Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698847287129.pdf (Singapore)
SAVINGS & EMPLOYEE RETIREMENT AND PREMIUM FUND (SAVER-PREMIUM FUND) ACTUARIAL EXAMINATION REPORT AS AT 31 MARCH 2017 EY Buildinq a better workind world Ernst & Young LLP One Raflles ouay North Tower Leve 18 Sinqapore 048583 Mailing address: Robinson Road PO 8ox 384 Srngapore 900734 Ie\: +65 65357777 Fax: +65 6532 /662 FS/61105840/LYS The Management SAVER-Premium Fund Ministry of Defence MINDEF Building 3O3 Gombak Drive Srngapore 669645 13 April2018 Agreed-Upon Procedures on the Examination of the SAVER-Premium Fund Defined Benefit Liabilities as at 31 March 2017 Dear Sirs: We have performed the procedures agreed with you and enumerated below with respect to the examination of the SAVER-Premium Fund (the "Fund") Defined Benefit Liabilities as at 31 March 2017 in the Statement of Defined Benefit Liabilities (the "Appendix 1").
The attached Appendix 1 is the responsibility of the Fund's management.

Management is also responsible for the sufficiency (nature, timing and extent) of the agreed-upon procedures for its purposes.

Our responsibility is to issue a report on the Appendix 1 based on the agreed- upon proced u res.

Our engagement was undertaken in accordance with the Singapore Standard on Related Services applicable to agreed-upon procedures engagements ("SSRS 4400").
The procedures were performed solely to assist you in evaluating the existence of the Defined Benefit Liabilities.

The procedures carried out are summarised as follows: 1 2 3 We obtained the Statement of Defined Benefit Liabilities of the Fund as at 31 March 2017 ("Appendix 1") with opening balance as at 1 April 2012 prepared by the N4anagement.

We obtained KPN/G Actuarial Examination Report (the "KPMG Report") as at 31 t\4arch 2012, dated 20 February 2013 and agreed to the opening balance in Appendix 1.
We obtained annual reports of the Fund for the financial years ended 31 N4arch 2012 to 2077 prepared by the Fund, inspected the Statement of Affairs, Income and Expenditure Account and Statement of Changes in SAVER-Premium Fund Accounts to identify any "Defined Benefit Liabilities" disclosed.
EY Buildinq a better workinq world The Management SAVER-Premium Fu nd Page 2 13 April 2018 4 5 We obtained the Singapore Armed Forces Act, Cap 295 (the "Act"), the Singapore Armed Forces (SAVER-Premium Fund) Regulations (Reg 18), the Singapore Armed Forces (SAVER Plan) Regulations (Reg 19) and the Singapore Armed Forces (Premium Plan) Regulations (Reg 22) (the "Regulations"); inspect the Act and Regulations to identify any new Defined Benefit Liabilities clause have been introduced into the Fund since the financial year 2012.
We obtained confirmation irom Management that they are not aware of any new Defined Benefit Liabilities that have been introduced into the Fund since the financial Yeat 2072.

We report our findings below: With respect to each of the procedures conducted above, the results are as follows 1 2 3 4 With respect to item 1 and 2, we found the amount stated in the KPMG Report agreed with Appendix 1.
With respect to item 3, we did not identify any Defined Benefit Liabilities during our inspection of the annual reports for the financial years ended 31 N4arch 2Ot2 to 2OL7 prepared by the Fu nd.

With respect to item 4, we did not identify any new Defined Benefit Liabilities being introduced into the Fund since the financial yeat 2012.
With respect to item 5, we confirmed with l/anagement that they are not aware of any new Defined Benefit Liabilities being introduced into the Fund since the financial year 2072.

Because the above procedures do not constitute either an audit or a review made in accordance with Singapore Standards on Auditing or Singapore Standards on Review Engagements, we do not express any assurance on the Appendix 1.
Had we performed additional procedures or had we performed an audit or review of the financial statements in accordance with Singapore Standards on Auditing or Singapore Standards on Review Engagements, other matters might have come to our attention that would have been reported to you.
EY Buildinq a better workinq world The Management SAVER'Premium Fund Page 3 13 April 2018 Our report is solely for the purpose set forth in the first paragraph of this report and for your information, and is not to be used for any other purpose or to be distributed to any other parties.

This report relates only to the items specified above and do not extend to any financial statements of the Fund, taken as a whole.
Yours fa ithfu lly, 4,.n 1,nJ4 Ern st & Young LLP Public Accou nta nts and C ha rtered Accou ntants S inga pore E nclosu res Ahe be( I'rm ol Lrnsta Younq crobarLrmded The Management Saver-Premrum Fu nd Page 4 13 April 2018 Appendix 1 - Statement of Defined Benefit Liabilities of the Fund as at 31 March 2017 This statement is prepared by the SAVER-Premium Fund (the "Fund,,) solely for the purpose of submission to the Minister of Defence in accordance with the provisions of the Singapore Armed Forces Act, Cap 295 Section 2O5C (7) (the ,,Act,,) and the Singapore Armed Forces (SAVER Premium Fund) Regulations, Cap 295 Section 205C 17 (1) (the "Regu lations,,).
Bac kqrqg@ Prior to 2004, the Fund has two components: Defined Benefits (the "DB") and Defined Contribution (the "DC").

The DB components consist of post-retirement medical benefits, compensation and START benefits.

These components were previously co-invested with the DC component in the Fund until 2004 when the post-retirement medical benefits and START benefits were transferred from the Fund to be managed centrally within the Government Pension Fund.
Statement of Defined Benef it Liabilities of the Fund as at 31 March 2017: Value Date 31 March 2012 31 March 2017 Description Balance of Defined Benefit Liabilities as per KPMG Balance of Defined Benefit Liabilities S5 Nit Nil The Act and Regulations did not introduce any new DB components into the Fund since the financialyear 2005.

The Fund only consists of the DC component.

Hence, there are no Defined Benefit Liabilities in the Fund as at 31 March 2017.