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$3.1b balance

Ropate Valemei
Friday, January 04, 2013

THE Fiji National Provident Fund recorded a 5.6 per cent increase in the total balance of members' accounts for the financial year ending June 30, 2012.

Totalling $3.1billion, the fund said this was an improvement to the total balance of $3b in 2011.

According to the fund's annual report 2012, total contributions reached $317.3m — averaging $26m per month.

"This was an increase of 4.5 per cent from the previous year's collection of $30.5m," the report said.

The report said members for the last financial year totalled 372,831 compared to 368,186 in 2011.

"This was an increase of 1.3 per cent.

"The balance of unpaid contributions was $8.9m at the end of the financial year compared to $8.2m in 2011.

"This was an increase of 8.5 per cent."

The fund was working with government agencies and employers to pursue smarter ways of compliance.

The report also revealed a total of $5.4m was transferred to unidentified contributions last year which was an increase of 32 per cent compared to $4.1m in 2011.

""The increase is attributed to insufficient and inaccurate information supplied by employers for its contributing workers and unregistered members that are in the workforce," the report said.

"The fund continues to work with employers to ensure those unidentified contributions are minimised through proper identification of the owners of those funds."

The report said another $3.2m was transferred to the Unclaimed Deposit Account for members over 65 years of age whose accounts had been inactive for more than 10 years.

For withdrawals, a total of 11,112 members fully withdrew their savings, totalling $180.4m compared to $172.1m that was withdrawn by 12,648 members in 2011.

"A total of $37.8m was paid out to 2512 members withdrawing under the migration scheme," the report said.

"Under the Special Death Benefit, $8.7m was paid out compared to $9.8m in 2011.

"All eligible members pay a premium $35 annually to qualify."

The total paid out for housing withdrawal last year was $40.2m for 3914 members compared to $33.3m for 3662 members in 2011.

Of the applications approved, 43 per cent were for members applying under the village scheme totalling $5.1m.





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