FNPF: A Disappointed Reader

peter said...
Croz
It is disappointing to read your views on FNPF.
You also appear to unaware of the Fund’s current revised proposal to phase in the cuts over time and shelter the lower pension sum recipients? Please see


http://www.myfnpf.com.fj/resources/uploads/embeds/file/FNPF_CLARIFIES_REFORM_160711[1].pdf

And also that Governments around the world have been walking away from their ‘legally binding’ unsustainable pension commitments for years. What FNPF is proposing is nothing new? Sadly it should have been done years ago.

What you are suggesting is certainly the ‘easy way out’ and “keeping friends” is what politicians have been doing for years in France, Spain, Portugal and the US etc. And now look at the financial mess they are in.

Do you think a future popularly elected Fiji Government would have the guts to carry out this reform which has been recommended by the World Bank, IMF, ILO etc for years, and well before this Government? I suspect if it is not done now it will never be and FNPF will become insolvent.

Should the Fiji pensioners of today be subsidised so that the pensioners of the future get less or even nothing? Do you wish the national pension fund to end up like Greece and living (paying out) beyond its means? I really don’t think so.

PS. You might like to ask Prof Narsey whether he is the recipient of an FNPF pension? And if so at what pension factor?

From Croz: Thanks Peter for bringing this to my attention.  I've "promoted" the comment to a posting so that more readers will see it. 

Comments

Son of Fiji said…
Croz... Peter makes a few arguments here which are the same as points I have replied to on another site... please see this link for the exchange...

http://fijipensioners.com/2011/08/02/professor-wadan-narseys-fnpf-articles-on-pacific-scoop/#comments

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