Why Can’t We See the Mercer Report?

A pensioner and the managing director of the Credit Corporation company, Ross Mc Donald, has written to the FNPF board asking why the Mercer Actuarial Report has not been released for scrutiny and comment. This is the report that the FNPF has cited in announcing their intention to cut pensions.

According to McDonald, “it appears Mercers have used Australian life expectancy tables rather than those for Fiji, thus giving longer life expectancy to Fiji pensioners and members when in fact it is less, thus increasing the liability for pensions”.

With all the health spending cuts since 2006 life expectancy has gone backwards in Fiji, so why can’t we see what assumptions the Mercer Report used?

At last the Ernst and Young Report

Thanks to the Blogsite Coup Four and a Half we are now able to read at least parts of the Ernst and Young Report on the Fiji National
Provident Fund.

We reproduce it here for all to read and digest.

FNPF Penina Tappoo

It’s not easy to read. The subject matter is complex and the problems started under the previous Board, but the report has been suppressed for some reason.

Coup Four and a Half have blamed Aiyaz Sayed-Khaiyum, claiming he had dealings with Tappoos, the FNPF’s partner in the Tappoo City project.

We invite everybody to read and comment. Let’s hope some experts like Dr Wadan Narsey can help us understand it better.

Please give us the facts

If you go to the FNPF’s official website and click on Key Performance indicators, you find something very interesting. The last year for the data given on Key Performance Indicators is 2007. If the Government wants to rebuild confidence in the FNPF it needs to give us all the facts and not try to control what we know. Check it out on this link:

http://www.myfnpf.com.fj/pages.cfm/about-fnpf/statistics/key-performance-indicators/

FNPF losses under IG equal total payments ever made!

Fiji Village has reported that the Interim Government has admitted that the $400 million in losses incurred over the past four years almost matches the $435 million paid out as benefits 35 years of operation. Did they mean to admit this?

FICTU faces a hopeless task with FNPF submission

The Fiji Islands Trade and Councils Union (FICTU) is preparing a submission to put to the Fiji National Provident Fund in an attempt to head off pension cuts. The truth they need to face is that the losses that have been made over the past four years of mismanaged economy, as well as mismanaged FNPF, mean th t the cupboard is bare. The money needed to keep pensions at their current levels isn’t there. Only a return to economic growth can bring even the faintest hope of FNPF investments in property recovering some of their value.