February 19, 2013

FNPF pension scheme running smoothly

07:00 Today (February 19, 2013)
Report by: Mika Loga

The Fiji National Provident Fund pensions scheme is running smoothly – a year after it underwent a re-structure.

The Fund is now able to streamline and separate pensioners fund from current members contributions.

Before the reform, investment returns on current members savings were used to pay for the shortfall in pensions.

Assistant General Manager Member Services Alipate Waqairawai says, the subsidy of pensioners funds by current members have been rectified.

“The Fund is now sustainable not only to ensure that existing pensioners are looked after, current workers and our future workers will also be looked after as well.”

The restructure of the Pension Scheme dominated FNPF’s reforms in 2012.

About 6800 pensioners opted to re-invest into the new scheme amounting around 168 million dollars.

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