FNPF planned reforms get underway

Consultants from the Singapore Cooperation Enterprise were in the country last week to carry out a review of the Fiji National Provident Fund as the planned reforms within the FNPF get underway.

FNPF CEO Aisake Taito confirms that the consultants were here to undertake phase one of the review and met with the FNPF Board, the Governor of the Reserve Bank, Permanent Secretaries for the Prime Minister’s Office, Finance, PSC and other external stakeholders.

Taito said as part of their review a follow up meeting comprising senior management of the RBF and the Fund will be held in Singapore next month to Study the Central Provident Funds institutional structure, investment policies, governance framework and systems and processes.

He said CPF is a leading superannuation provider, and they hope to gain valuable insights from them to enable the Fund to benchmark facets of their work.

Taito adds that they recognize that they will need to tailor make their processes to meet business needs and the local environment which would be conducive to the funds objective as a pension savings scheme. A preliminary report on the findings will be submitted next month.

Meanwhile, the FNPF has also engaged consultants from the Bevington Group Melbourne to undertake data and process capturing and mapping of the operations division and the second wave of the process will begin in February.