The PAP government has not been upfront and repeatedly tried to mislead CPF members.
Thanks to Roy, we now know that PAP had even lied about GIC not using CPF for investment. :(
After repeated denial, PAP was finally forced to come clean and in 2013, “admitted for the first time ever that they take the CPF of Singaporeans to invest in the GIC“.
PAP has also tried to conceal CPF investment returns (CPFIR) with it commingling BS. The disclosure of CPFIR will reveal PAP’s daylight robbery and invite public backlash, more likely expedite its burial.
According to MOF, CPF monies are invested in a combined pool with the government’s “relatively large size of net assets” by taking “investment risk on its balance sheet”.
CPF and government reserves are commingled and GIC invests “without regard to the Government’s specific liabilities“. MOF (see Q28)
PAP’s objective is actually to hoodwink CPF members into thinking that it has no knowledge of investment returns from CPF monies. But it does.
In its very ‘cheong hei’ clarification @ the above link, MOF actually contradicted itself when it boasted that “its assets far exceed its liabilities (CPF liabilities in the form of SSGS are a part of these liabilities)”.
But in order to know the $14 billion returns from net assets, it would also mean that MOF also knows the returns from liabilities (CPF, SGS).
The above can be better explained in a simple equation:
Total returns from reserves (A) = Returns from liabilities (CPF, SGS) (B) + Returns from net assets (C)
Since (A) and (C) are known, PAP must have also known (B) – returns from CPF – all along.
PAP should not fear disclosure if it has done nothing wrong and come clean on investment returns using CPF monies.