BY NED GAGAHE
The Government reaffirms its commitment to bring the long-awaited Solomon Islands National Provident Fund (SINPF) Reform Bill before Parliament before the end of the new fiscal year.
Speaking during the announcement of the Fund’s 2025 crediting rate, Minister of Finance and Treasury Trevor Manemahaga said the new legislation is vital to modernise the operations of SINPF and deliver greater value to its members.
The Minister admitted the Bill has been on the table for more than 10 years without being passed.
“It has been my commitment as the Minister of Finance that I will bring the new SINPF Reform Bill to Parliament before the end of the new fiscal year,” he said.
He explained that the new law will not only strengthen the Fund’s governance but also enable members to grow their retirement savings while still in employment, and at the same time provide more flexible options to meet their short-term financial needs.
The Asian Development Bank, supported by the Australian Government, is currently assisting in drafting the Bill, alongside the Ministry of Finance and Treasury and the SINPF Board.
“The Government recognises that reforming the SINPF law has been long overdue, and we are progressing to make this happen and transform SINPF into a modern retirement fund,” the Minister said.
The remarks follows SINPF CEO Mike Wate’s presentation of the Fund’s strong financial performance for the year ending June 30, 2025, which the Minister described as evidence that the Fund’s business fundamentals remain “strong and firm” despite external market volatility.
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