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Written By : Wainikiti Bogidrau . We refer to letters by Mohammed Saif Shah (15/11) and Epeli Koroi (17/11).
The FNPF reiterates that its core function remains that of a superannuation fund. The primary objective of the Fund is to ensure that members’ funds are collected, invested, and saved to ensure that members are financially secure when they retire.
As trustees, FNPF board members are not only expected but required to exercise the highest degree of fiduciary care in the management and investment of the funds placed in their care.
This responsibility is cascaded through policies, guidelines and procedures which govern the operations of the Fund. These are reviewed continuously by the Board; to ensure that members have enough savings for retirement.
The Board understands that members require some of these savings for their personal needs thus the reason there are pre-retirement withdrawals such as housing, education and medical. However, it remains that the Fund is a retirement fund and savings are directed towards this purpose.
It must be emphasised that all applications are screened according to Board-approved guidelines and this is applied equally to all members, including employees of the Fund.
The Board is tripartite in nature and requires two representatives each from the Government, employers and employees. Parmesh Chand’s appointment is to fill one of the two Government places on the Board. His appointment as chairman was also formalised in accordance with the FNPF Act.