FIJI - Members of the Fiji National Provident Fund (FNPF) will benefit from a 0.25% increase in the interest rate credited to their accounts.
FNPF Chairman Anare Jale said, “the increase in interest, from 6.25% to 6.50%, is attributed to the improved returns earned from investments that have been prudently undertaken by the fund.”
He added the future looked positive for the FNPF and its members since the fund aims to further diversify its portfolio.
“This is a positive result for the fund which reflects the commitment by management and staff in ensuring the improved returns for members,” Jale continued.
Statistics released in May 2006 showed increases in membership registration by 32.60%, contribution collected by 7.94%, investment income by 21.37% and members fund by 6.80%, in comparison to the same period last year.
By Angele Spiteri Paris
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.