Reforms on the pension returns scheme would be beneficial to everyone.
These are the words of Fiji National Provident Fund chairman Parmesh Chand who is currently heading a review into the scheme for sustainable returns.
Chand said the review team would not like to say how much the pension returns or annuity rate would decrease by however they will ensure it is at a rate that benefits both the Fund and its members.
Chand clarified that the review team will be looking at the rate or how much on a monthly basis each person will get during retirement from the FNPF.
If the amount is larger per month, it would take a shorter period of time to finish your total amount in the Fund, if the amount is smaller, therefore it can be sustained over a longer period.
The review, which was last done 10 years ago, is expected to take three to six months.
Pensions scheme reform to benefit everyone
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