CEO Speech on 2021 Crediting Rate Declaration

Overview of the funds financial and operational performance for the 12 months period ending 30 june 2021:

By SINPF CEO/general manager, Mike Wate: 30 September 2021

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NPF sought external consultant with expertise in strategic and business planning

The Solomon Islands National Provident Fund Board is working towards a robust governance process that can aid to provide effective, efficient, optimum use of resources and value for money to accomplish the standard required customer service to members, employers and other stakeholders while at the same time explore avenues to minimize and mitigate potential risks to members’ savings with SINPF.

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It’s 6% crediting rate: Declares Prime Minister Sogavare

The Prime Minister and Minister of Finance Acting Manasseh D Sogavare was pleased to announced the 2021 Crediting rate for its members, for the financial year ending 30 June 2021.

He agreed with the SINPF Board decision made in the morning meeting on 30th September to approve an award for its members that will be applied to their retirement account balances on 30 June 2020 and credited to their accounts on 30 September 2021.

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SINPF Board purchase a new 10-year $120 million bond

The SINPF Board is pleased to purchase a new 10-year $120 million bond from the Solomon Islands Government (SIG) current $300 million bond issue.
This is a new investment that will bring additional income of $6 million per annum on our members fund from the new bond coupon rate of 5% pa.

The financing of the new $120 million is supported by the sale of our recent $60 million SIG long term development bond to the Central Bank of Solomon Islands (CBSI). The sale was made possible in a secondary market established by the CBSI for long term government bonds.

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