FNPF still working on planned reforms

The Fiji National Provident Fund is still working on the planned FNPF reforms which includes the reduction of the annual pension rate from 25% or 15% to about 9%.

As work continues on the planned reforms, the Fund stated that it has not dropped the pension cut proposal as announced by the state owned broadcaster, FBC.

The Fund said FNPF’s Assistant General Manager, Tevita Nagataleka was misquoted in the report.

Nagataleka stated, and as highlighted earlier on Fijivillage, that a mandatory pension system was initially proposed and later dropped after the consultations due to considerable opposition to the idea.

Nagataleka stressed that the lump sum and pension option remains for the members.

As is the current practice the members decide when they turn 55 on whether they will take out the lump sum from their FNPF account or opt for pension.

There is still no word on when the final decision on the reform including the planned pension cuts, will be made.

The FNPF board will assess all issues and then take them up to cabinet. Cabinet will make the final decision on the matter.


Story by: Vijay Narayan