Reserve Bank suggests Viti Bond to invest in
Ministry of Enviroment staff during Westpac and Public Service Commission Retirement Planning Exposition at the Tebara Plaza Complex in Nakasi, yesterday. They explain about the options available for post-retirement and how people can start working towards this from now. Photo: RONALD KUMAR
By RANOBA BAOA
With life expectancy at 71.59 years this year, the ageing population must rethink about their retirement plan and make decisions now.
In a bid to educate people about this reality, Westpac Fiji and the Public Service Commission conducted retirement exposition in the densely-populated Nakasi yesterday.
The Retirement Planning Exposition was conducted at the Tebara Plaza Complex attracting passers-by who wanted to get their hands on or know about the products available for them.
From insurance policies, medical advice to knowledge about the central bank, people turned up in numbers.
People need enough money
Westpac Fiji general manager, Adrian Hughes, said: “People don’t know how much they need to save today to ensure they have enough money in the future to retire on.
“We’re encouraging people to start thinking about the future today and making some really important decisions.”
Permanent Secretary for the Public Service Commission, Parmesh Chand, said: “Government with its vision will reach out to the public and provide as much information as possible so that people are all productively-engaged.
Government’s Viti Bonds
The Reserve Bank of Fiji set up booth for the second year in a row giving vital information on the products the ageing population could take advantage of.
Reserve Bank advisor to the governor, Lorraine Seeto, explained that Government’s Viti Bonds was one area retirees could consider.
“Viti Bonds is Government guaranteed,” she said.
“With higher interests than currently offered in fixed deposits of commercial banks, this is one of the products that retirees can use with their money.”
Viti Bond is an alternative option to other investments such as term deposits, shares or units in a trust fund.
It is a type of fixed income instrument/paper targeting small investors.
Government announced the issuance of $10 million in Fijian Government Viti Bonds earlier this year.
Viti Bonds will be issued on tap and available for investment from January 3 until November 29.
LICI, Gold Life
Life Insurance Corporation of India (LICI) also took up the opportunity to set up a booth during the expo.
Acting general manager Sanjeev Jain, said raising the standard of retirement knowledge falls in well with their product, Gold Life Single Premium plan.
“Fiji’s population should not just rely on their superannuation funds for their retirement. Even at retirement, there is more to do if you are physically capable,” Mr Jain said.
“That’s why our company believes that having a policy will ensure that it takes you through in your life if you are working or not working or if you want to have some money in future.”
Gold Life is an investment opportunity that combines life insurance cover with attractive and high yielding market returns.