The Board of the Fiji National Provident Fund has announced the appointment of Mercer (Australia) Pty Ltd to review its pension scheme.
The chair of the FNPF Board says they will hold nationwide consultations with stakeholders, after Mercer sends it report through.
But he fails to say that the sole stakeholders of FNPF are Fiji's workers.
Mercer’s appointment comes a week after interim Prime Minister Frank Bainimarama announced the pension scheme was to be reviewed because of what he described as the need for the scheme to be fair and equitable to all pensioners.
Coupfourpointfive was first to report the review would result in a decline in the annual rate of pension, which is currently 15 percent. Parmesh Chand confirmed this to the media this week.
Chand expects Mercer to complete the review within two months.
An investigation by Coupfourpointfive has revealed the review is being done and that retired workers on the pension scheme are being penalised, so that FNPF can recoup money for bad investments, overhead expenses and payment of exorbitant allowances and salaries to personnel recruited after the December 2006 military coup.