Resource
Fiji: Report to the Government on the actuarial valuation of the Fiji National Provident Fund evaluated as of 30 June 2002
Summary (English)
The Fiji National Provident Fund (FNPF) requested the International Labour Organisation (ILO) to provide technical assistance to conduct an actuarial valuation. The purposes of the actuarial valuation, according to the terms of reference, are as follows: Review the last actuarial valuation conducted in 1997 to determine that the parameters, assumptions, forecasts, and trends in the report remain true after five years; Identify any new parameters and influencing factors that affect the FNPF pension scheme and determine its impact on previous recommendations and decisions; Recommend improvements to the current FNPF pension scheme for consideration by the FNPFBoard and Executive Management. The previous actuarial valuation was undertaken by the ILO in 1997 under the project ¿Reform of the Fiji National Provident Fund Pension Scheme.¿ The FNPF Board has decided that an actuarial review should be conducted every five years. A new valuation falls due as five years has elapsed since the last valuation. The date of valuation was chosen to be 30 June 2002. The present actuarial valuation has been carried out by the following experts. Mr. Kenichi Hirose, Social Protection Specialist, ILO Sub-regional Office for South-East Asia and the Pacific, Manila Mr. Aniceto Orbeta, Project Economist Mr. Carlo Villacorta, Project Statistical Assistant Mr Hirose conducted a mission to Suva from 7 to 17 April 2003 to finalise the actuarial valuation. Preliminary results were presented to the FNPF executive management team, which provided an opportunity to discuss the main findings and recommendations of the actuarial valuation. This report presents the main findings and recommendation of the actuarial valuation. The report is organized as follows. Chapter 1 presents an analysis of the present situation and past performance of the FNPF. Chapter 2 sets out the main demographic and economic assumptions. Chapter 3 analyses the longterm financial evaluation of the FNPF and discusses reform proposals. The team of experts are thankful to the General Manager of the FNPF, Mr. Olota Rokovunisei, and his staff, in particular, Mr. Winston Chan, Assistant General Manager, Information Technology and Research, and Ms. Olita Talemaibau, Research Officer, for their technical support.
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