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The Cook Islands National Superannuation Fund (CINSF) has for the first time reached a total value of $150 million (US$101 million).
CINSF CEO Damien Beddoes said that “the milestone has been close for a number of months, but the performance of the global markets earlier in the year had been a factor in the milestone taking longer to be obtained”.
During the 2017 year, the CINSF benefitted from strong returns in the global markets and increased member contributions – totalling $14.9 million (US$10 million) from 10,485 members – which grew the amount of funds invested by almost $25 million (US$16 millon).
This resulted in CINSF declaring returns of 8.55 per cent to members of the conservative fund, 13.13 per cent to those in the balanced fund, and 16.35 per cent to the growth fund.
These rates and the relative returns to members’ investments will be reflected in the member statements being distributed this week.
According to the CINSF office, past experience has shown that results such as those achieved in 2017 tend to provoke a large response and requests to change investment options.
Before making any change, the office recommends that members head to the CINSF website at www.cinsf.com to complete an investment risk profile.
CINSF advises members to ensure that they are comfortable with the changes in risk levels associated with each investment option.
Further explaining the results achieved by CINSF in 2017, CEO Beddoes said that these were unlikely to be repeated in 2018, as global markets had experienced a lot more volatility in the first half of the year.
SOURCE: COOK ISLANDS NEWS/PACNEWS
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media