SINPF members will receive a 5.5% crediting rate for 2026, with more than SBD200 million to be credited to member accounts.

Members of the Solomon Islands National Provident Fund (SINPF) will receive a 5.5 percent crediting rate for the financial year ending 30 June 2026.

Minister of Finance and Treasury Rexon Ramofafia announced the rate during the SINPF’s 50th anniversary celebrations.

The 5.5 percent rate is 2.5 percentage points lower than the 8 percent crediting rate recorded for the previous financial year.

Ramofafia said the 5.5 percent rate will result in more than SBD200 million in interest being credited to members’ accounts.

He said the interest will be applied to members’ retirement balances as at 30 June 2026 and credited to their accounts on 30 September 2026.

“I have the pleasure to obviously announce the crediting rate of 5.5 percent for our members for the financial year ending 30 June 2026,” Ramofafia said.

The Finance Minister also outlined plans to reform the legislation governing SINPF, saying a new bill has been developed with support from the government, the fund and development partners.

He said the reform is intended to modernise the retirement fund and provide members with greater opportunities to grow their savings while also addressing shorter-term financial needs.

“It is recognised by the government that reforming NPF, including legislative review, has been long overdue,” Ramofafia said.

He said the government intends to bring the proposed SINPF legislation before Parliament, subject to the parliamentary process.

Ramofafia also linked the proposed reforms to the government’s broader economic policy, which he said focuses on strengthening institutions, building a productive economy, managing national wealth responsibly and investing in people.

He said SINPF’s investment activities should support the broader economy while remaining within the fund’s fiduciary responsibilities and legal requirements.

The Minister noted that parts of SINPF’s investment portfolio had performed strongly during the financial year, although he said the annual valuation of domestic equities and investment property had affected the fund’s overall performance.

The proposed legislative reforms are expected to form part of the government’s plans to modernise SINPF as it enters its next 50 years.

Ramofafia thanked the SINPF board, management and staff for managing members’ funds, while emphasising their responsibility to protect and grow members’ retirement savings.