Vanuatu National Provident Fund

The Daily Post newspaper reports the fund's new general manager, Parmod Archery, saying that in the absence of a pension scheme such a move helps retirees to spread their savings over multiple years.

He said he had seen cases in his native Fiji where retirees emptied their savings and spent it all in less than a year.

The 2% increased interest for this year follows a 1.5% increase at the end of last year.

The increase has been confirmed by VNPF General Manager, Parmod Achary.

While making the announcement, Achary said it is a good sign and in line with his forecast and goals.

He said he is happy that he and his Management Team are putting VNPF in the place where it belongs, with a strong management and transparency and accountability and prudent management of funds.

A commission of inquiry into the Vanuatu National Provident Fund was launched last year and its final report was recently leaked on line.

The newspaper the Vanuatu Daily Post has published an overview of these findings.

Several people are implicated in the report but some of this content is potentially defamatory.

The commission found that the fund had been poorly managed and suffered from interference from a board unqualified and ill-suited to the task.

Mr Pikioune said a total of VT4-billion and 4-hundred million (VT4.4 billion) worth of investments during 2007 – 2014 period, will be investigated.

This figure represents 22 percent of VNPF’s total investment.

The five-member Commission was appointed by the Minister for Justice. They include University of the South Pacific lecturer, Anita Jowitt, as chairperson, lawyer John William Timakata, accountant Kathy Abel Nako, Tony Nalipus as assessor, and Andrew Kausiama in secretary of the Commission.

The committee has at least two-months to complete their task.