THE Reserve Bank of Fiji is expected to draft a Superannuation Supervision Decree this year, it said in its 2011 annual report.
The report, released last week, said the bank would accelerate the drafting and approval of the decree this year in a bid to be consistent with best practice.
The proposed decree, will also ensure that the legislation to supervise the fund is administered by the RBF as supervisor, the report said.
The decree is believed to be an extension of the Fiji National Provident Fund Decree which came into effect in March this year.
"Part two of the decree provides for the supervision of the FNPF by the Reserve Bank. The RBF will continue to discuss and work closely with the FNPF on the implementation of the supervisory provisions of the decree," the report said.
In 2005, a report from the sector standing committee on economic services on the Fiji National Provident Fund Amendment Bill said they were informed by the RBF that the bank had already engaged a consultant to develop an Act for the supervision of the superannuation industry.
The Superannuation Supervision Act — as it was to have been known then, was anticipated to have come into effect from 2006-2007, the committee report said.