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The Fiji National Provident Fund paid out $292.33 million in benefit payments in 2007, $2.70 million more than what it collected ($289.63 million) in contributions the same year.
The FNPF keeps in trust more than 300,000 workers’ pensions.
The FNPF 2007 annual report reveals that compared to 2006, it collected contributions amounting to $267.66 million and paid out $250.62 million in benefit payments, including both pension and special death benefit (SDB) payments.
FNPF chief executive Aisake Taito told FijiLive there were high withdrawal trends in 2007 due to the Fund activating various schemes.
“This included assistance for the natural disaster which devastated the North, assistance to those in the hotel industry, Vatukoula Gold Mine, and civil servants (major one),” Taito said.
He said the Fund had also paid out at an interest rate of 6.3 per cent on June 30, 2007 amounting to $128.35 million.
Questioned on whether members should be worried about this trend, he said these withdrawal provisions would be reviewed.
“The Fund will continue to review its withdrawal guidelines and strategic direction, in order to improve contribution collection and also control withdrawal trends,” Taito said.
He said the Fund aims to keep members interest paramount in the next financial year.
“We anticipate that as the financial future of the country gradually improves, the Fund will explore other avenues and new investment opportunities in order to maintain a sound financial status for the FNPF,” Taito said.
