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Fiji National Provident Fund Explains Reforms |
| Source: |
fijitimes.com |
| Source Date: |
Saturday, June 18, 2011 |
| Focus: |
ICT for MDGs
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| Country: |
Fiji |
| Created: |
Jun 21, 2011 |
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THE Fiji National Provident Fund yesterday reiterated that the present pension rates were unsustainable.
Assistant general manager prime services Tevita Nagataleka reminded members that the fund needed to remain viable for the sake of future generations.
He made the comment as the fund held its final public consultation at the Suva Civic Centre yesterday.
The consultation did not attract much interest, this time with only 22 members attending.
The presentation on the proposed reforms was made by FNPF chief investment officer Jaoji Koroi.
Mr Koroi reminded the members that pension funds overseas were suffering and they did their best to avoid such scenarios.
Setoki Mataka, a pensioner who has attended most of the FNPF consultations, raised questions again at the meeting and claimed that the FNPF had turned its back on its members.
Mr Mataka questioned the previous poor investments of the FNPF and said the pensioners should not be made to feel guilty about the unsustainability of the fund.
In a lengthy statement, Mr Mataka told the FNPF he was not surprised the fund was "suffering" because of the poor investments.
Mr Nagataleka told Mr Mataka that all recommendations would be considered by the fund.
He added this was not the time to dwell on the past but rather look to the future.
He said the pension reform must be carried out as soon as possible to ensure the survival of the fund.
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