The iTaukei Land Trust Board has made significant changes to its Equal Rent Distribution Policy following the approval of amendments by the Board of Trustees during its recent meeting.
TLTB says these changes are designed to address the immediate needs of landowners under the age of 18 while ensuring the effective utilization of funds allocated under the policy.
They say previously, under the existing arrangement, 100 percent of the funds were distributed to minors upon reaching the age of 18, not taking into account challenges for education, medical, and other needs before they turn 18 years.
They further say the updated policy shows that 40 percent of the funds (General Funds) will be available for minors, ensuring quick access to financial resources for education, medical emergencies, and in an event of another national pandemic, and 60 percent of the funds (Preserved Funds) will be retained and preserved until the minors reach the age of 18, providing a financial safety net for their future endeavours.
It adds that this strategic move is in alignment with the TLTB’s mission statement to provide the best financial and investment services to the iTaukei landowners.
Under Section 3(5) of the iTaukei Land Trust Act 1940, the Board possesses the authority to establish rules for its proceedings, aiding in the administration and control of TLTB.
TLTB says this adjustment in the policy demonstrates TLTB’s commitment to evolving with the changing needs of the landowners, adhering to the Finance Framework, and aligning with the Investment Framework as outlined in Section 4 of the TLTA. They say parents now have the option to request the early release of minors' funds, subject to the Executive Management’s discretion and this discretionary power ensures that genuine cases are considered with utmost care and compassion.
Minister for iTaukei Affairs and TLTB Chairman Ifereimi Vasu says this updated policy underscores their dedication to the welfare of landowners, especially the minors who will benefit from this enhanced flexibility.
He says by dividing the funds, they are addressing immediate needs while securing their financial future.
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