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‘A good newspaper is a nation talking to itself’

Fiji 7s

Jaheed Buksh, Sigatoka

More questions and concerns are being asked and raised concerning the performances of our men’s and women’s 7s team.

Loss to FNPF pensioners Nadi

According to an article in the media, Professor Wadan Narsey refers to ‘$300m that workers lost because FNPF contribution was reduced’.

I would like to correct this statement. When pensioners’ contracts were cancelled in 2014, the $300m lost was specific to pensioners only. Please, let me explain!

In the June 30, 2000, FNPF Annual Report, valuation of liabilities to then existing members and contracted pensioners by its actuaries, were as follows:

Current members $3,525,771m (100%); Contracted pensioners $3,469,782m

(98.41%);

Excess $55,989m (1.59%)

NOTE: Industry recommended margin is 10 per cent. Very poor financial position.

In June 2014, FNPF had calculated the cost to cancel all pension contracts and refund pensioners the sums they had originally paid to buy the pension; either by cash refund or cost of the new annuity pensions – some as high as 50 per cent reduction.

It knew that they would make a profit of more than $300m to help its poor financial position as indicated above.

So, FNPF had made use of contracted pensioners’ money over these years. With annual interest of six per cent, this would amount to some $508m.

Prior to the reform, the FijiFirst government had legislated to stop a group of pensioners’ High Court cases, challenging the cancellation of the contract. Isn’t this contrary to that Government’s constitution? Over these years, pensioners have suffered significantly – dashing their planned dreams of a secure lifetime income promised by FNPF.

Instead, their living standards were severely compromised – some reduced to poverty. Many are unable to afford tertiary medical expenses now in their old age when they need it most. Their lives have been made worse by COVID-19 and the recent rampant inflation.

I have raised this issue at the FNPF Nadi public forum in January 2023 and asked them to have their board consider compensation. There has been no response yet.

It is time for our Coalition government to consider either reinstating our pension or distribute the $508m to then contracted pensioners and for deceased pensioners, to their estates.

All surviving pensioners should stand up and make representations to their parliamentarians and FNPF.

Should Government reverse Decrees and amend this unfair legislation to stop legal action, could a few caring civil rights lawyers revive our High Court case pro bono?

God bless and guide Fiji and our caring Government.

Fiji Development Bank Meli Matanatoto, Nadi

Why is it that the Fiji Development Bank fund a business owned by foreigners?

This should be looked at as the bank was founded on the principle of helping Fijian entrepreneurs, especially in the local agricultural sector.

It has gone beyond its founding principles, and it should be reined in as possible and investigated whether it has compromised the interests of our country.