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Taito: Fund on right track

Siteri Sauvakacolo
Tuesday, May 06, 2014

THE Fiji National Provident Fund says it approves loans to Fiji Airways because it gets a good return.

FNPF CEO Aisake Taito made this remark in a presentation to Catholic teachers at Bemana, Navosa, last week.

"FNPF gets an 8.75 per cent return as opposed to term deposit returns of one to 2 per cent from banks.

"Fiji Airways gives back $12million in returns to FNPF in a year," he said.

"It also boosts hotel occupancy rates and a greater capacity for increased tourist numbers.

The FNPF team visited the teachers to talk about the fund's services and member benefits.

Mr Taito said the fund was on the right track.

"There is a net surplus of $293million and a positive pension result of $7m — the first after 25 years.

"We also have a write- back on investments of about $23m and an increase in fund membership of 3181,303.

"There is also an increased contribution collection of $343.1m and it strengthens governance reduced risk rating by the Reserve Bank of Fiji."

Mr Taito reassured members that the FNPF was in a strong and sound financial position and that members' money was safe and secure.

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