The iTaukei Land Trust Board (TLTB) has made changes to its Equal Rent Distribution (ERD) Policy – designed to address the immediate needs of landowners under 18 years old and still ensure effective use of funds under the policy.

Under the existing arrangement, 100 per cent of the funds were distributed to minors upon reaching 18 years – not taking into account challenges for education, medical, and other needs before they turn 18.

“The updated ERD Policy now divides individual minor’s funds in the following manner: 40% general funds: these funds will be available for minors, ensuring quick access to financial resources for education, medical emergencies, and in an event of another national pandemic,” the TLTB stated.

“60 per cent Preserved Funds: this portion will be retained and preserved until the minors reach the age of 18, providing a financial safety net for their future endeavours.

“This strategic move is in alignment with the TLTB’s mission statement to provide the best financial and investment services to the iTaukei landowners,” the TLTB stated.

According to the TLTB, under Section 3(5) of the iTaukei Land Trust Act 1940, the Board possessed the authority to establish rules for its proceedings, aiding in the administration and control of the institution.

Minister for iTaukei Affairs and TLTB chairperson Ifereimi Vasu said the adjustment in the “ERD Policy demonstrated TLTB’s commitment to evolve with changing needs of landowners, adhering to the Finance Framework, and aligning with the Investment Framework as outlined in Section 4 of the TLTA.”

He said parents also had the option now to request the early release of minors’ funds, subject to the executive management’s discretion.

“By dividing the funds, we are addressing immediate needs while securing their financial future,” Mr Vasu.