The Fiji National Provident Fund continues to play a pivotal role in protecting the retirement savings of Fijians, with total assets reaching $10.6 billion as of June 2024.
Chairperson of the Standing Committee on Social Affairs, Iliesa Vanawalu highlighted this during the tabling of the 2023 and 2024 FNPF annual reports in Parliament.
Vanawalu says of the $10.6 billion, $8.1 billion belongs directly to the members.
He says that the FNPF now serves over 423,000 members, including 264,000 active contributors, 14,138 voluntary active contributors and maintains links with 808,588 active accounts.
Vanawalu says that despite ongoing global economic challenges, particularly the lingering impact of the COVID-19 pandemic, FNPF has maintained a strong investment portfolio.
However, he noted that interest earned from government bonds has remained stagnant since 2020, largely due to high liquidity in the market.
The Chairperson says the Committee has recommended that the Government and the Reserve Bank of Fiji streamline and facilitate offshore investment approval processes, allowing the Fund to diversify further and achieve improved returns.
The Committee also acknowledged the ongoing review of the FNPF Act, which aims to modernise their operations and align them with evolving business practices and investment strategies.
Vanawalu says this review should continue with robust public consultations and stakeholder engagement to ensure the legislation meets the needs of today’s workforce.
He adds that transparency remains essential to maintaining public trust, noting concerns that major investment decisions are not being sufficiently communicated to members.
The Committee recommends that FNPF strengthen its communication channels so members are fully informed of significant investments, including their benefits and risks.
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