Fiji National Provident Fund pensioners have until the end of February to make a decision on the new pension scheme.
This has to be done as the new annual pension rate will start from March 1st next year.
However some of the pensioners are still saying they want their current annual pension rate to remain at 25 percent or 15 percent depending on the option they took and the contract they have signed with FNPF.
Under the new pension scheme, the annual pension rate will be 8.7 percent for those who are 55 but not 56 years, 8.9 percent for those who are 56 but not 57 years, 9 percent for those who turn 57 but are not 58 years.
The highest rate is 12.3 percent for those who decide to take their pension at 70 years.
FNPF pensioner, Ross McDonald has told Radio NZ that their rate was agreed to in a contract with FNPF and it is only fair that their original pension rate is maintained.
FNPF Chief Executive Officer Aisake Taito, while responding to questions from disgruntled pensioners, said last week a review of the scheme was crucial for the sustainability of FNPF.
Taito said FNPF cannot be dictated by a few thousand well off pensioners who are the ones receiving an overly generous pension.
Taito said FNPF has offered these pensioners their money back and they can choose where to reinvest their money and they also have the option to come back under the new pension scheme.
He said each year about 27 million is paid to pensioners and this comes from contributions by more than 300,000 members who are yet to retire.
FNPF said the process for creating the new pension scheme was done well within the legal structures and endorsed by the Solicitor General.
Story by: Vijay Narayan
Feature
FNPF pensioners have until end of Feb to make a decision
