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FNPF records $373.2m surplus

 

Oct 23, 2015 07:51:45 PM

FNPF records $373.2m surplus The Fiji National Provident Fund recorded a consolidated surplus of $373.2 million for the financial year ending 30 June 2015.

The positive results were driven by a net investment income of $302.7 million and net contribution of $131.7 million with investment income exceeding $300m for the first time.

FNPF Chief Investment Officer, Mr Jaoji Koroi while releasing the 2015 Annual Report in Suva today said the positive contribution plus the interests declared of 6% resulted in growth to members’ funds by 8% to $4.0 billion at the financial year.

He said the Fund's strong financial performance was an indication of the great commitment by the Board, Management and Staff to secure and grow members’ funds.

“The Fund should be commended for staying true to its commitment to members by recording remarkable results once again.”

“A total of $432.2 million contributions were collected, averaging $36 million per month and an increase of 15% over last year’s collection of $375.7 million. Of the total contributions collected, $3 million was from voluntary members. The 2% increase in employer contributions from 1 January, 2015 also impacted the total contributions.”

Mr Koroi said despite operating in a challenging environment, FNPF continued to advance in the way it engages with its members, adapted to technological changes and it changed the way the Fund operates its superannuation and pension business.

“It flourished with members’ best interest in mind. Crucial to FNPF’s financial success have been the Fund’s commitment to its smart investment strategies, operating a sustainable pension business and having a strong workforce to drive its core objectives.”

“The Fund’s achievement is an indication that it is now reaping the benefit of its reforms giving way to operational improvements and a chance for our members to delight in the outcome of the reforms,” Mr Koroi added.

The major key highlight for the year was the increase in interest paid to members from 5.75% to 6% for FY2015 amounting to $213.2 million being credited to member accounts on June 30, 2015.

Membership also grew by 2.0% to 403,316 and there was an increase in mandatory employers’ contribution from 8% to 10%.

The Fund also extended its services to members outside the city boundaries with the opening of its branches in Sigatoka and Nausori and enhanced members’ retirement savings with the establishment of two accounts for members and the preservation of 70 per cent of their savings whilst providing early-retirement withdrawal benefits.

Launch of the new Provident Fund Management Information System (ProMIS) and increased opportunities to members through voluntary and additional contribution benefits are the other achievements.

By Reginald Chandar

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