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Savings & Employee Retirement and Premium Fund SAVINGS & EMPLOYEE RETIREMENT AND PREMIUM FUND (SAVER-PREMIUM FUND) ANNUAL REPORT FOR FINANCIAL YEAR 2017 SAVINGS AND EMPLOYEE RETIREMENT AND PREMIUM FUND (SAVER-PREMIUM FUND) ANNUAL REPORT FOR FINANCIAL YEAR 2017 (1 APRIL 2017 – 31 MARCH 2018) CONTENTS PAGE 1. CHAIRMAN’S STATEMENT i 2. MEMBERS OF THE SAVER-PREMIUM FUND ii BOARD OF TRUSTEES 3. OVERVIEW OF THE SAVER-PREMIUM FUND iv Background Investment Strategy 4. SAVER-PREMIUM FUND GOVERNANCE STRUCTURE vi 5. SAVER-PREMIUM FUND FINANCIAL SUMMARY vii Transfers From Defence Budget Withdrawals 6. DECLARATION OF SAVER-PREMIUM FUND DIVIDEND viii 7. INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF TRUSTEES FS1 OF THE SAVINGS AND EMPLOYEE RETIREMENT AND PREMIUM FUND (SAVER-PREMIUM FUND) FOR THE FINANCIAL YEAR ENDED 31 MARCH 2018 8. STATEMENT OF AFFAIRS AS AT 31 MARCH 2018 FS5 9. INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED FS6 31 MARCH 2018 10. STATEMENT OF CHANGES IN SAVER-PREMIUM FUND ACCOUNTS FS7 FOR THE YEAR ENDED 31 MARCH 2018 11. NOTES TO THE FINANCIAL STATEMENTS FS8 CHART 1: SAVER-Premium Fund Assets by Investment Asset Classes v CHART 2: Governance Structure of SAVER-Premium Fund vi CHAIRMAN’S STATEMENT Global equity markets posted positive returns amid strong corporate earnings growth and synchronised world economic recovery. Developed equity markets advanced as business-friendly tax reforms were passed in the U.S. while political risk eased in Europe. Meanwhile, emerging equity markets benefited from strengthening commodity prices and robust earnings from technology companies. Bond prices were modestly positive in view of the gradual tightening of monetary policy in U.S. The broadening of economic growth beyond U.S. will continue to underpin global economic growth going forward. At the same time, market volatility could rise as the risk of rising protectionism and tighter monetary policies dent the optimistic outlook for corporate earnings. The SAVER-Premium Fund Department and the Board of Trustees are keeping a close watch on the market conditions, and the Board of Trustees will guide the investments of the SAVER-Premium Fund to seek favourable returns. Mr Neo Kian Hong Chairman, Board of Trustees, SAVER-Premium Fund i MEMBERS OF THE SAVER-PREMIUM FUND BOARD OF TRUSTEES The Savings and Employee Retirement and Premium Fund (SAVER-Premium Fund) Board of Trustees consists of up to 13 members. 6 of the members are statutory appointments. The other members are appointed by the Armed Forces Council from the financial and banking sectors. As at 31 March 2018, the members comprised: Chairman : Mr Neo Kian Hong (appointed on 19 Jun 2017) Permanent Secretary (Defence Development) Ministry of Defence Board Members : MG Melvyn Ong Su Kiat Chief of Defence Force Singapore Armed Forces RADM Lew Chuen Hong (appointed on 16 Jun 2017) Chief of Navy Singapore Armed Forces MG Mervyn Tan Wei Ming Chief of Air Force Singapore Armed Forces BG Goh Si Hou (appointed on 21 Mar 2018) Chief of Army Singapore Armed Forces Mr Adrian Chua Tsen Leong Deputy Secretary (Administration) Ministry of Defence Mr Daniel Chan Choong Seng Managing Director DCG Capital Pte Ltd Mr Richard Chan Hiang Ngee Partner (Head of Equities) Avanda Investment Management Pte Ltd Ms Liew Tzu Mi Chief Investment Officer (Fixed Income) GIC Pte Ltd ii Ms Jacqueline Loh Wai Yin Deputy Managing Director (Monetary Policy and Investment/Development & International/Fintech & Innovation) Monetary Authority of Singapore Mr James Loh Sinn Yuk Managing Director JL Capital Pte Ltd Mr Geoffrey Wong Ee Kay Managing Director UBS Global Asset Management (Singapore) Ltd Secretary : Mr Ng Kin Yi (appointed on 1 Apr 2018) Director, Defence Finance Organisation Ministry of Defence iii OVERVIEW OF THE SAVER-PREMIUM FUND BACKGROUND The SAVER Fund was established on 1 April 1998 by the Singapore Armed Forces (Amendment) Act 1998, when MINDEF took over the management of the accumulated pension moneys for SAF Officers from the Ministry of Finance, and administered it as a separate savings and retirement fund. On 31 March 2000, MINDEF introduced the Premium Plan for SAF Warrant Officers and Specialists to replace the Contract, Full CPF and Pensionable schemes of service. The Premium Plan is specially designed to support the financial needs of the servicemen at different stages of their life and career. With the introduction of the Premium Plan, the Savings and Employee Retirement Fund (SAVER Fund) was renamed the Savings and Employee Retirement and Premium Fund (SAVER-Premium Fund). The SAVER-Premium Fund is under the direction and control of the Armed Forces Council (AFC). The assets of the SAVER Plan and the Premium Plan are combined for co-investment and joint management, and the SAVER- Premium Fund Board of Trustees is appointed by the AFC to manage and administer the Fund. The SAVER-Premium Fund is held, managed and administered as a Government fund by MINDEF. INVESTMENT STRATEGY The Board of Trustees adopts a prudent approach to the investment and management of the SAVER-Premium Fund. The Board reviews the Fund asset allocation, and monitors the performance of the various investments made by the Fund at each Board meeting (held quarterly or more frequently when required). To allow members to better manage their benefits according to their own personal circumstances, financial needs and attitude to investment risk, Investment Choice was introduced in April 2005. Investment Choice gives members the option of choosing to invest their moneys in one of three distinct portfolios, Stable, Balanced and Dynamic, each with different risk-return characteristics. iv The Fund’s asset allocation targets for these three portfolios are as follows: Chart 1: SAVER-Premium Fund Assets by Investment Asset Classes Quasi- Government Dynamic Bonds, 6% Cash, 4% Global Bonds, 20% Global Equities, 70% Balanced Cash, 6% Quasi- Government Global Bonds, 22% Equities, 40% Global Bonds, 32% Stable Global Bonds, 15% Cash, 25% Quasi- Government Bonds, 60% v SAVER-PREMIUM FUND GOVERNANCE STRUCTURE The SAVER-Premium Fund comes under the direction and control of the Armed Forces Council (AFC). The AFC makes regulations for the proper control and management of the Fund. The SAVER-Premium Fund Board of Trustees is appointed by the AFC to manage and administer the Fund. The Board of Trustees is assisted by the SAVER-Premium Fund Department (SFD), which serves as the executive and administrative arm of the Board of Trustees, and is responsible for carrying out the decisions of the Board. Chart 2: Governance Structure of SAVER-Premium Fund vi SAVER-PREMIUM FUND FINANCIAL SUMMARY TRANSFERS FROM DEFENCE BUDGET MINDEF contributes a monthly sum equal to a percentage of a member’s salary into the members’ accounts. In FY17, contributions of S$138.1 million were made from the Defence Budget. WITHDRAWALS A total of S$166.8 million was withdrawn from the SAVER-Premium Fund accounts in FY17. The breakdown of the withdrawals is shown in the Statement of Changes in SAVER-Premium Fund Accounts on page FS7 of this report. vii DECLARATION OF SAVER-PREMIUM FUND DIVIDEND In April 2018, the SAVER-Premium Fund Board of Trustees approved the following annual dividend rates for FY17: Annual Dividend Rates1 Dynamic 5.84% Balanced 3.90% Stable 2.69% Members get an annual dividend based on the Fund’s investment return after taking into account all administrative expenses. The dividend will be computed based on the individual member’s account balances over the financial year. The dividend will be credited into each member’s SAVER-Premium Fund accounts, e.g. the CPF Top-up Account, the Savings Account, the Retirement Account or the CARE Account, and shown in their statements. 1 Positive dividend means that members’ SP Fund accounts will be credited with a positive value, increasing their overall balance. Conversely, a negative dividend means that members’ accounts will be credited with a negative value, reducing their overall balance. viii Savings and Employee Retirement and Premium Fund (SAVER - Premium Fund) Audited financial statements For the year ended 31 March 2018 Contents Independent auditor’s report ............................................................................................................. 1 Audited financial statements Statement of affairs ........................................................................................................................ 5 Income and expenditure account .................................................................................................... 6 Statement of changes in SAVER - Premium Fund accounts ............................................................ 7 Notes to the financial statements .................................................................................................... 8 Savings and Employee Retirement and Premium Fund (SAVER - Premium Fund) Independent auditor’s report The Board of Trustees of Savings and Employee Retirement and Premium Fund (SAVER - Premium Fund) (the “Fund’s trustees”) Report on the audit of the financial statements Opinion We have audited the accompanying financial statements of Savings and Employee Retirement and Premium Fund (the “Fund”), which comprise the statement of affairs as at 31 March 2018 and the related income and expenditure account, and statement of changes in Saver-Premium Fund accounts for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the statement of affairs, statement of income and
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