8 Jun 2011

Public meetings on Fiji's National Provident Fund continue

5:33 pm on 8 June 2011

Public meetings are continuing around Fiji this week to explain wide-ranging changes to the country's superannuation scheme.

The Fiji National Provident Fund says it wants reforms which will ensure the fund's sustainability, transparency and fairness.

Sally Round reports.

"The fund is set to announce changes to the pension structure and is proposing cuts to members' returns from 15 percent to about nine percent. The reforms follow the fund's 178 million US dollar write-down last year due to failed investments. Fiji's Pensioners Association says its members are very upset by the proposals as they can barely afford the rise in the cost of living without further cuts to their pension. The pensioners want a phased reduction in returns and a bigger voice in future to stop what they call foolish investment of members' funds. Father Kevin Barr of the People's Community Network says people have voiced their annoyance at the fund's losses and lack of accountability in the past. He says people are worried about the changes but are turning out in big numbers to have their say."