To Grey Power Editor
During the past week the AG has (on Australia Broadcasting Pacific Beat) accused the pensioners who are fighting to have their long standing legal pension contracts honoured by the FNPF, as doing so for political reasons, which is clearly utter nonsense.
To compound the error the FNPF CEO in a National broadcast stated the only people objecting to pension reforms were wealthy business people who had withdrawn more money than they deposited. The simple fact is that regardless of the total equity an individual has in the fund, if he or she signed for a pension at 25% and lived in excess of four years, they would have withdrawn more than they deposited. However Aisake Taito has failed to state that the equity of any person who signed to accept a pension but died within the first four years was kept by the fund and not the members beneficiaries.
The pensioners who are fighting for their legal contractual rights were paying into the FNPF when both the AG and Taito were still in nappies, at a time when the word of the FNPF could be trusted, when the law could be trusted and would not be changed on the whim of an individual.
All the available documentation from the consultants FNPF CEO Aisake Taito keeps referring to, appear to recommend that existing pensions not be tampered with due to the fact the pensioners have a legitimate and binding (on both parties) contract.
That being the case, the question that needs to be answered is “Has the AG intervened and suggested he would use the power of government to issue a decree to invalidate the legal contracts that were signed in good faith by both the pensioners and the FNPF administrators and have been in effect for decades.
If so, why? Because government is the largest debtor at almost 2 billion dollars and they do not have the funds available to repay this debt. The interest on this sum amounts to $160,000,000 (One Hundred and Sixty Million Dollars) per annum or $3,076,923 per week , or $18,360 every hour of every day, is it being paid ?, can the FNPF CEO give the members details of the payments. After all it is the members money, it is not governments money.
It is one thing to put into effect laws to protect the interests of the members and the pensioners, it is quite another to put into effect laws that will benefit the debtors and not the members whose equity/money it is.
Injustice anywhere is a threat to justice everywhere.
Martin Luther King, Jr.