The ongoing struggle of the 2012 Fiji National Provident Fund (FNPF) pensioners highlights a continued push to reverse pension cuts enacted under the Bainimarama Government and shielded by Decree 51. The late former FNPF board chairman Parmesh Chand notably issued a public apology in late 2024, acknowledging his past error and supporting the pensioners’ efforts for full restoration. This is the continuation of The courage of contrition – at least Parmesh Chand had it – that was published on in this newspaper on September 5, 2026.
Blessed are they who are contrite
WHILE I am not religious, I do understand why some religions elevate and respect those who are genuinely “contrite” because it takes great moral courage to admit one’s mistakes.
The word “contrition” means not just the expression of a sincere, heartfelt regret for a mistake committed against others but also a wish to make things right.
Parmesh bravely acknowledged “I owe an apology to the pensioners for the original stance I took… and (call) for the Coalition Government bring to an end discrimination against, and penalising of, a group of senior citizens”.
The late Parmesh Chand was clearly expressing contrition, a most noble trait for any human being who realises and then publicly acknowledges that he/she has made a mistake and that these mistakes should be corrected.
What a pity that there are very few senior functionaries in Fiji who have similar courage to express contrition for mistakes made – and there too many in Fiji to mention.
While the late Parmesh has passed on, the 2012 pensioners one can pass on their warm wishes and blessings to Parmesh’s wife (Renuka) who, incidentally, was once my University of the South Pacific student and daughter of my Marist Brothers High School classmate.
There is much historical evidence to suggest that there have been many FNPF senior executives and FNPF board members who actively supported the 2012 slashing of pensions. But none have expressed regret.
But do any of the FNPF management and boards between 2010 and today feel the same contrition that Parmesh felt and honestly expressed?
Do any of the Bainimarama government ministers at that time feel that contrition and support the 2012 pensioners?
What we know today
The public will now well know from our writings that the 2012 pension robbery was committed under the pretences that FNPF was running out of money and solvency.
The reality was that there was a Pension Buffer Fund set up by the Fiji Parliament in 1975 which slowly accumulated funds through a 2-cent deduction paid by all members which was invested by the FNPF alongside the other investments (this was admitted by FNPF, in The Fiji Times of 7 March 2026), but FNPF neglected (deliberately?) to credit it with interest as all members’ funds were credited – and who made that decision?
What is abundantly clear from the calculations of the late Jackson Mar and myself is that had the Pension Buffer Fund been properly credited with the same interest as Members’ Funds were, it would have accumulated:
$578 million by 2001 (when the 2-cents injection was stopped)
$903 million by 2011 (when FNPF alleged that they had no money to pay the pensions) and
$1,476 million by the end of 2025.
Fact: there is more than enough today to pay all the claims of the 2012 pensioners and leave some $800 million surplus for the members.
Without any doubt FNPF has more than enough to pay for a suggested compromise solution which treats the low-income pensioners with urgency by setting a cap on the restored pensions.
But does Bainimarama feel contrition?
Given what we have revealed about the true state of FNPF’s finances in 2011 that the late Parmesh Chand also became aware of through the articles of myself and the late Jackson Mar, do Voreqe Bainimarama and his all powerful minister Aiyaz Sayed-Khaiyum feel at all “contrite” about the injustice that his government did to the 2012 pensioners?
Can the 2012 pensioners at least be allowed their day in court, just as Bainimarama is allowed today for his perceived shortfall in pension?
Can Bainimarama today call on the Rabuka Government to resolve the great injustice he created before more of those 2012 pensioners die before seeing justice?
Can the 2012 pensions be restored with a back-pay in installments to smooth out the payments?
Can FNPF even consider the compromise solution that has been suggested to them to restore all pensions with some “cap” of $5,000 per month so that all low-income pensioners at least receive full restitution?
That is what true “contrition” by Bainimarama would mean.
Is that too much to ask for?
WADAN NARSEY is a well-known economist and Fiji Times columnist and author. He is a former Professor of Economics at the University of the South Pacific and a member of an activitist group seeking redress for the consequences of the 2011-2012 FNPF pension reforms. The views expressed in this article are his own.
