28 Feb 2012

3,000 still to switch over to Fiji's NPF new pension scheme

10:47 am on 28 February 2012

3,000 members of Fiji's National Provident Fund are still to switch over to a new scheme aimed at making the country's main pension programme more sustainable.

The new scheme starts on Thursday and the FNPF is encouraging all those who haven't yet validated their intentions, to do so before then.

Fiji media report about 8,000 of the existing 11,000 pensioners have signed up.

The FNPF's CEO, Aisake Taito, says those who have not validated by Thursday will not be able to move on to the new pension scheme and will not be entitled to a pension option nor receive any pension payments from next month.

The Fund says validation is mandatory even if people want lump sum payments.

The new pension rates start off at about nine percent.

Mr Taito says the FNPF has mobile counsellors deployed to various parts of Fiji and are visiting pensioners who are immobile to help them with the changeover.