22 Jun 2011

Fiji union urges consensus on pension fund changes

3:00 pm on 22 June 2011

A union in Fiji has criticised the Fiji National Provident Fund for running a one-sided, consultant-driven exercise to gather opinions on changes to the fund.

The Fund's just finished collecting submissions on changes to the scheme, which critics say are hasty, socially disastrous and based on questionable data.

The National Secretary of the Fiji Bank and Finance Sector Employees Union, Pramod Rae, says the FNPF should stop the exercise and sit down with representatives of fund members to get a consensus.

"People have been inundated with a whole lot of data, a whole lot panic and a whole lot of misinformation. What it needs is for experts to sit around a table and scrutinise what they have been saying and also to scrutinise the alternatives that the trade union movement has now put forward."

Mr Rae says the Fund's recent investment decisions have been reckless and he suggests opening the market to competition.