Minister of Finance and Treasury has assured members of Solomon Islands National Provident Fund (SINPF) that the proposed new SINPF Legislation Bill will go before parliament next year.
Trevour Mahaga highlighted this on Tuesday at the declaration of the 2025 credit rating to all members’ contribution.
He said, it has been for a while now since the new SINPF Bill has been progressed.
“It is my commitment as the Minister of Finance that I will bring the new NPF reform bill to Parliament before the end of 2026.”
He explained the the new SINPF legislation will modernise the operations of the fund and will also allow members to grow their wealth for their retirement whilst they are still in employment and also to meet their short-term financial needs.
The minister said, the Private Sector Development Initiative (PSDI) of the Asian Development Bank (ADB) with the support of the Australian Government is drafting the new Bill.
A team at the Ministry of Finance and Treasury and the SINPF Board are also providing support.
Minister Mahaga said, reforming the SINPF law has long overdue.
“It is recognised by our government that reforming the SINPF law has been long overdue and we are progressing to make this happen and transform SINPF to a new modern retirement fund.”
Its understood that at the moment members are using their NPF contributions as financial security to secure a bank loan.
Under the Act members are eligible to withdraw their contribution when they reach the age of 50.
However, there are exception if a member is medically unfit and made redundant.
Others are also using the minister’s discretion to withdraw part of their contribution.
