Advice on Singapore offshore pension plan?

I wanted to ask further opinion on so called offshore pension plans (such as proposed by Royal Skandia, Generali etc...). I read an interesting thread on this topic in those forums but for some reason could not post additional comment. I still have concern with this type of product - I am putting aside the usual concerns and considering it is being monitored by a professional agent therefore money is being invested in proper funds and the client is not looking at closing the plan early. I don't really have investment knowledge but still under those circumstances and considering the high fees dragged with those plan, I don't see how it can make some money unless being under a bull market. My personal experience seems to confirm this: 3 years in the plan and the plan value is approximately -10% compare to the amount invested. Looking at the funds graphs results though, the evolution goes up and down but is on average flat (understandable considering the economic turmoil). I would therefore expect to be at around 0 gain (plan value = money invested). The logical conclusion would be that the 10% were eaten by the fees? Not sure if I am missing something here but if it needs a minimum of 10% funds growth before making any money, I am seriously doubting that these type of plan are worth the fees? I would be interested to read second opinion or feedback of people that might have faced similar issue. Rod