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SWF vs Public Pension Fund

Difference between Sovereign Wealth Funds and Public Pension Funds.

Sovereign Wealth Funds has the state as its beneficiaries, whereas Public Pension Funds has the payers as its beneficiaries.

Think of GIC as an SWF and CPF as a Public Pension Fund. 

- asset managed by Singapore (government-related) investment management company
- funded by tax payers
- purpose is to benefit Singapore as a whole (including non-tax payers) 

- asset managed by Singapore government
- funded by pensioners-to-be/tax payers (Singapore Citizens and Permanent Residents who contribute)
- purpose is to benefits only the pensioners

Easier to digest?


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