FNPF to reveal new pension structure

Get ready to find out about the new FNPF pension structure later today.

A symposium to introduce and explain changes to the pension scheme and design and reform for the future operation of Fiji's retirement savings policy and industry will be held today and tomorrow at the Holiday Inn.

The proposed reform will address issues in relation to the current pension return after retirement, FNPF contributions by employees and employers and FNPF investments.

Prime Minister, Commodore Voreqe Bainimarama will launch these reforms later this morning.

FNPF had earlier told us that the current pension rate for a single pensioner is 15 percent and 11 percent for joint pensioners.

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

The current system is that 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.

The reform is aimed at addressing the sustainability of FNPF and focus on transparency and fairness.


Story by: Vijay Narayan