FNPF members will know the proposed reforms by this afternoon

By this afternoon, members of the Fiji National Provident Fund will know the proposed reforms that are expected to be implemented.

The proposed FNPF reform includes the review of the current pension rate upon retirement for a member if they opt for pension, contributions and review of the withdrawal grounds.

The current pension rate for a single pensioner upon retirement is 15 percent and 11 percent for joint pensioners.

This means that right now the single pensioner can access 15 percent of his balance annually after retirement.

The FNPF remains committed to paying the 15 percent rate for the rest of the member's life even if the pensioner has outlived the total balance of his account after about 6 years.

FNPF consultant from Promontory, Shauna Tomkins said the FNPF's current pension rate is over-generous compared to other similar schemes overseas.