FNPF to be more transparent: PM

Moves are now being made to make the Fiji National Provident Fund (FNPF) more sustainable, transparent and fair by the Fiji Government says the Prime Minister Commodore Voreqe Bainimarama.

Commodore Bainimarama in his address at the Symposium for the Review of the FNPF Act and Pension Scheme said the Fund has not taken a comprehensive review since its inception in 1966.

“Accordingly such sustainability and governance has been a challenge. This challenge is a national challenge, whether its government, the employers, the employees, the pensioners, the financial sector or the investment sector. It is all our challenge.” Commodore Bainimarama said.

He said in the 2010 budget address, it was highlighted that if we as a nation are serious about our national savings then FNPF must embark on a major review.

“This is the same philosophy my government has had in assessing the two positions, of government finances and recording of our accounts. Sustainability and integrity can only be achieved through transparency, accuracy and the truth.”

He said in the 1990’s a number of reports and studies revealed that the manner in which the FNPF operations were conducted virtually made the collapse of FNPF by 2050.

“The good news is that the review process and remedial steps have commenced. Now is the time to undertake holistic review to establish a comprehensive regime to ensure sustainability, transparency and fairness the very theme of this symposium.”

Consultants and stakeholder contributions will be involved in the two-day symposium for the review of the Act. 

It was also revealed that in a consensus done in 2008, 64.5 per cent of the population is below 35 years of age and more modernized.

Bainimarama also said that 10,800 pensioners in the country are being subsidized by 218,000 FNPF members which is unsustainable and unfair.

He added that the new FNPF will require acceptance of the realities and the willingness to learn from the past.

The review process will end tomorrow following a new Act.

By Nasik Swami and Repeka Nasiko

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