- April 19, 2009
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund’s 2007 Annual Report was tabled in Cabinet on Tuesday 13 January 2009.
The report reviewed the performance of the FNPF for the year ending 30 June 2007.
The FNPF collected $289.63million in contributions, an increase of 8.21 per cent from the previous year’s collection. Collection efficiency for the year was 98.5 per cent; with an average monthly collection of $24 million.
The Fund also paid out $292.33million to members through its member withdrawal schemes. This was an increase of 16.64 per cent from the 2006 pay out.
Membership increased by 3.75 per cent from 331,050 the previous year to 343,453; while total members balance also increased by 6.25% to $2.47billion from $2.33billion in 2006.
Investment income decreased from $240.04million the previous year to $138.08million. This is attributed to the reduced interest rates in the market and the continual repatriation of funds invested offshore, under the directive of the Reserve Bank of Fiji.
The Fund enforced corporate governance principles to safeguard the interests of all stakeholders. In this regard, the Board recognised the need for a more comprehensive investment risk management framework, and policy development and enforcement.
Notable key achievements include the opening of three new agencies in Savusavu, Namaka and Valelevu; enterprise-wide risk management, IT core system replacement, opening of a new Pension Centre and e-Lobby service at Downtown Boulevard, Suva; re-organization of customer services and realignment of strategic and corporate focus.
The size of the Fund had grown to $3.35 billion by the end of this financial year.
For more information, please contact:
Wainikiti Bogidrau
Manager Public Relations & Corporate Communications
323 8459 or 999 8104 or on email: WainikitiB@fnpf.com.fj