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Investment Policy

The investment policy of GPF aims to strike the optimal balance between preserving the capital and maximising investment returns within acceptable risk parameters. The primary goal is to ensure that GPF members can enjoy life after retirement by having adequate post-retirement incomes. The GPF’s investment policy is governed by:

  • The Government Pension Fund Act
  • Ministerial rules

GPF has also issued its investment guidelines/frameworks, namely:

These documents have guided the GPF in its investment decision-making process, risks and returns analyses, and capital market assessment and monitoring in order to generate maximum benefits for members. The GPF’s investment practices are in line with its “Investment Philosophy”:

  • To maximise benefits for members
  • To maximise benefits for the country
  • To commit to corporate social responsibility and good governance

The GPF’s investment decision-making process for asset allocation involves the following parties:

  • The Committee
    The Committee’s role is to formulate the Fund’s investment policies and to ensure that investments are in compliance with the regulating policies and investment targets set out in the Strategic Asset Allocation (SAA) plan, risk parameters, and target return framworks.

  • Investment Subcommittee
    The function of the Investment Subcommittee is to deliberate on and assess the investment plans before submitting for the Committee’s approval.

  • Investment Strategy Group (ISG)
    The GPF Secretary-General and senior executives form the Investment Strategy Group. The Group’s role is to set out the investment strategies, frameworks and conditions which must all be in accordance with the policies prescribed by the Committee.

  • Operating Officer or Fund Manager
    The operating officer or fund manager’s role is to implement the investment plans in line with the policies and frameworks to ensure maximum benefit for members.

  • Diversify the portfolio to minimise risks and maximise returns
  • Review and evaluate the asset allocation every 3 years or when major incidents/turning points occur
  • Set clear investment targets, benchmarks and methodologies along with effective monitoring and evaluation and compliance programs
  • Appoint fund management companies specialized in managing specific investments in different asset classes
  • Allocate funds to internal and external fund managers as per the Committee’s policies
  • Define clear and transparent investment management procedures with clearly defined roles and responsibilities of relevant divisions which work together in a system of checks and balances. Ensure that the Fund’s operations strictly comply with the laws and investment regulations

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