#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: FNPF Draft Decree 2011: Regime taking total control

Wednesday, November 30, 2011

FNPF Draft Decree 2011: Regime taking total control

Dr Wadan Narsey

The illegal Military Regime is now passing around a Draft FNPF 2011 Decree, for comments from selected people.

The Draft Decree has references to “codes of conduct” “transparency” “duty” to FNPF Members, duty to become a whistle-blower who will be protected, etc., etc., etc.

But quietly put in all the sections to do with the real control of the money flows, are  clauses which ensure that the “Government of the Day” and FNPF Board can do virtually anything they want to, with the life savings of the workers of Fiji.

The 7 member Board will be all appointed by the Minister.  There will be no direct representatives of FNPF contributors, or FNPF pensioners or  employees or  employers.

The Board will not be Trustees but shall “own” all the assets of the Fund and be free to do whatever they want, establish whatever policies and procedures they want.

Sorry, that’s not strictly correct: the Board will have to implement whatever is required through “a written law” (yet to be written). By whom, did you ask? Ha ha ha.

The annuity (pension rate) to be paid from the Retirement Income Fund will be reduced to 8.7% single pension rate if you retire at 55 but the rate will slowly rise if you retire later- going up to 12.3% if you retire at 70.

The Board will also be given the powers to vary the annuity as and when they see fit (i.e. no need for elected Parliaments), with frequent advice from actuarial experts (who are how so fortunately guaranteed regular incomes from the FNPF).

And if the “Retirement Fund” makes a “surplus” (why on earth should it?) then the surplus goes to the General Fund, where the Board can dispose of any amount, as they wish.

Stuck somewhere is also a statement that the Board must ensure equity not just between different classes of fund contributors, but also between annuity receivers (i.e. pensioners) and current contributors.  i.e. this is the clause that will be used to reduce existing pensions, no doubt once the new Board has all the new “powers”.

Promontory had recommended there be a separate Retirement Income Fund solely to pay for the annuities, and the General Fund which would manage the workers savings as they came in.  This made sense for the future.

But the Draft FNPF 2011 decree also recommends (Clauses 86, 87 and 88) the setting up of a strange undefined “Supplementary Fund”.

Read closely the Draft Decree about how this “Supplementary Fund” is to be set up (where the money is to come from), and how the funds are to be used, including, a reference to “a written law” (yet to be written).

Pensioner might ask themselves:  if this Military Regime can trash already existing contracts between the elected Fiji Parliament and pensioners, why won’t it trash any future contract with future pensioners, allegedly governed by the Draft FNPF 2011 Decree?  Indeed, who can trust this Military Regime to keep any contract?

Quiz for pensioners:  will the FNPF 2011 Decree change anything at all at FNPF?

The current FNPF Board and Management has been appointed by the same Military Regime that is drafting this FNPF decree.  Answer “Yes” or “No” to the following questions:   

Anyone answering “Don’t know” to any of these questions, go back and bury your head in the sand.  Don’t bother answering question 20.

1. Is the primary concern of the current FNPF Board and Management your interests?

2. Is the current FNPF management giving you  all the relevant data and Reports you need to make your own assessments?

3. Will the FNPF Board and Management give you the Consultants’ Original Draft      Legislation on the FNPF 2011 Decree, so you can compare and ascertain what Khaiyum and his lawyer mates have made changes to the original draft?

4. Have Bainimarama and Khaiyum been really up-front and honest in giving you all the reports on the misuse of FNPF funds by the FNPF Board members?

5. Have the FNPF Management got expert legal advice that all that pensioners have with FNPF is an “agreement”, not a “contract”?

6. Has the Reserve Bank of Fiji been successful at restraining the irresponsible lending and investments by the FNPF, and looking after the legitimate interests of FNPF members such as its foreign investments?

7. Is the Reserve Bank going to recommend that the FNPF Board has majority members directly elected by FNPF contributors and pensioners?

8. Has this FNPF restructuring anything to do with the alleged reasons for the coup: removing corruption, bringing racial equality, one man-one vote?

9. Have the FNPF contributors and pensioners asked Bainimarama and Khaiyum to do all this drastic restructuring with their pension fund?

10.  Are Bainimarama and Khaiyum  restructuring FNPF because they care about            workers and pensioners?

11.  Is the FNPF a welfare organization where those receiving less than $100 per month will be “topped up” at the expense of the pensioners whose pensions have been cut?

12. Is the return of 8.7% on your lifetime savings a FANTASTIC RETURN, with inflation running at more than 5%, and likely to rise even more with the irresponsible increased government expenditures on salaries, without any real growth of the economy?

13. Will the jovial illegal President of Fiji sign the FNPF 2011 Decree?

14. Will the jovial illegal Presidents’ mates continue to happily socialize with him at       the Defence Club and Fiji Golf Club, and parties organized by embassies, international and CROP organisatons, universities, NGOs, etc etc?

15. Can you question anyone in power about your FNPF pensions and Fund? Illegal President? Illegal Prime Minister? Illegal Attorney General?

16. Can you freely discuss the Draft FNPF Decree publicly in Fiji?

17.  Does the Military Regime really believe in the Charter principles of    accountability and transparency?  (What? You have not read the Charter yet? Oh dear.)

18. Does the Draft FNPF Decree indicate that the Bainimarama/Khaiyum Regime will give up control of Fiji, FNPF, etc after the free and fair one-man-one-vote “elections” in 2014? (hee hee hee).

19. Will Fiji workers now have to work much harder in order to save for their retirement?

(If you don’t know this answer, read George Orwell’s Animal Farm- available free on the internet- and note especially what Napoleon, Squealer, and Raven did after they took over the farm allegedly for the welfare of the farm animals.  (Who do Napoleon, Squealer and Raven remind you of?  Of dear, what a tough question.)

20Will Fiji’s smart lawyers and accountants and even former FNPF management rush up to analyze the Draft FNPF Decree so as to enlighten the ignorant FNPF contributors and pensioners?

21. Is it “time out” for those who have been bashing their heads against the wall for the last decade, with little support from FNPF members who slumbered? 

FNPF Decree 2011A
http://www.mediafire.com/?5qddopboi3e1obl 


FNPF Decree 2011B

FNPF Decree 2011C
http://www.mediafire.com/?lrlq7kor26vflxm 

FNPF Decree 2011D
http://www.mediafire.com/?wv4c39br8efityr 

FNPF Decree 2011E
http://www.mediafire.com/?bb9h2puvddrbzlv


FNPF Decree 2011F
http://www.mediafire.com/?n9x7o0ub8o9pk6d 

FNPF Decree 2011G
http://www.mediafire.com/?r3q7o53c38lmto4 

28 comments:

Anonmouse said...

The workers of Fiji are still waiting for their hard earned money to run out before they act. I am truly sorry for them but I guess they deserve it for the way they allow themselves to be led to the slaughter without the slightest of struggle.

Anonymous said...

yes...it is heartbreaking to read this ...but Fiji deserves what they are going to get. Keep grogging....keep sleeping while you loose it all. You were complacent , you thought coups were ok. Sayonarra to all. Good night and goodbye.

mark manning said...

It's believed that only a handful of guards were at the concentration camps on any given day as the Jews acquiesced, to their own detriment !

In the Warsaw Ghetto, they resisted and many survived consequently.

Fijians are indeed being lead to the slaughter without even resisting. It's pathetic in this day and age, especially when you see what has taken place in the middle east recently.

Anonymous said...

The fijians always supported coup because they were anti indian.
Now reap the benefits and enjoy black tea and dalo

Anonymous said...

Libya can call general election within 11 months after Gadaffi was thrown out. WAKE UP FIJI. you can do it! Kick this arse hole out.

Maciu K said...

With Provinces and villages presening publicly their apologies (matanigasau) to the illegal regime what do i expect???? Keep apologising while you get shafted left right and centre. Incredible slumberers.

Salute to Ro Teimumu and Tui Cakau for publicly criticising the dictatorship but should be followed up with stronger and effective opposition.

Obama's recent announcement of refocusing policies and presence in the Pacific adds USA's presence and involvement in our region. Amongst other objectives USA wants to promote democracy. May present assistance people can use to oppose the dictatorship.

Bob Lee Swagger said...

THIS ILLEGAL GOV SURVIVING ON FNPF MONEY, HENCE NEW FNPF DECREES TO ENHANCE THEIR IRON GRIP ON PENSIONERS MONEY WHILE REDUCING PENSION PAYMENT. ERA NA MATE YANI NA PENISENI SE VO TU GA MAI NODRAI LAVO.

Clan of Ten said...

Mark manning and Anons

Don't be stupid. Active resistance by a few will not help you, them and us. You have not met the conter attack of the Fijian soldiers on resistance groups in any mission areas they have been to.

Its merciless, full stop.

If the Hezabollah, and the PLOs can be cautious of attacking the Fijians with all the heavy weapons they have, how can a small group like yours stand the might of the Fijians, especially, when we know that the economic development we are enjoying will come to naught, through your interference.

Today we the majority are supporting this governent.

Remember this is our time to enjoy what we have been denied since the 1874. This is our time to reap the answers to our prayers. This our time to turn Fiji into one of the
most and fast developed country in the world.

So please, keep your distance and enjoy a longer life time.

May God Bless Fiji.

Clan of Ten.

The Oracle said...

We deserve what we get. As Wadan Narsey says, we have buried our heads in the sand for too long.

The FNPF CEO is dictating terms to those who pay his wages - the FNPF members. With the backing of the military government he has become so arrogant - he was seen on TV telling a Suva meeting of pensioners that he would return to tell them about the positive feedback he has received about his changes at FNPF. This, despite the fact he was facing an obviously hostile crowd.

Then he goes on to say that the FNPF will not be dictated to by a few thousand members. But it will be dictated to by a handful of Bainimarama government chosen "custodians" on the Board.

And now, the Board wants to "own" the funds and be given the power to use the funds as Board Members wish. There doesn't seem to be any provision within the Decree in draft form for the same Board members to be liable for their misuse/abuse of those funds.

The beauty about television is that you get to see a person and from the FNPF CEO's demeanour, his "sneaky" look and "beady eyes" provided an insight to the type of man he is (or isn't) - a coward,filled with false courage stemming from the military might behind him.

For all the prayers we've offered, it's no longer worth asking God to Bless Fiji. God is waiting for us to get off our butts and do something ourselves.

Anonymous said...

Millions of workers in UK going on strike for this same reason.
About time we in Fiji did the same thing.

Anonymous said...

As Dr Wadan Narsey is an acedemic whose views are read by many perhaps it would be useful if he could answer some questions to assist pensioners in understanding the situation better;

a) Is the new return of 8.7% per annum on someones pension savings at retirement age 55 reasonable considering the present economy ?

b) If I was to take my pension savings out of the scheme at retirement age 55 where in Fiji can I invest the money safely to get a better return than 8.7% ?

Anonymous said...

Fiji is getting what they deserve- God only helps those who help themselves and it is time people with courage stand up and kick out all our so called leaders who are doing nothing but ass licking like the dumb fijians till the next dictator comes along.

Fijians & Indians are both lamusona and only a strong brave kailoma like Burness will lead the fight for freedom and democracy.

Remember people it only takes one small spark to get the freedom and democracy movement on the go in Fiji.

Stand up & fight what you worked hard for all your life instead of accepting what the military dictatorship is proposing.

Joker said...

@Clan of ten

I hope you will sing the same praises after the FNPF has gone kaput and all your life savings with it.

Its not about attack its about protesting. What kind of counter attack an army does against unarmed civilians protesting for their rights? More like thuggery then a military counter attack.

Anonymous said...

FNPF Pensions.

UK Pensions Reform

BBC, CNN, World News is broadcasting live UK public servants strike and protest ( wlak out their jobs) against workers pension reforms.

What are Fiji workers doing..........our hard earned money will now be in the hands of the dictator.

We have no say and no reps........

Good bye love, hello sadness, our money is going to madness.

In a way Fiji people deserve it, they always go with the flow...no guts to resist.

KAI VIVILI said...

Wadan Narsey should stop getting his panties tied up in a knot.

One of two things will happen:
1.) There will be elections in 2014, and a democratic govt can change the FNPF laws if the people want.

2.) There will be no elections in 2014, in which case it doesn't matter what you do now and complaining won't help... we'll all be fucked anyway, and we'll have to wait a decade or so until unemployment and poverty causes people to be angry enough to revolt.


- A realistic and practical Fijian

Radiolucas said...

@ Clam of ten

There are only ten of you. There are many, many more of us. You and your ten will eventually reap what you sow - and I doubt that you will like the harvest.

Munna said...

Question 14 about the Prsident socialing with his mates ??

What has that good to do with the price of fish ??? or FNPF pnsions for that matter.

Show's Wadan's bias but then he is a politician after all !!!

Anonymous said...

@clan of ten
If the Fiji contingent in South Lebanon was the best and feared by the Hizbollahs and PLO then why were they removed and replaced by an Indian Contingent for reasons of.......wait for it ???......being inefficienct and sloppy, under the overall watch of Baini.

Anonymous said...

Pensioners question pension legality

Wednesday, November 30, 2011

http://www.radiofiji.com.fj/fullstory.php?id=41761

Pensioners have questioned the legality of the new pension rate.

The Fiji National Provident Fund held a public consultation at the Civic Centre in Suva where a majority of pensioners voiced their concerns.

Seona Smiles says FNPF’s new rate is illegal.

“36% is going to lose by the new arrangement are basically being punished for a lack of inaction and a lack of accountability and a lack of transparency by the FNPF – we should not be punished – there is a legal action in front of the court and I wonder what best practice advices changing the law while the matter is still under consideration in the court”

Another pensioner claimed that the forum is a formality as the pensioners views is not reflected in the new FNPF Decree.

The consultation must come in before you come up with the scheme – there is nowhere where we can give in our opinion or our input _ I wonder if all this is legal – No -I don’t think so”

David Burness, who has taken the FNPF matter to the court also criticised FNPF for not honouring the initial agreement which was made when they first joined FNPF.

“You cannot touch the current contract – you cannot amend it and yet today you are here standing and telling us that you going to cut it by certain percent – you are offering nothing – we did not contribute all our money for the whole working life into a bank – we put our money in our bank to use on a daily basis -we put our money into FNPF to sustain us for the rest of our life – you have taken that sustainability away from everybody in this country”

Meanwhile, FNPF Chief Executive, Aisake Taito says pensioners who are receiving less than $100 will receive $100 and those recieving between $100 to $300 a month will still receive the same amount.

He says FNPF will refund the actual amount to pensioners and it depends on pensioners if they wish to rejoin the new pension scheme.

Report by : Dev Sachindra

Anonymous said...

Govt focuses on reducing deficits

http://fijivillage.com/?mod=story&id=30111156fbbff6d72a102ebab177d3

The government is now focusing on reducing deficits and maintaining an efficient market for government securities and prepaying expensive loans.

Government bonds have been mostly taken up by FNPF and insurance companies.

The total government debt stood at $3.5 billion as at September 2011 compared to $3.4 billion in 2010 and $3.1 billion in 2009.

FNPF continues to be the government’s leading local creditor holding 76% of total government bonds.

The total outstanding domestic debt at the end of September this year stood at $2.7 billion.

According to the 2012 National Budget documents released, government’s external debt level continued to increase over the years with the disbursed outstanding balance totaling $548.5 million at the end of 2010.

This is an increase of 4% when compared to 2009 levels and is mainly attributed to disbursements for on-going projects funded by the ADB and the EXIM bank of China.

As at September this year, external debt stood at $806.7 million, representing an increase of $258.2 million.

The major increase was attributed to the Global Bond of US$250 million issued in March this year.

Story by: Vijay Narayan

Anonymous said...

Vinaka Dr Narsey. I take it that the retirement age will now be 70?!!

Fiji Democrat said...

What happened to the firm commitment by Finance Minister Jim AhKoy to introduce private pension schemes to compete with FNPF? Maybe they would not lend so much to Government and not be at Governments beck and call when Government was short of cash!?

Rishab said...

People seem quite confused as to who owns all the money in the FNPF...remember it is a government guaranteed government sponsored scheme. Employees only pay half the contribution hence they cannot claim total ownership of FNPF assets. Only because it is a gov sponsored scheme is why employers pay the other half which is in effect a tax on the employer. If it were a private fund only the employee would make the contributions coz it only benefits them and coz they can also not force the employers to pay part of the contribution. Given this fact, go government indirectly owns half of FNPF and it has always been governments piggy bank from where gov deficits have been financed.

Since it is government guaranteed gov also has to ensure that its guarantee does not become an actual liability hence it tries to determine the pension rates etc./

If people want government to not have any role in the pension fund and the Board listen to the members only then two important aspects need to be changed. Firstly, the government guarantee has to be removed. This means gov will have no say in the workings of FNPF and will not assist in any way if the Fund becomes insolvent. Secondly, the employer's contribution has to no longer be mandatory since it is a tax. Unions and individuals employees should be free to reach a deal with their employers on the superannuation arrangement.

Only then can government interference be totally removed from FNPF. But the question is are people willing to let go of these privileges?

Anonymous said...

Jim Ah Koy is NOTHING but a bullshit artist and a conman!!

Anonymous said...

@Rishab said... 7:53PM
What you are saying is of course an option and the success of any system is going to rely upon those managing it in the present economic enviroment.

Personal pension systems independent from goverment are common and unfortunately some of these have also gone bust with members losing absolutely everything.

Due to the 'risks' involved there is then a necessity to have these systems run under legislation and that has to be determined and controlled by the goverment of the day.

Anonymous said...

"YOU GIVE GUNS TO MONKEYS THEY ROB YOU OF ALL YOUR PEANUTS" Experience from where...lebanon???...you mean making deals with terrorists and raping their women while giving them UN rations to look the other way??? Fijian Soldiers only have experience of being "THUGS" any where they are deployed, now they are doing it back home. Its not a case of only one bad apple but loads of bad apples now corrupting our lives.Fiji Soldiers are POOFTERS WITH GUNS an IGNORANT NUTCASES!!

QEB Freak said...

Clan Of Ten

Is it trues that Fiji soldiers serving in peace keeping overseas first brought HIV AIDS to Fiji?

Why was it that the Bangladeshis were brought in to replace the Fiji soldiers in the front line against the Hisbollahs?

Anonymous said...

Anyone knows if Narsey was a member
of Parliament at one time or another?