Pensioners question pension legality

Pensioners question pension legality

Pensioners have questioned the legality of the new pension rate.
The Fiji National Provident Fund held a public consultation at the Civic Centre in Suva where a majority of pensioners voiced their concerns.
Seona Smiles says FNPF’s new rate is illegal.
“36% is going to lose by the new arrangement are basically being punished for a lack of inaction and a lack of accountability and a lack of transparency by the FNPF - we should not be punished - there is a legal action in front of the court and I wonder what best practice advices changing the law while the matter is still under consideration in the court”

Another pensioner claimed that the forum is a formality as the pensioners views is not reflected in the new FNPF Decree.
The consultation must come in before you come up with the scheme - there is nowhere where we can give in our opinion or our input _ I wonder if all this is legal - No -I don’t think so”
David Burness, who has taken the FNPF matter to the court also criticised FNPF for not honouring the initial agreement which was made when they first joined FNPF.
“You cannot touch the current contract - you cannot amend it and yet today you are here standing and telling us that you going to cut it by certain percent - you are offering nothing - we did not contribute all our money for the whole working life into a bank - we put our money in our bank to use on a daily basis -we put our money into FNPF to sustain us for the rest of our life - you have taken that sustainability away from everybody in this country”
Meanwhile, FNPF Chief Executive, Aisake Taito says pensioners who are receiving less than $100 will receive $100 and those recieving between $100 to $300 a month will still receive the same amount.
He says FNPF will refund the actual amount to pensioners and it depends on pensioners if they wish to rejoin the new pension scheme.
Report by : Dev Sachindra

Comments

Better Company.....by far! said…
Questioning the legality is one thing. Questioning a document constructed on the basis of its being

'Transitional'

is surely another? Now where did that come from? This world....or the next? We'll opt for 'the next'! The Company is better by far!!
Anonymous said…
Burness just got shut down by decree.
Its 1873in 2011so Burness can thak his lucky stars he did not get clubbed into submission.

How ingenious," Those who don't like it can withdraw their money" For those who are on the 25% pension and have lived more than 4 years, they have a zero balance. In fact, using the same logic, don't you think these people should pay back what monies they have taken over and beyond what they put in?

Nothing is sacred in Fiji.
miscalculated said…
For pensioners on the 25% pension rate or thereabouts who reached their use by date years ago, still going strong and determined to depart this life only when they drop dead, have the authorities in the FNPF worked out by what year they are likely to be all dearly departed and the total value of their lives to the FNPF by then? How many are now over 70years of age and how much longer are they likely to live and at what cost to the FNPF. Will the total amount be absolutely unsustainable or will there still be room to manouvre. Will it be possible for instance to have incremental reductions annually for those currently in the upper percentage range.No one will live forever. FNPF have made miscalculations before and should be absolutely certain they do not make any more miscalculations not only with pensioners' money but also pensioners' lives.
As a matter of interest, how many women are involved at the final decision making table at the FNPF? Have the perspective of women been fairly and democratically considered regarding the huge reduction to some of their FNPF ? Where the daily lives of families whether poor or rich are concerned, the voice of women must be given a fair opportunity to be heard. If not, then decisions are not fair and should be suspended, reviewed and revised.

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