MOU paves way for investment options
WITH an objective to encourage its officers to save and invest for their future, the Fiji Police Force yesterday signed a memorandum of understanding with Unit Trust of Fiji, enabling them to invest in the facility.
UTOF regional general manager and company secretary Sakiusa Bolaira said the MOU came with a lot of benefits.
According to Mr Bolaira one of the benefits of the MOU was the waiver of minimum opening balance requirement which meant that the members of the police force who signed up for the scheme could open their investment account with just $1.
“They also have access to investment advice from our UTOF representatives.
“We are also able to tailor-made the investment options for them.”
As an example Mr Bolaira said if they had a new recruit, an officer in the early 40s and someone nearing retirement.
He said these three different age groups had different objectives therefore UTOF would work with them to come up with a scheme that would benefit them.
“We work with whatever savings they have and under this agreement we will be deducting from their salary whatever amount they wish to invest.
“This is not going to be forced, it is all voluntary.”
He said the company's investment portfolio stood at $245 million with almost 23,000 investment accounts.
With the Fiji Police Force coming on board, Mr Bolaira said they were now looking at more than 7000 new investment account holders.
“The police force will be the 52nd company to sign up with us. So now with police force on board, we are now talking to 20,000 workers.
“Under the MOU, we at Unit Trust will also be allowed to talk to the recruits at the Fiji Police Academy for us to create an investment curriculum for the new recruits that come in,” Mr Bolaira said.
UTOF chief executive officer Vilash Chand said it was good initiative for the police force.
Mr Chand said the dividend from the investment with Unit Trust of Fiji was tax free, which was an incentive provided by the government.