Fund discusses pressing issue

Monday October 02, 2017 Written by Published in Local

A number of issues were dealt with at the annual Cook Islands National Superannuation Fund (CINSF) members’ general meeting last week.

 

The meetings were held at Sinai Hall in Rarotonga and in Aitutaki on Tuesday and Wednesday, respectively.

Among the issues raised by the members involved the makeup of active and dormant members within the fund, the withdrawal options for short-term contract workers, the abatement of the New Zealand government pension, and the difference between investment returns and the declared returns to members.

A member also challenged the CINSF chief executive officer Damien Beddoes on his comments to engage with stakeholders to review the level of contribution rates.

Beddoes had earlier stated that he wanted to go back to members and survey them on further areas in need of improvement, including the possibility of increasing the level of contribution rates.

“While five per cent/five per cent is a good start, if we are to live up to our objective of ‘providing security in retirement’ then we really need to be considering lifting the contribution levels,” Beddoes said earlier.

“I would like members to agree to some research and stakeholder dialogue to consider any change and timelines over how many years this could be implemented.

“It is not to say we will do it, but we want to engage with members and employers and present to stakeholders all the issues and potential solutions.”

The meeting also covered the 2016 report to members, as well as presentations from the Fund trustees, the Public Trust New Zealand, fund investment manager Russell Investments, the fund administrator Link Financial Services, and insurer Mercer Marsh.

The meeting attracted a small gathering of members and time was set aside for members to ask questions of the chief executive and board members

During the meeting, the CINSF also outlined a new system staff are developing to improve member’s access to their personal information, and an easier online process for employers to make submissions and payments.

These initiatives were expected to reduce the fund’s operational costs, Beddoes said.

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