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.
The Financial Conduct Authority (FCA) has fined Standard Life Assurance (SLA) nearly £31m after its practices led to conflicts of interest and SLA employees putting their financial needs above those of the firm's customers.
The government has launched a consultation on amending the contribution rules of the NHS Pension Scheme in a bid to mitigate the possibility of members hitting tax allowances.
Aviva has seen a 50% year-on-year increase in the number of enquiries from pension schemes that use investment and administration on separate platforms seeking to move to a bundled provider.
This week's Pensions Buzz respondents were unsure whether Guy Opperman will stay in post as pensions and financial inclusion minister under the new Prime Minister.