Temasek is lying through its teeth

[LITTLEREDDOT]

Temasek said it does not invest or manage the savings of CPF members.

Temasek is being economical with the truth. It is correct that Temasek does not directly manage the CPF monies. However the Singapore government issues bonds which CPF buys. Therefore the CPF lends money to the Singapore government who then give the money to Temasek and GIC to invest. So Temasek indirectly manage the CPF monies.

GIC and Temasek claimed to made 10% plus in investment return, but CPF earns only 1% to 4% on government bonds. So the government pockets the 6% - 9% extra return.

GIC and Temasek uses public monies to make money for itself, and then pays its managers million-dollar salaries for a job well done.

---------------------------------------------------

Temasek doesn't invest or manage CPF savings




LAST Saturday's article ("Ways to improve CPF") quoted an unnamed person as saying he suspected the Central Provident Fund Minimum Sum was raised "because Temasek or GIC lost money overseas".
Temasek does not invest or manage the savings of CPF members.
We believe the CPF Minimum Sum policy, instituted in 1987, aims to help CPF savers build retirement nest eggs that should ideally keep pace with increasing life expectancy, median income and inflation.
In 1957, life expectancy at birth was under 60 years for men, and over 63 years for women. Started in 1955, the compulsory CPF saving system was designed to support about five to eight years of retirement life after 55.
By last year, life expectancy crossed 80 years for men in Singapore, and close to 85 years for women. Hence, retirees at 55 would need to have saved enough for more than 25 years of retirement for men and 30 years for women, on average. There is a real need to increase retirement savings.
Fortunately, the majority of Singaporeans lead healthy and active lives well into their 60s or older. Many choose to continue working beyond 55 - this helps build their retirement savings. CPF savers grow their retirement nest eggs further at above current bank deposit rates.
As for Temasek's performance, we have more than doubled our portfolio value since 2002, excluding any net new capital.
As of our last reporting date of March 31 last year, returns to Temasek for newer investments made since 2002, when we started investing directly in a growing Asia, have exceeded returns since 2002 for older investments made prior to 2002.
Temasek pays taxes on its profits and also distributes annual dividends to its shareholders. These dividends supplement the taxes collected by the Government to fund various programmes, including lifelong medical support for the pioneer generation.
We thank readers for their interest in Temasek, and look forward to the day when it is practical for us to issue Temasek Bonds to retail investors to give them another option to save for their retirement.


Stephen Forshaw
Managing Director Strategic & Public Affairs
Temasek

 

[LITTLEREDDOT]

And why would a Temasek spokesman be speaking for the government on the CPF Minimum Sum and retirement nest etc?

Maybe Stephen Forshaw got some pointers from Pinky/Ho Ching/government/CPF Board on "suggested reply"?

 

[Confuseous]

This is the most nonsensical letter published by the Shitty Times for a long time. Only one sentence/paragraph makes the bald statement of a lie, with the rest of the letter a pile of shit which says nothing.

 

[halsey02]

This is the most nonsensical letter published by the Shitty Times for a long time. Only one sentence/paragraph makes the bald statement of a lie, with the rest of the letter a pile of shit which says nothing.

The more they explain, the clearer the lies become...the title of the letter is "Temasek doesn't invest or manage CPF savings", all Forshaw have to say is, no, they doesn't....why is he explaining the CPF Min sum etc...that means their hands are invisibily dipped in CPF funds right?

Is Forshaw member of the CPF Board? that he has to explain the workings of CPF??

Strange isn't....like a man walking through a water melon patch with a very large hat, the farmer question his presence, & he is explaining the mechanics of growing water melon to the farmer & in the same time, his large hat is bulging.....

 

[JHolmesJr]

Steven Forshaw used to be very high up in SIA before.

 

[Cerebral]

The article states that it pays dividends to its shareholders. Is temasek a publicly traded company? Other than Government and government institutions, they got shareholders meh?

 

[Confuseous]

The article states that it pays dividends to its shareholders. Is temasek a publicly traded company? Other than Government and government institutions, they got shareholders meh?

The people you mentioned ARE the shareholders.

 

[Equalisation]

I thought ass ?

 

[halsey02]

The article states that it pays dividends to its shareholders. Is temasek a publicly traded company? Other than Government and government institutions, they got shareholders meh?

The government sell them BONDS, they sell the government BONDS, the sellers & buyers are the same, only different name. Of course they not touch the CPF money...of course!

 

[Goh Meng Seng]

It is strange for him to say Temasek Holdings have many "shareholders" because it has claimed that it has only one shareholder, i.e. Minister of Finance on its website.

Maybe somebody should write in to ask him straight to the point, who are the SHAREHOLDERS of Temasek Holdings.

Goh Meng Seng

Temasek said it does not invest or manage the savings of CPF members.

Temasek is being economical with the truth. It is correct that Temasek does not directly manage the CPF monies. However the Singapore government issues bonds which CPF buys.

Therefore the CPF lends money to the Singapore who then give the money to Temasek and GIC to invest. So Temasek indirectly manage the CPF monies.

GIC and Temasek claimed to made 10% plus in investment return, but CPF earns only 1% to 4% on government bonds. So the government pockets the 6% - 9% extra return.

GIC and Temasek uses public monies to make money for itself, and then pays its managers million-dollar salaries for a job well done.

---------------------------------------------------

[h=1]Temasek doesn't invest or manage CPF savings[/h][h=2][/h]


LAST Saturday's article ("Ways to improve CPF") quoted an unnamed person as saying he suspected the Central Provident Fund Minimum Sum was raised "because Temasek or GIC lost money overseas".
Temasek does not invest or manage the savings of CPF members.
We believe the CPF Minimum Sum policy, instituted in 1987, aims to help CPF savers build retirement nest eggs that should ideally keep pace with increasing life expectancy, median income and inflation.
In 1957, life expectancy at birth was under 60 years for men, and over 63 years for women. Started in 1955, the compulsory CPF saving system was designed to support about five to eight years of retirement life after 55.
By last year, life expectancy crossed 80 years for men in Singapore, and close to 85 years for women. Hence, retirees at 55 would need to have saved enough for more than 25 years of retirement for men and 30 years for women, on average. There is a real need to increase retirement savings.
Fortunately, the majority of Singaporeans lead healthy and active lives well into their 60s or older. Many choose to continue working beyond 55 - this helps build their retirement savings. CPF savers grow their retirement nest eggs further at above current bank deposit rates.
As for Temasek's performance, we have more than doubled our portfolio value since 2002, excluding any net new capital.
As of our last reporting date of March 31 last year, returns to Temasek for newer investments made since 2002, when we started investing directly in a growing Asia, have exceeded returns since 2002 for older investments made prior to 2002.
Temasek pays taxes on its profits and also distributes annual dividends to its shareholders. These dividends supplement the taxes collected by the Government to fund various programmes, including lifelong medical support for the pioneer generation.
We thank readers for their interest in Temasek, and look forward to the day when it is practical for us to issue Temasek Bonds to retail investors to give them another option to save for their retirement.


Stephen Forshaw
Managing Director Strategic & Public Affairs
Temasek

 

[po2wq]

... Temasek does not invest or manage the savings of CPF members.
We believe the CPF Minimum Sum policy, instituted in 1987, aims to help CPF savers build retirement nest eggs that should ideally keep pace with increasing life expectancy, median income and inflation.
In 1957, life expectancy at birth was under 60 years for men, and over 63 years for women. Started in 1955, the compulsory CPF saving system was designed to support about five to eight years of retirement life after 55.
By last year, life expectancy crossed 80 years for men in Singapore, and close to 85 years for women. Hence, retirees at 55 would need to have saved enough for more than 25 years of retirement for men and 30 years for women, on average. There is a real need to increase retirement savings.
Fortunately, the majority of Singaporeans lead healthy and active lives well into their 60s or older. Many choose to continue working beyond 55 - this helps build their retirement savings. CPF savers grow their retirement nest eggs further at above current bank deposit rates.

Stephen Forshaw
Managing Director Strategic & Public Affairs
Temasek

tis burger from temasik or cpf? ... tok so much cok on n 4 cpf 4 wat? ...

 

[Confuseous]

It is strange for him to say Temasek Holdings have many "shareholders" because it has claimed that it has only one shareholder, i.e. Minister of Finance on its website.

Maybe somebody should write in to ask him straight to the point, who are the SHAREHOLDERS of Temasek Holdings.

Goh Meng Seng

GMS: I saw an article you wrote on the subject, about coffee powder, creamer, sugar but now unable to locate.
Can you share share here? I thought it was a very good analogy.

 

[Papsmearer]

It is strange for him to say Temasek Holdings have many "shareholders" because it has claimed that it has only one shareholder, i.e. Minister of Finance on its website.

Maybe somebody should write in to ask him straight to the point, who are the SHAREHOLDERS of Temasek Holdings.

Goh Meng Seng

You are right!! And Littlereddot made a good catch with this thread. Stephen Forshaw is a corporate spokesman for Temasek. In other words, he is paid to spin things. There are 3 main things wrong with his press release:

1) Temasek only has ONE shareholder, and that is MOF. So, I don't know where he said they have "shareholders"!! Why? They give shares to Whore Jinx without telling us?

2) CPF money is spread among 3 investment vehicles of the govt. They are MAS, Temasek, and GIC. The proportion of disbursement among the 3 is not known. But Temasek should get some CPF money to pay with but not as much as GIC. We know this from the GIC website:

Does GIC invest CPF monies?

The short answer is that GIC manages the Government’s reserves, but as to how the funds from CPF monies flow into reserves which could then be managed by either MAS, GIC or Temasek, this is not made explicit to us. What we do know from public sources: Singaporeans’ CPF funds are invested in bonds called Special Singapore Government Securities (SSGS) which are fully guaranteed by the Government. These are non-marketable floating rate bonds issued specifically to the CPF Board. These bonds earn for the CPF Board a coupon rate that is pegged to CPF interest rates that members receive. Under the Protection of Reserves Framework in the Singapore Constitution of the Republic of Singapore, the Singapore Government cannot spend any monies raised from Government borrowings. All the proceeds from the Government’s borrowing are therefore invested.

3) The life expectancy he quoted of 80 years for men and 85 for women is for an infant born today. He will be long dead by the time one of these 80/85 year old citizens can collect CPF. More importantly, the question is what is the life expectancy of the first tranche of CPF contributors? Those who started paying when CPF was started in the mid 50s are the ones that are coming into retirement now. They are the ones that need the money now. Don't talk about today's infant that can live for 80 years or 85 years. It has no relevance to these pioneer generation people. He himself say that the original scheme for CPF was to enable it to last for 5 to 8 years after retirement at 55. Than he says that should be changed because the life expectancy is longer today. That means nothing for those for whom the original CPF was set up, they don't have the 80 or 85 years, they need the money. So, what should have happened is that those who were set up under the original rules should have those rules grandfathered to them.

So, I guess he is caught in 3 lies. And really, why is Temasek rolling out a fucking Aussie to explain CPF? U telling me they cannot find a sinkie to do it? I suppose you can find Pinoys teaching Singapore history in university these days. Thank you PAP. Whore Jinx too busy to come out and explain this important issue and temasek's involvement in CPF or lack thereof?

 

[laksaboy]

Straight from the Singapore Constitution:


Moneys of the Central Provident Fund

22E. The President, acting in his discretion, may withhold his assent to any Bill passed by Parliament which provides, directly or indirectly, for varying, changing or increasing the powers of the Central Provident Fund Board to invest the moneys belonging to the Central Provident Fund.

Transfer of Government’s past reserves

148I.—(1) Notwithstanding any provision in this Part, a proposed transfer or transfer (whether by or under any written law or otherwise) by the Government of any of its reserves to —
(a)
a Government company specified in Part II of the Fifth Schedule (referred to in this clause and clause (2) as the transferee company); or
(b)
a statutory board specified in Part I of the Fifth Schedule (referred to in this clause and clause (2) as the transferee board),
shall not be taken into account in determining whether the reserves accumulated by the Government before its current term of office are likely to be or have been drawn on if —
(i)
in the case of a proposed transfer or transfer of reserves by the Government to a transferee company — the board of directors of the transferee company by resolution resolves that those reserves of the Government shall be added to the reserves accumulated by the transferee company before the current term of office of the Government; or
(ii)
in the case of a proposed transfer or transfer of reserves by the Government to a transferee board — the transferee board by resolution resolves, or any written law provides, that those reserves of the Government shall be added to the reserves accumulated by the transferee board before the current term of office of the Government.
(2) Any reserves transferred by the Government together with or under any undertaking, resolution or written law referred to in clause (1) shall be deemed to form part of the reserves accumulated by the transferee company or (as the case may be) transferee board before the current term of office of the Government as follows:
(a)
where the Supply Bill for any financial year provides for the proposed transfer of reserves and the Supply Bill is assented to by the President — at the beginning of that financial year;
(b)
where a Supplementary Supply Bill provides for the proposed transfer and the Bill is assented to by the President — on the date of such assent by the President; or
(c)
in any other case — on the date those reserves are so transferred.

FIFTH SCHEDULE
(Articles 22A and 22C)
KEY STATUTORY BOARDS AND GOVERNMENT COMPANIES
PART I
1.
[Deleted by Act 24 of 2002 wef 01/10/2002]
2. Central Provident Fund Board.
3. Housing and Development Board.
4. Jurong Town Corporation.
5. Monetary Authority of Singapore.
PART II
1. Government of Singapore Investment Corporation Pte. Ltd.
2. MND Holdings Pte. Ltd.
3. Temasek Holdings Pte. Ltd.

 

[scroobal]

Stephen Forshaw was former SIA's Head of PR. Like most Ang Mo he knows that he will go back and retire so while in Singapore he will write whatever rubbish that his boss wants to hear. During the weekend, with his ang mo friends and over beer they will talk and laugh about his boss, our culture where we are treated as peasants by our political leaders. And then he collects his fat pay check. Simon Israel was another long standing ang mo in Temasek who is happily retired in his home country NZ. He was her no.2 and a window dressing to the world that is was not just family business.

And notice how it went on to cover govt related matters that he has no remit over. He definitely knows it but he must have figured that the boss will love it and went for the brownie points.

1) There is indeed one shareholder and that is Minister of Finance and not the ministry or anyone else.
2) The repeated use of 2002 in nearly every report and analysis and press release over the last fews years to highlight performance by this vintage breakdown is to show how Temasek has perfumed since the PM's wife took the helm. 2002 is when she moved to Temasek and then appointed Exe Director.
3) What he failed to disclose and this is dishonest on his and Temasek's part and unfair to those who helmed Temasek and its forunner Sheng Li Holdings prior to 2002 is that the risk appetite and various controls in place did not allow them to go for higher returns.They did not have the private sector freedom or the licence to operate in the manner the PM's wife has.
3) 2002 when she was appointed Exec Dir is when LHL was the minister of finance and sharing the same bed. How did that happen. 2002 was indeed an auspicious year.
4) What was also not disclosed is that the fat returns from CPF investments went into the budget to build power stations, utilities, airports and ports which were then off-loaded to Temasek via sweetheart deals and their valuation was not brought under the scrutiny of independent assessors. If my father sold me a house valued at $1m for $750K and then I sell it for $1.1, does that make me a savvy business person.
5) This constant asset injections via favourable pricing cannot be tracked by anyone as there is no transparency. At least we knew where Chia Thye Poh was for the 32 years that he was detained without trial.

When former Malaysian cabinet minister Rafidah was in the same room as the committee in her ministry that was distributing licences to bumis, and when it came to allocation to her son, she said that she kept quiet to avoid conflict of interest. Everyone laughed because it was her ministry and no sane subordinate is going to suggest anything adverse where her son was concerned especially if she was in the same room.

With regard to the sale of govt assists to Temasek, would any civil servant or stat board employee let alone cabinet ministers going to force a deal that will benefit tax payers or one that puts them on the good side of the boss.

I am fully aware that Temasek belongs to the country and thus taxpayers and that it is basically right pocket to left pocket. That is not the point. There are performance remuneration and bonuses paid to the PM's wife and staff. Aren't they in a position to line their pockets if the valuation favoured them. The obvious desire to constantly harp on 2002 shows that they are trying to make her look good. Let me tell you that a pig with makeup is more attractive than a pig without makeup. However you pretty the pig, it is still a pig, just a better looking pig.

And one can argue till the cows come home, it was CPF investment returns that contributed towards the building of these state assets. And these assets were handed over the Temasek.

So how about being fucking honest for once.

ps. here is another prediction - Richard Wan and TR E will not touch this post but will happily carry Bertha Henson's Govt rubbish.

 

[Papsmearer]

So how about being fucking honest for once.

Honesty from the PAP and Familee? hahahahha. I am waiting for hell to freeze first.

 

[scroobal]

These guys are so thick skinned even if hell freezes over, they will still carry on.

Stephen Forshaw has no business commenting on govt policies. Yet he was so bold to do it suggest that he worked out how to handle the bosses. And he did not come off the boat recently. He has been GLCs for decades. Clearly a case of ang mo is the best.

Honesty from the PAP and Familee? hahahahha. I am waiting for hell to freeze first.

 

[Goh Meng Seng]

I guess you are referring to this article on whether CPF is really risk free

http://singaporealternatives.blogspot.sg/2014/05/cpf-myth-is-cpf-really-risk-free.html

The mystery of CPF money...

Aiyah, it is like that one. You have coffee powder (CPF), give it to PAP government, then it just mixes with water (SLA revenue from land sales), sugar (Budget Surplus) and milk (Trade Surplus), stir it and then, serve it to Temasek and GIC. But when you ask, where is my coffee powder, PAP government acts blur but say We sure guarantee to give you back your coffee powder lah, Temasek and GIC also act blur and say we only drink Coffee given by PAP government but didn't take your coffee powder!

Goh Meng Seng

GMS: I saw an article you wrote on the subject, about coffee powder, creamer, sugar but now unable to locate.
Can you share share here? I thought it was a very good analogy.

 

[Papsmearer]

These guys are so thick skinned even if hell freezes over, they will still carry on.

Stephen Forshaw has no business commenting on govt policies. Yet he was so bold to do it suggest that he worked out how to handle the bosses. And he did not come off the boat recently. He has been GLCs for decades. Clearly a case of ang mo is the best.

If he was a sinkie and commented on it, i will still not like it, but he is at least a sinkie. This asshole is an Aussie. Unless he has a Singapore passport that i am not aware of, he should really shut up. I don't see any large australian companies hiring Singaporeans to be their spokesperson and speaking on retirement matters in their country.

 

[laksaboy]

If he was a sinkie and commented on it, i will still not like it, but he is at least a sinkie. This asshole is an Aussie. Unless he has a Singapore passport that i am not aware of, he should really shut up. I don't see any large australian companies hiring Singaporeans to be their spokesperson and speaking on retirement matters in their country.

Why should he shut up? It's part of his job scope as a PR spin guy. Also, I'm quite sure that he was instructed to write to the ST forum.