Following the recent Privy Council decision, the Cook Islands National Superannuation Fund (CINSF) has now finalised the terms for refunding employer contributions previously forfeited by migrant workers departing the Cook Islands at the end of their contracts.
CINSF will be advertising and writing to those former members to advise them of the refund they are eligible for, and using its website www.cinsf.com to outline the process and requirements to identify those members and their personal information in order to approve payments.
CINSF has identified 466 former members with forfeited employer contributions since the inception of the Fund in 2001. A special reserve account is being set up within the CINSF to provide for the processing of payments to those eligible, including interest at a rate of 5% per annum.
The full details and application forms for former CINSF members eligible for a refund are available on the website www.cinsf.com.