The Cook Islands Chamber of Commerce is welcoming the abolition of the MPs superannuation fund and the setting up of a national scheme.
The chamber's president, Ewan Smith, says the MPs' old fund was an albatross which was bleeding substantial sums of taxpayers' money, and should have gone years ago.
Mr Smith says MPs will now be on an equal footing with everybody else in the national superannuation fund, which is a step forward for the country.
"It conforms pretty much to the best type of practice that we see internationally now and it's certainly a feature of modern workplace which is something that we would want to see here. Retaining people and making people feel happy about staying and working in the Cook Islands is something that we want to achieve and people do want some security from a superannuation fund."
Ewan Smith, the president of the Cook Islands chamber of commerce.
