FNPF pensioners been paid $423M in 35 years

The pensioners of the Fiji National Provident Fund have been paid $423 million in just thirty five years.

The Chief Investment Officer, Joaji Koroi explained this to members of the public at the last consultation held yesterday at the Suva Civic Centre.

Responding to questions on how much money has the Fund paid to its members so far, he revealed that $289 million were put aside for the payment however it exceeded the amount between 1975-2010.

Koroi added that members of the Fund have contributed $292 million last year however withdrawals by members before they retired has totalled $230 million in total.

Meanwhile, some of the major proposed changes include the annual pension rate to be reduced from 15 percent to around 9 percent and the proposal to get members to go on compulsory pension and stop lump sum withdrawals when FNPF members turn 55.

FNPF's consultant Mercer's Richard Codron had earlier told Fijivillage News after the introduction of the proposed reform that they have calculated the future life expectancy of men in Fiji at about 74 and women at 77, and based on this the pension rate has to be reduced to ensure the sustainability of FNPF.


Story by: Sneh Chaudhry