MINISTER of Finance and Treasury, Snyder Rini, plans to bring a bill to protect the functions and operations of Solomon Islands National Provident Fund (NPF) and consider some pre-retirement options.
Mr Rini revealed this during the 40th Anniversary Celebration of the Fund at SMI compound, west Honiara, yesterday.
He said this is due to its increasing size and risk in our domestic financial sector.
“To satisfy this obligation, I will be discussing with the Board the proposed new NPF legislation reform draft before finalising for Cabinet and for tabling to the Parliament,” he said
“The government after years of managing and paying down its debts is now in a position to borrow in the local market again, to finance needed new infrastructure projects that are very important for growing our economy and country,” he said.
Mr Rini said the SINPF as the largest investor in the country can now have the opportunity to convert part of its low yielding cash and term deposits by purchasing some of these government papers with better yields or returns.
“My team and the NPF management team are currently negotiating the terms of the first bond issues and hopefully an optimum outcome will be achieved soon, satisfying both parties’ expectations and achieving the best deal for who they represent.
“To the Chairman, Board, Management, and Staff of the NPF, as we celebrate the past 40 years of the Fund’s existence, remember that our achievements and challenges thus far, are now history,” he said.
Mr Rini said you will from now on build on past successes and learn from past mistakes to be able to navigate through the challenges of current business and economic environment.
“With these experiences you should also be able to look to the future with confidence as you build up your capacity with new ideas and perspectives, and adopting new technologies to take on new challenges and secure new opportunities.
“At the same time you must remain relevant to your core objective of providing adequate retirement benefits to your members during their working life,” he added.
Furthermore, Mr Rini paid tribute to the late Honorable Anthony Saru who in 1973 moved and passed a simple motion for the establishment of a retirement fund for workers, mostly private sector workers working in towns and on plantations, after they finished working and return home.
He said that motion had come a long way and 40 years on, that motion is what the SINPF is now today, a multibillion retirement fund.
By EDDIE OSIFELO
