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A review of the Fiji National Provident Fund Act will encompass best practice provisions says Fund chief executive officer Aisake Taito.
Taito said this practice will “keep in mind the developments in the area of superannuation and any legislative frameworks to further strengthen the Fund”.
“The review is intended to modernise the Act, to make it relevant and enable the Fund to deliver its objectives,” he added.
Taito said the areas the Act will address are best corporate governance practices, investment mandate and improvements in enforcement capability to ensure members contributions are collected.
The Fund has already had consultations on the draft legislation.
“Once it’s drafted, we will circulate to key stakeholders for their comments before we finalise,” Taito said.
The FNPF Act was legislated in 1966 and has undergone ad-hoc amendments over the years.
By Edwina Chand
