Singaporeans CPF funds are invested in bonds – SSGS – which are fully guaranteed by the Government. CPF monies are therefore invested entirely in risk-free assets. The Government takes the investment risk in managing SSGS proceeds. This arrangement assures that the CPF Board will be able to pay its members all their monies when due, and the interest that it commits to pay on CPF accounts.

What is GIC’s source of funds?
We manage most of the Governments financial assets, other than its deposits in the Monetary Authority of Singapore (MAS) and stake in Temasek Holdings. GIC is a fund manager, not an owner of the assets. We receive funds from the Government for long-term management, without regard to the sources, e.g. proceeds from securities issued, Government surpluses.