28 Nov 2011

Fiji National Provident Fund to explain workings of new Decree

5:50 pm on 28 November 2011

The Fiji National Provident Fund will explain critical pension reforms at public meetings around the country this week.

The changes will be enforced under the new FNPF Decree and were announced by interim Prime Minister Frank Bainimarama during his budget speech last week.

Sally Round reports.

"Changes include a new age-based pension rate, and options for current pensioners including a refund and top-up scheme. The Fund's CEO Aisake Taito says the changes are about being fair to everyone and are in the nation's interest. He says the vast majority of pensioners will see no change and many will see their pensions improve. But critics say contracts are being smashed and the refund does not take into account the devaluation of the Fiji dollar. The FNPF says counsellors will help guide pensioners through the changes and it will explain them further at meetings in Suva, Labasa and Lautoka."