Financial Secretary Office News

Financial Secretary Office News

Sale by tender for Penrhyn diesel tanks

The Ministry of Finance and Economic Management seeks suitable companies, groups or individuals to submit a tender for the Sale of Assets of 4 x 20,000 litre Diesel tanks previously situated on the Penrhyn wharf.

These tanks have been acquired by Government due to their recent replacement. They are in various states of repair and are sold as-is-where-is with no guarantees or claims made regarding suitability for any purpose. The tanks are currently being stored behind MFEM on Cook Islands Investment Corporation (CIIC) premises adjacent to the CCECC water Project Administration buildings. They can be viewed at any time by interested parties or by arrangement with the tender contact person.

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Sale by tender for disposal of 1992 Cook Islands bank notes

The Ministry of Finance and Economic Management seeks suitable companies, groups or individuals to submit a tender for the sale of its inventory of bank notes issued in 1992 and now out of circulation. These notes are no longer legal tender but have value to collectors of bank notes worldwide.

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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