March 12, 2011 1 Comment
For a long time the Government has been giving hints that it will cut the FNPF pensions. With the very poor earnings of the FNPF over recent years, the FNPF probably has no choice. If they don’t change the formula for calculating pensions there’s a chance that FNPF won’t have the cash to meet pay-outs. A report in Fiji Village quotes FNPF CEO Taito as saying “the Fund has acquired the World Bank Pension Model known as the Pension Reform Option Toolkit which has been used to simulate pension reform options.” What all this means is your pension will be cut. What we don’t know is by how much.
Here is the report: http://www.fijivillage.com/?mod=story&id=100311e8aa35ffa967112164c3c30