The idea of a “Provident Fund” was first mooted in the 1940’s. The Honourable A. A. Ragg gave a speech in 1945 that planted the concept for a savings plan aimed at the old and disabled. Although his ideas were not supported at that time, it laid the platform for what would eventually become two decades later.
In the mid 1960’s the country was in a desperate need of a pension fund. This was the time to establish a fund that could provide some financial security for the workers of Fiji.
In 1965, the colonial government appointed Mr. Hugh S. Robinson, who had managed the Malaysian Employees Provident Fund, to lay the ground rules for the establishment of the FNPF, by drafting the appropriate legislation.
Advocates for the FNPF included Mr. Razman and his colleagues, Mr. Sakeasi Waqanvavalagi. who made strong representations to Legislative Council member, Mr. A.D. Patel (who was also the founder of the National Federation Party). He, in turn, introduced the appropriate legislation for the formulation of the FNPF though the FNPF Ordinance No 19. In June 1966 the
FNPF became a reality.
The FNPF was initially funded with a government loan of £10,000 which was paid off within the first year. The contributions totaled to £876,025.8s 7d in the first year of operation.
Mr. Robinson was appointed Manager of the Fund – a position he held until 1975. Richard Mayse became its first Chief Accountant, and Leonard Cheng was named Deputy Manager in December, 1970. The first Chairman was Mr. J.F. Griffiths OBE.
The Fund today offers a much wider range of services than the retirement fund that was set up back in 1966. From these humble beginnings, the FNPF has grown to be a major player in the financial market.
The operations of the Fund is guided by the FNPF Act 2011. As such, FNPF is mandated by law to collect compulsory contributions from employees and employers towards the retirement savings of all workers in Fiji. Apart from retirement savings, the Fund also provides pre-retirement benefits such as housing, medical and education assistance.
As at 30 June 2021, FNPF’s total assets were valued at $8.2 billion, of which $6.4 billion is members’ funds for 446,658 members.
FNPF is a major investor in Fiji and one of the country’s largest property owners. The Fund also owns majority shares in Amalgamated Telecom Holdings Limited, Vodafone Fiji Limited, HFC BANK, and fully-owns the Natadola Bay Resort Limited (InterContinental Fiji Golf Resort & Spa), Holiday Inn Suva, Momi Bay Resort Pte Limited (Fiji Marriott Resort), Marriott Denarau Properties (Westin Fiji, Sheraton Fiji and Denarau Golf & Racquet Club) and the Grand Pacific Hotel.
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