02 May 2011
The Fiji National Provident Fund is set to finalise the new pension structure as well as announce reforms to Fiji’s retirement savings arrangements and the operations of FNPF to ensure sustainability, transparency and fairness to all FNPF members.
A symposium to introduce and explain changes to the pension scheme and design and reform for the future operation of Fiji’s retirement savings policy and industry will be conducted on 13 -14 May at Holiday Inn in Suva.
FNPF was established in 1966 to accept contributions from employers and employees that would then be paid to the worker at retirement.
“There have been some amendments over the years but a comprehensive review of the Scheme has been long overdue,” said FNPF CEO, Mr Aisake Taito.
“Fiji needs a retirement savings scheme that is sustainable, transparent in its operations and fair to all members – future, current and those nearing retirement.”
FNPF commenced on reforms in 2010 to ensure sustainable returns and the delivery of excellent services to its members.
“The need for reforms to benefit design, scheme structure and its administration is a long-standing issue and has been identified by the World Bank, International Monetary Fund through their joint Financial Sector Assessment Program, the International Labour Organisation as well as Reserve Bank of Fiji and other consulting actuaries,” Mr Taito said.
The symposium has been organised to provide a forum for stakeholder groups to hear from experts and understand the issues and proposed policy solutions.
The Prime Minister and Minister of Finance Commodore Voreqe Bainimarama will provide the Keynote address to launch these important reforms.
Speakers will include consultants from Mercer and Promontory, who have assisted in redesigning the pension benefits, policy and legal drafting.
Key stakeholders including government, unions, employers, pensioners, regulators, academics, financial commentators and non-governmental organisations have also been invited to participate.
The Fund will also embark on public consultation on these issues Fiji-wide.
Ends
For more information contact: Wainikiti Bogidrau on wainikitib@fnpf.com.fj or telephone 323-8459
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