21 October 2011
The Fiji National Provident Fund today announced a net operating surplus of $242.6 million for the financial year ending 30 June, 2011, an increase of 16 per cent from $209.5 million in 2010.
In announcing the audited results, Chief Executive Mr Aisake Taito said the improved performance was reassuring and sets a good platform for the FNPF Reforms aimed at ensuring the long term sustainability of the Fund and improving services to stakeholders.
“2011 was the first year of implementation of the Reforms where we began to address core issues facing the Fund. The Reforms required comprehensive planning and major decisions to be taken and warranted the full support of key stakeholders,” he said.
Mr Taito said the operating environment has also been challenging, characterized by subdued investment, high inflation and declining interest rates. This was further exacerbated by the uncertainty in the global economy particularly the emergence of the debt crisis in the Eurozone.
“Against this backdrop, I am pleased to report the following:
• Total assets increased to $3.8 billion from $3.5 billion in 2010
• Members’ balance grew by $100 million to $3.0 billion from $2.9 billion last year
• Investment income grew steadily from $221.7 million in 2010 to $240.4 million, representing a 6.8 per cent Return on Investment (ROI)]
• Contributions grew by 3.8 per cent to a record of $303.5 million reflecting improved enforcement and compliance;
however this was offset by total withdrawals of $309.5 million, which led to a negative net contribution of $6.0
million.
• Investment rehabilitation resulted in asset write-back of $30.4 million
• The Fund increased its offshore investments to $114.2 million, aimed at diversifying the investment portfolio;
• Active members grew by 7.3 per cent to 302,729
• Employers totaled 7,508 compared with 7,105 for 2010
• Unpaid contribution decreased by 8.5 per cent from $9.0 million last year to $8.2 million
“Our results demonstrate that the FNPF continues to make good progress in delivering what we set out to achieve for this period,” Mr Taito said.
“Our core functions - to collect contributions, to grow them and ensure that members retire comfortably – are becoming stronger. Our focus remains to deliver excellent services and ensure that the Fund remains sustainable in the long-term.”
He added that 2011 also saw the commencement of the 12 reform programs, which resulted in wide public consultations on the key changes to the FNPF Act and the proposed actuarially-sound pension rates.
“The Fund will formally announce the outcome of the Review of the Act and Pension Scheme next month.”
Ends...
For more information on our FY11 audited accounts – refer to the attached 2011 FNPF Annual Report.
In announcing the audited results, Chief Executive Mr Aisake Taito said the improved performance was reassuring and sets a good platform for the FNPF Reforms aimed at ensuring the long term sustainability of the Fund and improving services to stakeholders.
“2011 was the first year of implementation of the Reforms where we began to address core issues facing the Fund. The Reforms required comprehensive planning and major decisions to be taken and warranted the full support of key stakeholders,” he said.
Mr Taito said the operating environment has also been challenging, characterized by subdued investment, high inflation and declining interest rates. This was further exacerbated by the uncertainty in the global economy particularly the emergence of the debt crisis in the Eurozone.
“Against this backdrop, I am pleased to report the following:
• Total assets increased to $3.8 billion from $3.5 billion in 2010
• Members’ balance grew by $100 million to $3.0 billion from $2.9 billion last year
• Investment income grew steadily from $221.7 million in 2010 to $240.4 million, representing a 6.8 per cent Return on Investment (ROI)]
• Contributions grew by 3.8 per cent to a record of $303.5 million reflecting improved enforcement and compliance;
however this was offset by total withdrawals of $309.5 million, which led to a negative net contribution of $6.0
million.
• Investment rehabilitation resulted in asset write-back of $30.4 million
• The Fund increased its offshore investments to $114.2 million, aimed at diversifying the investment portfolio;
• Active members grew by 7.3 per cent to 302,729
• Employers totaled 7,508 compared with 7,105 for 2010
• Unpaid contribution decreased by 8.5 per cent from $9.0 million last year to $8.2 million
“Our results demonstrate that the FNPF continues to make good progress in delivering what we set out to achieve for this period,” Mr Taito said.
“Our core functions - to collect contributions, to grow them and ensure that members retire comfortably – are becoming stronger. Our focus remains to deliver excellent services and ensure that the Fund remains sustainable in the long-term.”
He added that 2011 also saw the commencement of the 12 reform programs, which resulted in wide public consultations on the key changes to the FNPF Act and the proposed actuarially-sound pension rates.
“The Fund will formally announce the outcome of the Review of the Act and Pension Scheme next month.”
Ends...
For more information on our FY11 audited accounts – refer to the attached 2011 FNPF Annual Report.
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