The Fiji National Provident Fund’s total assets increased to $9.5billion in the 2023 financial year.
Fund CEO Viliame Vodonaivalu made the announcement at the annual members forum at the Ba Civic Centre on Thursday.
“An increase from $8.7b in the 2022 financial year,” he said.
“Members fund increased by $521.7million to $7.2b. This is a result of a strong financial and operational performance.”
Mr Vodonaivalu said the members’ average and medium balances had increased and supported the fund’s commitment to ensuring a financially secure future in retirement for its members.
“At the end of the financial year, the general reserve was $1.8b.
“General reserve is made up of a solvency reserve, which is legally required to maintain an equivalent of 10 per cent benefits accrued to members.
“It also includes an investment reserve.”
Mr Vodonaivalu said net income was $775.8m, which was achieved above target, especially against a subdued environment.
“Throughout the financial year, we diversify investments across various asset clauses, which include fixed income securities, cash equivalent, commercial loan and equity.
“This income allowed us to declare the interest credited to members of 7 per cent, and we paid out $457.6m to members.
“We have collected $541.5m in contribution, and this has been largely due to the economy getting back to normal, businesses reopening and people returning to work.
“And also, an increase of contribution rate from 12 per cent to 14 per cent.”
