FNPF to payout $135m to its members

The Fiji National Provident Fund (FNPF) Board will payout an estimated $135 million to its members for the last 12 months ending June, 2012

FNPF acting chief executive Jaoji Koroi said the payments will be credited to members’ accounts from tomorrow.

Koroi said various structural changes had to be made including the separation of the pension business, the adoption of the actuary-based pension rates, setting aside assets for the new solvency requirements and payment of over $126 million to those that have opted for lump sum.

“These changes bring FNPF in line with best international practices and provide the framework for ensuring future sustainability for its members."

The FNPF Board has also approved the Special Death Benefits cover to be retained at $8,500, with premium fixed at $35.

The premium will be deducted from members’ accounts on July 1, 2012.

FNPF chairman Ajith Kodagona thanked the government for its support.

Kodagona said the payments is for members only.

Fiji’s Prime Minister Commodore Voreqe Bainimarama said the results are a manifestation of the right decisions being made in the interest of all FNPF members.

“It is still imperative that FNPF and its members are always protected together with the integrity of the financial system in Fiji,” said Bainimarama.

He said he is looking forward to bigger and better results.

By Ropate Valemei