lawrenceI AM referring to FNPF’s AGM Prime Services response to another correspondent in The Fiji Times dated 20/02/14.

Mr Nagataleka is stating that the FNPF board seriously regards its fiduciary duties to always act in the best interest of its members to ensure their retirement savings are secure.

To be able to successfully achieve this goal, FNPF must ensure that all of its members’ FNPF contributions deducted and paid in by employers throughout Fiji are verified and posted to members’ respective accounts.

Contributions that get posted over the members working life with interest would eventually become the calculation figure for pension, part pension or lump sum payment whichever members may choose to opt for at their retiring age.

Apparently this has not been the case for many years now.

Millions of dollars are being transferred to unidentified accounts each year commonly referred to as the “suspense account”.

This is because in many cases FNPF is unable to verify contributions received against the employees names in the official monthly forms submitted by employers.

After a period of 10 years, all unidentified contributions are transferred to “FNPF Reserve Account” thus certain employees lose part of their hard earned money forever.

At the end of the working life of such members their account balances may not reflect the true amount as some of it is lost to FNPF Reserve Account.

The FNPF web highlights thousands of names of workers whose contributions are still not posted into their respective accounts.

So, may I ask Mr Nagataleka, if he could tell us what necessary steps are being taken to rectify this anomaly particularly with the compulsory implementation of TIN and the introduction of voters registration cards in Fiji that helps in identification of people.

Lawrence H Narayan

Advertisements