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Public Administration News  
Fiji National Provident Fund Assets at $4.2billion
Source Date: Friday, October 18, 2013
Focus: Electronic and Mobile Government, ICT for MDGs, Internet Governance
Country: Fiji
Created: Oct 22, 2013

Fiji's sole superannuation fund collected a record $342million (US$186 million) from 288,000 active members for the 2013 financial year.

It also registered an increase in investment income by $31million (US$16 million) from $249m (US$136 million).

And according to Fiji National Provident Fund CEO Aisake Taito, the fund's total assets now stood at $4.2billion (US$2.2 billion).

He said this marked a positive year for the fund and its members, managing to credit a 5.5 per cent interest to all members' accounts.

“We achieved a net surplus of $293m (US$160 million), an increase of $178m (US$97 million) from 2012. The effect of the reforms completed in 2012 was mostly felt in 2013,” Taito said.

“For the first time after 20 years, the net pension was positive.

“The pension business is now on a financially sustainable footing after the introduction of an actuarially sound aged-based scheme.

“The FNPF regulations have been completed so that they support major changes to our member benefits and withdrawals also supporting additional contribution from members.”

Taito said the central bank recorded an improved risk rating for the fund and its investment rehabilitation would continue to optimise and expand its investment portfolio.

In terms of the retirement income fund (RIF), FNPF chairman Ajith Kodagoda said this was established after the pension reform to separate the pension business from member contribution.

“The RIF has a liability of $230m (US$125 million) compared with the $565m (US$308 million) it bore pre-reform. Sufficient assets have been set aside to meet our future pension obligation,” Kodagoda said.

He said this revalidated the need for the pension reform in ensuring the sustainability of the fund.

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