Financial Secretary Office News

Financial Secretary Office News

Feedback sought on proposed changes to the CINSF Act

The Cook Islands National Superannuation Fund (CINSF) is an important part of the Cook Islands policy on retirement income. This policy is a traditional three pillar approach consisting of:

  • first tier – a basic universal pension provided to eligible Cook Islanders by either the Government of the Cook Islands (available from 60 years) or the Government of New Zealand (available from 65 years);
  • second tier – income derived from a mandatory saving through the CINSF (available from 55 years); and
  • third tier – income or wealth from voluntary savings through either additional contributions to the CINSF or some other form of retirement savings which are undertaken privately.

The Government is seeking feedback from all stakeholders of the CINSF on proposed changes to the CINSF which are aimed at improving outcomes for all members of the CINSF. The CINSF is a mandatory defined contributory superannuation scheme which aims to pay a final pension to a member which is determined on the value of the financial assets which a member accumulates prior to retirement.

Further information is available at http://www.mfem.gov.ck/mfemdocs/ceo/documents/1218-20151110-feedback-sought-on-proposed-changes-to-the-cinsf-act


Press Release: Ministry of Finance and Economic Management commences process of reviewing the MFEM Act

The Ministry of Finance and Economic Management has commenced a review of the MFEM Act 1996/97 with the aim of continuing the process improving public finance management in a modern Cook Islands context. The review of the MFEM Act follows the most recent Public Expenditure Financial Accountability (PEFA) assessment which was completed and the underlying need to have robust systems and processes supporting the future strengthening of the Cook Islands public service.

The review will be headed by the Financial Secretary and will seek the feedback from a number of stakeholders across the community to get views on the suitability of the Act. MFEM will also work closely with the International Monetary Fund (IMF) PFTAC in Suva.  Financial processes and systems in the Cook Islands are reasonably strong as evidenced by the 2014 which has now been finalised and expected to be published shortly.  A preliminary outcome was provided to development partners in February 2015.

The Cook Islands has now completed two PEFA assessments, the first in 2011, the second in 2014. 

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Press Releases from the Office of the Financial Secretary

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20161215 2016/2017 Half Year Economic and Fiscal Update Office of the Financial Secretary

20160912 Asia Pacific Project Preparation Facility Office of the Financial Secretary

20160912 Business Environment Reforms Office of the Financial Secretary

20160912 Disaster Risk Management Office of the Financial Secertary

20160830 Vehicle Policy Review Offices of Minister of Finance and Minister of Environment

20160830 Review of the Los Angeles and Sydney underwritten flights Office of the Minister of Finance

 20160823 Import Entry Fees Explained Office of the Financial Secretary

20160822 2016-17 Budget Citizens Guide Office of the Minister of Finance

20160719 Cook Islands NIE Accreditation Office of the Financial Secretary

20160623 Launch of National Sustainable Development Plan (NSDP) 2016-2020 Office of the Prime Minister

pdf20160610 Japan Grassroots Fund benefits the community.pdf321.6 KB Office of the Financial Secretary

20160520 Government strengthens internal control Office of the Financial Secretary

20160426 Asian Development Bank Annual General Meeting Office of the Financial Secretary

20150225 Signing of the TIEA between Cook Islands and the Czech Republic Office of the Minister of Finance

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pdf20150622_PS_Amendments-to-the-Income-Tax-Act.pdf410.42 KB

20150807 Report on the feasibility of an international submarine cable system for the Cook Islands Office of the Financial Secretary

20150619 Amendments to the Income Tax Act Office of the Financial Secretary

20150617 Signing of TIEA between the Cook Islands and Canada Office of the Financial Secretary

20150616 Budget Papers available on the MFEM Website Office of the Financial Secretary

20150612 MFEM publish Standard and Poor’s Credit Ratings analysis on www.mfem.gov.ck Office of the Financial Secretary

20150604 Quarterly Financial Statement for March 2015 Office of the Financial Secretary

20150529 Cook Islands Government Vehicle Auction Office of the Financial Secretary

20150526 Minister of Finance Launches new Five Dollar Coin Office of the Financial Secretary

20150526 Lowering Interest Rates Office of the Minister of Finance

20150518 Press Release Te Mato Vai Grant Funding Agreement signed Office of the Financial Secretary 

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