Page 23 - IB May 2024

Charting a Decade of Success:

The Fund has paid $2.3 Billion in interest to its
Unveiling the Funds Investment Triumphs Over the Last 10 Years members in the last 7 years and $3.1 Billion in the
last 10 years.

riginally established as a retirement fund, the FNPF has A testament of the Fund’s dedication to
diversified its offerings to include housing, medical, and financial excellence, is the impressive streak
Oeducation assistance for its members, all while remaining of consistent total returns over the past 10
steadfast in fulfilling its primary mission. For numerous years. With an average Return on Investments
members, the FNPF serves as a lifeline, providing essential of 7% in the last 10 years the Fund’s robust
support in times of need. For others, it is a symbol of financial investment strategies have not only weathered
security. Indeed, the FNPF embodies these roles and more. diverse market conditions but also delivered
Over the past decade, the FNPF has emerged as a significant commendable results, underscoring its resilience
force in Fiji’s financial landscape. Beyond its role as a prominent and effectiveness. This exceptional performance
investor, it has solidified its position as one of the nation’s underscores the Fund’s commitment to delivering
leading property holders. Through strategic initiatives, the FNPF strong returns to our members.
has upheld defensive asset investments while simultaneously
broadening its footprint in growth-oriented sectors including
telecommunications, banking, tourism, energy and beyond.
Today, the FNPF’s investments are spread out across different
sectors and types of assets, set up to make money for its
members.

Historical earnings for our members
makes a purposeful journey to FNPF Chief Executive Officer, Viliame Vodonaivalu.
retirement

We know that Members’ interest lies
in sharing profits responsibly and
equitably.
Interest allocated to members
represents the distribution of profits
accrued throughout the year. Interest
rates are set after confirmation by
the FNPF Actuary that they won’t
jeopardize the fund’s solvency
requirements. A higher interest rate COVID 19- its impact and how FNPF managed
indicates a robust Fund performance -
a track record that keeps the Fund When the global health pandemic crippled many economies in 2020 -2022, we
motivated to continue earning income stayed focused at the Fund. Our main goal was to handle our members’ funds
for its members. well and find good opportunities. With lots of people losing their jobs, we kept
All account types, be it compulsory our relief program going strong. The government pitched in a lot to support our
or voluntary, receive equal interest efforts. Despite the challenges, our teams worked really hard to change how we do
rates. Voluntary members can enhance things to keep everyone safe while still helping our members.
their contributions annually to benefit We never gave up on our promise to help our members. We ran 24 rounds of help since
from these interest distributions, which April 2020, giving support to almost 140,000 people and giving out over $405 million (FNPF
are tax-free. members funds ~$220M and Government top up $186M). We also helped out employers by
waiving penalties for over a thousand of them, totalling $6.2 million.
To keep up with the changes, we made our digital platforms better, like improving the
2014
Y
Y
F
Y
2013
Y
F
F FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 myFNPF App, so it’s safer for people to use. We also added live chat and short code numbers
2019
F
Y
F
2016
F
2017
Y
2015
Y
F
Y
2018
F
2020
F
Y
2021
2022
F
Y
F
Y
2023
6.
%
te
35%
Interest rate 5.50%50% 5. 75% 6% 6.25% 6.35% 6. 6.75% 5.00% 5. 00% 6. 00% 7. 00% to handle all the questions people had.
7.00%
6.35%35%
6.
n
25%
I
5.00%
5.
a
te
5.
00%
75%
6.
6.00%
r
6
e
t r
5.75%
s
t $
m
M
e
d
te
i
A
d
t cr
n
te
Interest credited Amt $M 155. 6M 175.0M 213. 2M 239. 5M 270. 0M 297.0M 353.1M 294.0M 302. 8M 370. 9M 457. 6M Despite the challenging times, the determination of our members, pensioners,
I
s
e
r
302.8M
370.9M
457.6M
0M
213.2M
353.
297.
270.0M
239.5M
1M
294.
0M
0M
175.
155.6M
employers, and our team members was a ray of hope. As we keep going through
FNPF Investment Portfolio & Returns This represents a substantial advancement in the Fund’s these tough times, we promise to stick by our members and support them.
Interest credited to members in FY21 of $302.8m at 5% and $293.9m in FY20
financial standing and underscores the success of our at 5%. Such returns paid even during the pandemic is substantiated by the
The Fund’s Investment Portfolio has shown robust growth over investment strategies. Fund’s robust balance sheet position of holding reserves and a history of strong
the past 10 years, through a commendable trajectory from $4.1 The Fund recorded a net increase in Net Assets of $721.7M for financial performance over the last 10 years.
billion in FY13 to a $9.4 billion in FY23. FY24 projections are the year, which was the basis of the 7% credit interest rate that
looking positive. saw the distribution of $457.6M to 405,621 members.
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Islands Business, May 2024 23