without first interviewing the client. they obviously did not do this.

Secondly, if they had done any form of research into the client, they would have known that the BOD of Saver appoints and pays the fund manager, not MINDEF. Therefore, they need an appointment letter, a fee agreement, a performance agreement, and a general outline of their the parameters of their investment as well as the risk tolerance of the BOD. Again, they obviously did not do this.

In the end, my conclusion is that these fund managers are fucked up. i would not have used them myself.

 

[frenchbriefs]

Ok, some clarification here. The SAVER-Premium fund is a pension plan for SAF regulars. This is separate from their CPF and what not. Why they need their own pension plan, don't ask me. i have always been confused with it, but its a separate contribution for the regulars. Anyway, the SAVER plan is set up like a little CPF agency within the SAF. The board of directors consists of the Chiefs of all the various armed services as well as other people like auditors and accountants. They prepare a financial statement every year. So, the BOD manages these funds, as you can see, not an unsubstantial fund size. And $25 to $50 million very year into REIT ETFs alone. Not to count the other money in fixed deposits and even real estate.

What the AGO is saying is that MINDEF appointed not one but 2 fund managers to manage their funds among other things without the BOD's approval. Because the fees and salaries of the fund managers have to be paid out of the SAVER funds, the BOD has to approve the appointments. And i don't know why 2 were appointed and not just one. These fund managers invested the $25 million and $50 million in US REITS without explaining to the board what is their fees, why choose those investments, etc.

So, it sounds like someone at MINDEF had some friends or relatives in the fund management business, and simply appointed them over the head of the SAVER Fund to run part of their funds for them. This is really a no no and seriously breaches the fiduciary duty of the BOD. But I am going to go out on a limb and say that no one will be court martialed.

wow nice,saf regulars get pensions on top of their cpf?

 

[Papsmearer]

wow nice,saf regulars get pensions on top of their cpf?

U donch know meh. The sources of income for these fucks are incredible. And think about all the ex SAF generals in the outside world.

I know one Col., used to serve with me.

He has CPF which he pays every month.
Then he has his SAVER premuim fund account
Then after 25 years with the SAF, he "retired" and was made an ambassador to some indonesian city. SO, he gets a Public service pension too.
Now, he is still drawing salary from MFA for his ambassador posts.

Add all his present and future sources of income, shiok or not? These fuckers are really pigs at the public trough. I have to say I was guilty for a while too, but I no longer in SAF, ok? heheheh

 

[frenchbriefs]

U donch know meh. The sources of income for these fucks are incredible. And think about all the ex SAF generals in the outside world.

I know one Col., used to serve with me.

He has CPF which he pays every month.
Then he has his SAVER premuim fund account
Then after 25 years with the SAF, he "retired" and was made an ambassador to some indonesian city. SO, he gets a Public service pension too.
Now, he is still drawing salary from MFA for his ambassador posts.

Add all his present and future sources of income, shiok or not? These fuckers are really pigs at the puiblic trough. I have to say I was guilty for a while too, but I no longer in SAF, ok? heheheh

i dont care about the high ranking ones,their salaries are more than enough to let them retire in luxury,they dont really need a pension,what about the rank and file soldiers?the normal staff sergeants and 2nd sergeants?do they contribute and get a payout from this pension fund too?the cpf is too lacking,it needs to be supplemented by a alternative form of retirement fund,like the canadian pension fund which is riskier but gives higher returns.i dont understand whats the point of extending the retirement age,its like they acknowledge cpf is useless or they want sinkies to work till they drop,instead of exploring alternative solutions on how sinkies can retire sooner.theres 7 billion human beings in this world,surely we can find a way to leech off other countries and exploit their labour to give sinkies a early retirement.whats the purpose of having massive soverign wealth funds and investing in other countries and seeking huge returns when our citizens are working till they kuroshi?why do u think swiss land is the richest country in the world?do u honestly think every swiss citizen is a superman?dig deeper and u will discover the source of their massive wealth,on top of being a banking and tax haven,the swiss exploit billions upon billions of natural resources in africa without having to pay a lick of tax.swiss are masters of channeling wealth from other countries into their own pockets.,thats how they fund their education and health care and welfare and their swiss standard of living thru exploitation of third world countries.

 

[halsey02]

The loyalty to the nation depends on these people to be fed. There is a regular ( branch, won't mention) living near me, started off "new in SAF", with a run down Toyota Corolla....& got "pushed up" over the years.....NOW DRIVING THE LATEST BMW... SAF seems like a good career choice..can upgrade cars, invited to property launches, car launches....

 

[Papsmearer]

The loyalty to the nation depends on these people to be fed. There is a regular ( branch, won't mention) living near me, started off "new in SAF", with a run down Toyota Corolla....& got "pushed up" over the years.....NOW DRIVING THE LATEST BMW... SAF seems like a good career choice..can upgrade cars, invited to property launches, car launches....

that is nothing, I know one Infantry Colonel, quite a few batches before me, can say he one of the pioneering SAF generations. retired almost 10 years ago, then posted to singapore sports council to cool his heels and wait for his classified information knowledge to be outdated. After SSCC, he migrated to Canada. Bought a luxury home in West Vancouver (near Old Fart's house). Fantastic view of the city of vancouver and the ocean. That house is worth over $10 million in Singapore. The interesting part is that he migrated to Canada under the investor category, which means he has to to prove his net worth is a few millions dollars. where he got this money from? U tell me? Even I was amazed when I heard he had migrated there. he was the old timers batch and quite tulan all the scholars coming into the SAF to displace people like him. But simply amazing he accumulated this much money to qualify for investor category status.