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Fiji National Provident Fund Transition (Amendment) Decree 2012

GOVERNMENT OF FIJI
_____

FIJI NATIONAL PROVIDENT FUND TRANSITION (AMENDMENT) DECREE 2012

(Decree No. 76 of 2012)

IN exercise of the powers vested in me as the President of the Republic of Fiji and the Commander in Chief of the Republic of Fiji Military Forces by virtue of the Executive Authority of Fiji Decree 2009, I hereby make the following Decree—

TO AMEND THE FIJI NATIONAL PROVIDENT FUND TRANSITION DECREE 2011

Short title and commencement

1.—(1) This Decree may be cited as the Fiji National Provident Fund Transition (Amendment) Decree 2012, and shall be deemed to have come into force on 1st March, 2012.

(2) The Fiji National Provident Fund Transition Decree 2011 shall be referred to as the "Principal Decree".

Section 3 amended

2. Section 3 of the Principal Decree is amended in subsection (1) by—

(a) deleting the definition of "conversion amount" and substituting the following—
""conversion amount", for a current annuitant, means—

(a) if the current annuitant is a person who, immediately before 25th November, 2011, was being paid an annuity under current annuity arrangements, the amount of the annuitant's entitlement that was required to be used to calculate the amount of the annuitant's annuity under the Fiji National Provident Fund (Annuity) Order 1974 or the Fiji National Provident Fund (Annuity) Order 1999; or

(b) the amount calculated under paragraph (a) less the total of the amounts payable to the

current annuitant under the current annuity arrangements in respect of the period after 25^th November, 2011;"; and

(b) inserting the following new definitions—

""subsection (4) amount" means the conversion amount as increased under section 8 (4);

"subsection (5) increase" means the amount that the annuitant is to be paid each month under Schedule 4 of the new Decree that is increased by the amount worked out in the table in section 8 (5);

"subsection (6) increase" means the amount that the annuitant is to be paid each month under Schedule 4 of the new Decree that is increased by the amount worked out in the table in section 8 (6);".

Section 7 amended

3. Section 7 of the Principal Decree is amended by inserting the following new subsection after subsection (2)—

"(2A) The Board may extend a period for satisfying the requirements in subsection (2) (b) or in subsection (2) (f), and the Board may do so before or after any such period has expired."

Section 8 amended

4. Section 8 of the Principal Decree is amended by—

(a) deleting subsection (2) (b) and substituting the following—

"(b) the annuitant uses the whole of the conversion amount to buy—

(i) if the annuitant's current annuity arrangements are a single life pension, a single life annuity from the Board; or

(ii) if the annuitant's current annuity arrangements are a joint life pension, a single or a joint life annuity from the Board,";

(b) deleting subsection (3) (b) and substituting the following—

"(b) the annuitant uses the whole of the conversion amount to buy—

(i) if the annuitant's current annuity arrangements are a single life pension, a single life annuity from the Board; or

(ii) if the annuitant's current annuity arrangements are a joint life pension, a single or a joint life annuity from the Board,";

(c) deleting "(c)" and "(d)" in subsection (3) and substituting "(i)" and "(ii)" respectively;

(d) deleting subsection (4) (b) and substituting the following—

"(b) the annuitant uses the whole of the conversion amount to buy—

(i) if the annuitant's current annuity arrangements are a single life pension, a single life annuity from the Board; or

(ii) if the annuitant's current annuity arrangements are a joint life pension, a single or a joint life annuity from the Board; and";

(e) deleting "(d)" and "(e)" in subsection (4) and substituting "(i)" and "(ii)" respectively; and

(f) inserting the following new subsections after subsection (4)—

"(5) Subject to subsections (7) and (8), if—

(a) subsection (4) applies in relation to an annuitant; and

(b) the annuitant uses all of his or her conversion amount, as increased under subsection (4), to buy a single life pension, the amount that the annuitant is to be paid each month under Schedule 4 of the new Decree is increased by the amount worked out in the following table—

(6) Subject to subsections (7) and (8), if—

(a) subsection (4) applies in relation to an annuitant; and

(b) the annuitant uses all of his or her conversion amount, as increased under subsection (4), to buy a joint life pension or a combined joint life and single life pension,

the amount that the annuitant is to be paid each month under Schedule 4 of the new Decree is increased by the amount worked out in the following table—

(7) Where a joint life annuity has been purchased, and the spouse of the annuitant buying the annuity is more than seven (7) years younger than the annuitant, the subsection (6) increase is to be the amount determined by the actuary.

(8) The amount of subsection (5) or subsection (6) increase shall cease to be payable on the death of—

(a) in the case of a joint annuity where the annuitant dies before his or her spouse dies, the annuitant's spouse provided however that the spouse was the annuitant's spouse at the time the annuitant purchased the annuity;

(b) in the case of a joint annuity where the annuitant dies after his or her spouse dies, the death of that annuitant provided however that the spouse was the annuitant's spouse at the time the annuitant purchased the annuity; or

(c) in other cases, the annuitant who purchased the annuity."

Section 11 amended

5. Section 11 of the Principal Decree is amended in subsection (9) by inserting ", and section 6 (3) of the new Decree" after "Decree" in the definition of "relevant provisions".

GIVEN under my hand this 6th day of December 2012.

EPELI NAILATIKAU
President of the Republic of Fiji