July 21, 2011 3 Comments
Professor Wadan Narsey has provided a useful article which has been posted on blogsite Coup Four and a Half. He says that past Governments have all borrowed heavily from the FNPF and received funds at cheaper rates than they’d have to pay banks.
If the Government paid a fully commercial rate of interest the FNPF would not have to restrict pensions so severely. What we need most of all is an FNPF Board that people can have confidence in and that requires an elected government that is accountable to the people.
The pension cuts are to pay for cheap loans to government.
Click on the link below to read Prof Narsey’s paper. It’s nonpolitical and all FNPF contributors should read it carefully.