7 Jul 2014

Solomons pension fund pays interest

2:41 pm on 7 July 2014

Members of the Solomon Islands National Provident Fund have had a boost to their balances after the fund announced a 15 per cent interest payment.

The Minister of Finance and Treasury, Rick Hou, says the total amount is more than 32 million US dollars and will be credited to members' contributions.

He also says the fund will be reformed after the national election later this year, and work has begun on drafting new legislation.

Mr Hou says the bill will be tabled in parliament in the new year, and will bring the fund up to international standard, while keeping provisions that suit the local environment.

He says the new act will entrust the Central Bank of Solomon Islands with regulating the Fund, to improve governance and transparency.