The office of the Cook Islands National Superannuation Fund is pleased to submit to members the CINSF Annual Report and Financial Accounts for the year ending December 2017.
In summary the Funds total net assets have grown by $24m from $122.8m in 2016 to $146.8m in 2017. Member’s contributions increased by $2.9m from $12m in 2016 to $14.9m in 2017. Benefit Payments were $2.47m, down from $3.89m in 2016 that included $1.78m set aside for payments to migrant workers who had previously had their employer contributions forfeited to the Fund in accordance with the Act. The Funds expenses remained stable with a minor increase of $0.1m. 1315 new members joined the Fund bringing total membership to 10,485 at the end of 2017, and pensioners also increased to 192 at the end of 2017.
Individual statements are now being prepared for delivery to members, and we would like to encourage all our members to review their account statements, the investment option they are currently in, and their risk appetite to ensure they are investing their money in the Fund most suitable to them.
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