Re­gional work­shop aimed at im­prov­ing pen­sion sys­tems opens to­day at GPH

Fiji Sun - - Business - RACHNA LAL Feed­back: rach­nal@fi­jisun.com.fj

Fiji is to­day host­ing the first re­gional work­shop on im­prov­ing so­cial pro­tec­tion roles of Pa­cific Pen­sion Sys­tems held at the Grand Pa­cific Ho­tel in Suva. The two-day work­shop ti­tled ‘Strength­en­ing Pen­sion Sys­tems and Health Cov­er­age in the Pa­cific’ will ad­dress ad­di­tional chal­lenges faced by pub­lic pen­sion sys­tems in the re­gion. The At­tor­ney Gen­eral and Min­is­ter for Econ­omy, Aiyaz Sayed-Khaiyum, will de­liver the key­note ad­dress to of­fi­cially open the work­shop. The Asian De­vel­op­ment Bank, with the sup­port from the Pa­cific Pen­sion & In­vest­ment In­sti­tute in San Fran­cisco, USA, and other de­vel­op­ment part­ners, in­tend to raise aware­ness on is­sues af­fect­ing the per­for­mance of Pa­cific re­tire­ment funds. This is with a view to strength­en­ing the fi­nan­cial po­si­tion of th­ese funds so they can, in time, pro­vide re­tire­ment in­comes to con­trib­u­tors through their re­tire­ment. The Fiji Na­tional Prov­i­dent Fund and the Asian De­vel­op­ment Bank are jointly host­ing the work­shop as part of both in­sti­tu­tions cel­e­brat­ing their re­spec­tive 50th An­niver­saries. This work­shop presents FNPF the op­por­tu­nity to en­gage stake­hold­ers and Pa­cific part­ners.

This is to ini­ti­ate dis­cus­sions on how re­tire­ment funds could pro­vide health in­sur­ance to its mem­bers and their de­pen­dents as an av­enue to strengthen their so­cial se­cu­rity role. The fo­rum will bring to­gether se­nior ex­ec­u­tives of re­tire­ment schemes as well as reg­u­la­tors to ac­tively par­tic­i­pate in dis­cus­sions on key is­sues con­fronting the Pa­cific pen­sions com­mu­nity. It is with the hope this fo­rum pro­vides the im­pe­tus for on-go­ing col­lab­o­ra­tion be­tween Pa­cific reg­u­la­tors of pen­sion funds.

FNPF an­niver­sary

The Fiji Na­tional Prov­i­dent Fund Pen­sion Scheme will be talked on and ex­plained as a Pa­cific ex­am­ple dur­ing the work­shop. This year, FNPF cel­e­brates its Golden An­niver­sary af­ter 50 years of op­er­a­tion as Fiji’s only su­per­an­nu­a­tion fund. FNPF has been of­fer­ing life pen­sion since 1975 to re­tirees un­der in­ca­pac­i­ta­tion and oldage re­tire­ment as well as spousal nom­i­nees of mem­bers who die be­fore an en­ti­tle­ment event. The jour­ney un­der­taken to re­form the ini­tial un­sus­tain­able de­sign of the Pen­sion scheme lead­ing up to the fi­nal strate­gies em­barked on in the 2011-2012 re­forms of­fers in­sights and lessons for other re­gional economies. In ad­di­tion, the Fi­jian Govern­ment has

un­der­taken strate­gies to strengthen the cov­er­age of so­cial wel­fare as­sis­tance pro­grammes in an ef­fort to pro­vid­ing in­come se­cu­rity for the old-age and Fiji’s most vul­ner­a­ble.

The Fiji Na­tional Prov­i­dent Fund and the Asian De­vel­op­ment Bank are jointly host­ing the work­shop

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