The review of the FNPF Pension Scheme is expected to be completed by the end of next month.

The FNPF board has appointed an Australian company, Mercer to be the consultant to review the scheme.

Chief Executive, Aisake Taito said the review is part of the reforms to ensure that pension remains viable and sustainable in future.

Reviews conducted by the International Labour Organization in 1997 and 2006 have recommended the reduction to the rates.

In 1999, FNPF reduced this 1 percent every year from 25 percent to 15 percent last year.

According to Taito, similar assessment by the World Bank last year suggested that the 15 percent rate was still not sustainable for the Fund and needs to be reduced further.

He said without pension reforms, members will experience an eroding pension scheme.

FNPF said that majority of pensioners have outlived their pension, with some earning more than three times their balance on retirement.

Taito said this is unfair and inequitable and we cannot allow this trend to continue, as FNPF is not only for those pensioners already enjoying benefits but for future generations as well.