Lockington's Everyday Fiji ... Life Goes On

SCROLL DOWN TO OTHER WEEKEND READING. 
♠ Leadership and the Economy by Biman Prasad  ♠ Turbulence in Paradise by  Rajendra Prasad ♠ Fiji Rugby and the NZ Government by Charlie Charters ♠ Why Review the FNPF Act (official release) 

Allen Lockington is a self-employed customs agent and business consultant who has regular articles published in Fiji. I thank Allen for permission to reprint some of them in this political blog. They remind us that life goes on, whatever the political situation. And it's good to know that.

FNPF Truth

There have been a lot of negative stories about the FNPF. 


A few years ago a good friend told me to buy a home so that at least I could use part of my savings. He said that in time to come when I retired FNPF will give me a promissory note telling me that they own me so much money and it would be written on a piece of cement block. 

Well, I attended a presentation by the CEO Mr. Aisake Taito where he laid out facts and figures on the status of the fund.  It seems that  if we were to continue  as we are, some time in the future there will really be no money. Our fund has been labeled “generous” in that if a person puts  $100,000 in, he will get $1,000 per month. His contribution would be exhausted in  a  little over eight  years. Thereafter, for his pension to continue, it would have to be funded by paying members.

I was a critic of the fund because it has been badly managed. Today we need to relook at and overhaul the way we pay out pensions for the fund to stay alive. A retiree can take all his money and go. But there is evidence that many people have gone back to the social welfare department asking for assistance after they squandered their money.

Every earning person today has to bite the bullet and take what is offered,. We all know that the fund had been managed badly and hence the present situation.

But full marks to the FNPF management for telling us the truth. I look forward to the public forum that will be held in Lautoka in two weeks time.

Comments

Independent Advice said…
Ah ha, Allen. but are they - FNPF - telling us the TRUTH?
What interest have they in telling the truth? Transparency is not in their interest and it never will be: they have too much at stake (not to mention personal allowances and benefits and worse, the considerable expenses of favored consultants). Who has appointed these consultants? The Stakeholders? Bet your life they have not!

Why are so many conflicts of interest apparently in play here? We are talking about the viability and the sustainability of Fiji's Families- no less than this!

Always demand independent advice on matters financial and NEVER allow anyone to lie to you twice!
Anonymous said…
"Well said Independent Advice""!
Credibility and Confidence are elements that are missing here.
Looking after the sick, elderly, disadvantage is the role of good govt... FNPF was a lump sum scheme..not a pension scheme..pensions were only voluntary...with contracts not honoured...fewer taking pensions will increase burden on govt's social assistance. Maybe dont offer pensions any more...but not honouring contractual arrangements will discourage new retirees from taking pensions...lump sum squandered and they will be dependent on Govt social assistance..think about it that way...look forward..at the problems ahead , not backwards and who to blame for a change..
Isa Ko Viti
Day of Wrath! said…
From Winnie Ille Pu - A.A. Milne and translated into Latin by Alexander Lenard

"Winnie the Pooh"

A lament for the money that has been purportedly expropriated from Fiji's National Provident Fund (under the Rabuka & Qarase-led three Governments, possibly the one year Chaudhary-led government and even more of late?).

Dies ille, dies Lunae
Semper venit opportune (Oh yes!)
Rogo vos et quaero id:
Quid est quod et quod est quid?

Once upon a time no translation of this would have been required. Within the Civil Service of Fiji there were many classical scholars who would have known "What is What".

Does it remind us maybe of the "Dies irae, Dies illa" prayer recited or sung in Latin at Requiem Mass: Day of Wrath!

Oh yes!
Gabriel said…
The truth is at the original rate of 25 % people were estimated to live for only another 4 years after which their contribution would run out and their pensions would be subsidised by others. How could the original staff and board have made such a mistake. The financial illiteracy of politicians was also busy at work thoughtlessly approving huge loans and a growing list of approved withdrawals.The perks to staff should also be disclosed. The case against the former CEO and his Deputy is probably only the tip of the iceberg.Where there is a huge pile of money the element of greed inevitably comes into play. And what of our values of honesty and integrity supposedly taught by the Churches? The responsibility of religious leaders as guardians of our values should also be investigated.

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