by Ronald Toito’ona
The Solomon Islands National Provident Fund (SINPF) today declared an 8 percent (8%) crediting rate for its members for the financial year ending 30 June 2025, a payout that will see more than $274.9 million credited into members’ accounts.
The announcement was made by the new Minister of Finance and Treasury, Trevor Manemahaga before members of the SINPF Board, management, employers, unions, and other key stakeholders.
An 8% Increase on Crediting Rate
This is the Minister’s first engagement with the NPF, and In-depth Solomons was told he was also influential in the increase of the crediting rate by 100 percent, from last year’s 4 percent rate.
The Minister described the event as “a very important occasion in the calendar of the Fund that all members look forward to every year.”
He revealed that the SINPF Board had met earlier in the day to finalise the rate, approving the 8 percent award which will be credited to members’ retirement accounts from 30 September 2025.
“Ladies and gentlemen, members of the Solomon Islands National Provident Fund throughout the country and beyond, I now have the pleasure to officially announce a crediting rate of 8% for our members for the financial year ending 30 June 2025,” he said.
The Minister further confirmed that “a total interest of $274,908,820 will be credited to your accounts as from 30 September 2025.”
Increase in Special Death Benefit
In addition, the Fund has approved an increase in the Special Death Benefit (SDB) to support families in times of loss.
“As part of the Fund’s annual announcement I would also like to announce a special death benefit (SDB) of $10,000. This is an increase of $1,500 on 2024 amount of $8,500,” Manemahaga said.
The Minister commended the Fund’s financial performance over the year, crediting strong investment returns and prudent management.
“I noted that key parts of the Fund’s investment portfolio have performed strongly despite external market and industry volatility,” he said.
Manemahaga assured members that the Government remains committed to strengthening the legal framework for the Fund.
“It is my commitment as the Minister of Finance that I will bring the new NPF reform bill to Parliament before the end of 2026,” he stated.
The Finance minister added that the reform will modernise the operations of the members’ fund and also allow members to grow their wealth for their retirement whilst they are still in employment and also to meet their short-term financial needs.
Why Increase Special Death Benefit
SINPF Board Chairperson, Dr Jimmie Rodgers also highlighted that the increase in the Special Death Benefit will ease the financial struggles faced by families.
“We hope this benefit will offer some comfort and support to bereaved families, easing the burden during their time of loss,” he added.
Rodgers also outlined the Fund’s financial results, reporting a net operating gain of more than $330 million for the year.
“As the SINPF Board Chairman, I am proud to report that the Fund has achieved a net operating gain of $330,547,487, during the year, reflecting a significant positive performance driven mostly from our listed and unlisted equity performance and their annual revaluations,” Rodgers said.
He stressed that the Board had carefully deliberated before recommending the crediting rate, guided by statutory requirements and the need for prudence.
“After careful deliberation and thorough analysis… we are pleased to consider a reasonable crediting rate,” he explained.
Rodgers said the decision reflects the board’s prudent optimism and the underlying strength of the Fund against future uncertainties.
He also noted that the payout will benefit both the formal and informal sector members.
“The benefits of this crediting rate to be shortly announced will extend to our more than 147,766 formal sector members and 49,818 informal sector members, underscoring our steadfast commitment to inclusivity and shared prosperity.”
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