The Cook Islands National Superannuation Fund has adopted the recommendations of the latest Actuarial Review of life expectancy and pension rates completed by Aon Hewitt.
The new pension rates will take effect from 1 January 2015, and will only be applied to members applying for a pension from 1 January 2015, existing pensioners will not have any changes made to their pension rates.
The new pension rate for members turning 60 years of age from 1 January 2015 reduces from $72 to $69 per $1000 invested. This reflects the increase in life expectancy from the Actuarial Review.
The Actuarial Report dated 8 October 2014 has been prepared by Aon New Zealand trading as Aon Hewitt (“Aon Hewitt”). Aon Hewitt, in providing this report, wishes to advise that any person accessing this report acknowledges that they cannot rely on the information contained in the report for any purpose other than what is stated in in the report and also, there are no data privacy issues.
Further, Aon Hewitt has taken care in the production of this document and the information contained in it has been obtained from sources that Aon Hewitt believes to be reliable. Aon Hewitt does not make any representation as to the accuracy of the information received from third parties and is unable to accept liability for any loss incurred by anyone who relies on it.
The recipient of the document (Cook Islands National Superannuation Fund) is responsible for use of it.
Please click on the attached Report for the full details.