15 Aug 2012

Vanuatu pension fund unease amid abuse allegations

1:24 pm on 15 August 2012

Members of the Vanuatu National Provident Fund have asked the acting prime minister, Ham Lini, and the finance minister, Moana Carcasses, to withdraw their money from the scheme.

The call was made during yesterday's public meeting at the headquarters of Malfatumauri National Council of Chiefs following allegations of misuse of Fund money by its administration.

The VNPF members claimed the fund was not safe and it was better for them to withdraw their entitlement.

They said at the time of the 1998 riot, the then prime minister, Father Walter Lini, decided that members could withdraw their contributions.

They say the riot was over the Fund's politicisation and mismanagement and now the same things are happening again.

They have also asked for the government to amend the VNPF Act to allow workers and their employers to place their monies in commercial banks.