November 22, 2012

Challenging but successful year for FNPF

07:03 Today (November 22, 2012)
Taken from/By: FBC News
Report by: Ritika Pratap

The Fiji National Provident Fund says it’s managed to come out of a challenging financial year.

The Fund recorded a net surplus of $115m even though it paid more in lump sum pension withdrawals.

Chief Executive, Aisake Taito says the restructure of the Pension Scheme dominated the FNPF’s activities this year.

“Of the total 10,000 pensioners that were validated about 7, 000 opted to re-invested $168m into the new pension scheme, the rest of the pensioners opted out and were paid a lump sum of about $127m. The pension reform was a success – seventy percent opted to re-join as pensioners indicating their confidence in FNPF.”

The new age base pension scheme came into effect from 1st of March.

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