The Fiji National Provident Fund (FNPF) is currently in discussions with the Government to enable its members to make voluntary contributions after they reach the age of 55, which is the pension entitlement age. This information was shared by Millie Low, FNPF’s General Manager for Business Transformation, during a members’ forum held in Labasa last week.
In response to a member’s inquiry about the possibility of voluntarily contributing post-55, Low clarified that such contributions are not currently permitted, but discussions are ongoing to accommodate this request. Alipate Waqairawai, FNPF’s General Manager for Member Services, added that the current policy only allows individuals to enter as voluntary members before turning 54, after which the pension withdrawal options take effect.
The entitlement age of 55 permits members to choose between either making a full withdrawal or opting for a pension. Members who continue to work beyond this age do not need to exercise their pension option immediately, providing them with the flexibility to make decisions at a later time if they maintain an alternative source of income.
These discussions come amid broader concerns regarding the financial security of FNPF members. Reports indicate that a significant number of members—over 200,000—have savings of $5,000 or less, raising concerns about their preparedness for retirement. This highlights the importance of financial education and planning, especially as the FNPF aims to reform existing policies to enhance savings among both current and future members.
Amid these developments, there is a hopeful outlook that through negotiation and continuous engagement with its members, the FNPF will foster better financial outcomes and reinforce the security of retirement savings for the people of Fiji. The focus on accommodating voluntary contributions for older members represents a progressive step towards enhancing financial flexibility and support for those in their golden years.
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