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Vanuatu National Provident Fund (Amendment) Act 2001

Assent 29 June 2001
Commencement 22 October 2001

REPUBLIC OF VANUATU

VANUATU NATIONAL PROVIDENT FUND (AMENDMENT) ACT
NO. 6 OF 2001

Arrangement of Sections

1. Amendments
2. Commencement
   

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Assent 29 June 2001
Commencement 22 October 2001

REPUBLIC OF VANUATU

VANUATU NATIONAL PROVIDENT FUND (AMENDMENT) ACT
NO. 6 OF 2001

An act to amend the Vanuatu National Provident Fund Act [CAP 189]

Be it enacted by the President and Parliament as follows-

1. Amendments

The Vanuatu National Provident Fund Act [CAP 189] Act is amended as set out in the Schedule.

2. Commencement

This Act commences on the day on which it is published in the Gazette.

SCHEDULE

AMENDMENTS OF THE
VANUATU NATIONAL PROVIDENT FUND ACT [CAP 189]

1. Section 16B (heading)

Delete “20”, substitute “50”.

2. Subsection 16B(1)

Delete “20”, substitute “50”.

3. Subsection 16E(1)

Delete “20”, substitute “50”.

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REPUBLIC OF VANUATU

VANUATU NATIONAL PROVIDENT FUND (AMENDMENT) ACT
NO. 6 OF 2001

EXPLANATORY NOTE

The Vanuatu national Provident Fund (Amendment) No. 2) Act No. 23 of 1998 amended the Principal Act to provide for the mandatory investment of 50 percent of the Members funds overseas. In view of the financial state of the Vanuatu National Provident Fund, VNPF (Amendment) Act No. 15 of 2000 and VNPF (Amendment) Act No. 30 of 2000 reduced the amount of Member’s funds that could be invested.

With improvement in the financial state of the Fund and the limited opportunity to invest surplus funds locally and the desire of the Fund not to go into speculative investments at present, it is considered necessary that the Fund should have the flexibility to invest overseas, surplus funds up to 50 percent of member’s funds. Current overseas investments are providing attractive returns in addition to capital gains.

Minister of Finance and Economic Management