Reforms to ensure sustained ability of the fund - FNPF

Concerns have been raised on the payments made by the Fiji National Provident Fund to its members compared to other Pacific Island countries.

During the Fiji Institute of Accountants Technical Workshop at the Fijian resort in Sigatoka today, an accountant questioned FNPF’s Chief Investment Officer Jaoji Koroi why PNG’s National Superannuation Fund is paying their members well compared to FNPF.

Koroi said that Papua New Guinea has a different growth pattern and their growth rate is higher.

Earlier today, Koroi revealed that a total of $4.1 billion worth of assets are owned by FNPF with debts worth $1.29 billion.

Koroi stressed that the reforms are to ensure the sustained ability of the fund and the delivery of excellent service to the members.

He said currently there are 370,000 members in the country and they will be interacting with members aged 40 to 50 years on their retirement plans.

Koroi said the next phase for FNPF is to replace its old IT system to improve service delivery.


Story by: Tokasa Rainima