About $270M to be credited to FNPF members’ accounts

Members will wake up to new FNPF balances this Saturday following an announcement this afternoon that the FNPF Board has declared an annual interest of 6.35 percent for the financial year ended 30th June, 2017.

FNPF has confirmed that about $270 million will be credited to members’ accounts tomorrow evening.

Last year, FNPF declared a 6.25% interest that resulted in $239 million being credited to members’ accounts.

FNPF’s Chief Operating Officer Jaoji Koroi said the rate declared is a testament to the Board’s continued commitment to grow members’ funds.

Koroi says the FNPF Board has worked diligently to reshape and strengthen FNPF’s investments and operational strategies given the changing investment environment, and in order to meet the returns and growth expectations from members.

He says they have invested in Emerging Asia Fund managed by the World Bank Group.

FNPF has also built and redeveloped key properties such as the Fiji Marriott Resort Momi Bay and the MyFNPF Centre in Greig Street Suva.

The Fund says work has also commenced at the Nadi Retail Centre.

Koroi says that inclusive of investment in bonds, loans and equities, the Fund’s Return on Investment calculated from actuarial perspective for the Financial Year 2017 stood at 6.42 percent.

He adds that the Board considered returning to members something close to the net income earned on their funds and retaining some surplus to finance regulated solvency.