King opens multi-million Retirement Fund Building [1]
Friday, February 12, 2016 - 17:36. Updated on Friday, February 12, 2016 - 17:54.
A new $8.1 million pa’anga office block built by Tonga's Retirement Fund Board was opened by HM King Tupou VI on Friday, 12 February in Nuku’alofa.
The three-storey building on the corner of Railway Rd and Mateialona Rd will house the board and its employees, responsible for the management of the now $132.89 million pa’anga retirement fund for civil servants that was established in 1999.
The Prime Minister Hon ‘Akilisi Pohiva, Chairman of the Board, said it was important to remember that Government’s vision is based on good governance among other attributes, and this was the only way to ensure the safe keeping of civil servants hard-earned savings. The fund, which promotes savings for retirement, assists with the development of Tonga so that people can have a better life, he said.
The completed building will be the center for the retirement fund's work and it's partners.
Saia Havili, RFB Chief Executive Officer, said they began with 4241 members and now have 4864 members. "RFB started out with $32.37 million pa'anga now has $132.89 million pa’anga".
He said to date they had paid out $60 million pa’anga towards the retirement of 3500 civil servants members. "This is evidence of the board's financial strength and growth and we are committed to continue this into the future," he said.
Saia said Government established this fund to promote saving for retirement, provide an opportunity for members to receive interest from the board’s investments and for civil servants to help with the economic development of Tonga.
"From 1999, we have walked with time and kept to the fundamental aims set by the late King Taufa’ahau Tupou IV who initiated this important initiative to help people achieve better living standards and we are committed to it," he said.
Kin Tupou VI accompanied by Queen Nanasipau'u inspected the 1731sq metre building, which will also house the Office of the Commissioner for Public Relations on the top floor.
The construction was carried out by the China Civil Engineering Construction Company (CCEC) assisted mostly by local sub-contractors.
The work began in 2014 and was completed on 4 February this year.
The board members include three representatives from the Employer (Government) and three members for the employees. Employer representatives are the Prime Minister (chairman), Deputy Prime Minister Hon Siaosi Sovaleni and Minister of Finance Hon 'Aisake Eke. Employees representatives are Folau Lokotui, Manu ‘Akau’ola, Hekisou Fifita, with Saia Havili as secretary.