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SINPF continues with 5-year business plan

THE Solomon Islands national Provident Fund will continue to implement its 5-year rolling business plan (2016-2021).

SINPF Board chairman, Mr Peter Boyers made the statement during the end of 2016 financial year recently.

He said as part of the implementation some of the key activities of the plan include the recent adoption of SINPF’s new investment policy statement and strategic asset allocation framework.

Mr Boyers said that also looks at the implementation of their integrated financial system (IFMS) that will enable management and Board to produce timely financial and operational reports for decision making and risk management monitoring to the regulator the CBSI.

He said the IFMS will be a game changer for the Fund in terms of connecting all the various departments for timely processing and reporting.

“On the investment front, we will be making subject to the Minister of Finance approval, a sizable investment in the new undersea cable in a new entity Solomon Islands Submarine Cable Company Limited (SISCCL) in tandem with our de-risking strategy in two of our highly risk concentrated domestic equities.

“Depending on the funding structure of the company SISCCL, we will expect to receive good returns at least after 3 years when the cable is operational,” Mr Boyers said.

He said the Board will consider investments in new properties with secured tenancies and the refurbishment of strategic properties that urgently needs upgrading to maintain their competitive offerings and to keep the tenancy occupancy.

“We will divest investment assets, that have not or performing as expected over a period of time, have no strategic value to other parts of our investment portfolio and or membership numbers.

“On the liability side, we will perform an actuary in September 2017, the first in a long while, on the special death benefit (SDB) and our membership liability,” Mr Boyers said.

He said these will be useful for the determination of an appropriate level for the annual SDB premium and the determination of SINPF strategic asset allocation (SAA) within the next five years.