FIJI - The Fiji National Provident Fund registered a 42.86% increase in its return on investments over 2006 and saw its income increase from F$168m (US$100m) to a record F$240m.
Although the fund’s return hit record highs, the investment division claimed: “achieving acceptable returns continues to be a major challenge.”
Legislative changes to the FNPF Act in June 2006 allowed for a wider scope of opportunities and provided the division with some support to improve return.
The division attributed the increase in income to sales of the fund’s offshore equity funds. This resulted in substantial capital and foreign exchange gains.
In 2006, the fund’s assets totalled F$2.33bn which saw an increase of F$1.6m over the figure registered in 2005.
Contributions to the FNPF also increased by 9% over the year to F$245.7m.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point