The Fiji National Provident Fund (FNPF) has introduced a new member initiative called the ‘Transfer of Savings on Entitlement,’ which will be available starting January 1, 2025. This service specifically targets members who are approaching entitlement events, such as retirement, providing them with an alternative to the traditional contribution-based model.

This innovative feature allows members to transfer a portion of their savings to the FNPF accounts of their loved ones, enhancing financial flexibility during crucial life events. Members can now transfer part of their entitlement payouts or benefits to other FNPF members and nominated beneficiaries, enabling them to share their financial resources with family and friends.

FNPF chief executive Viliame Vodonaivalu stated that this new option was made possible by recent amendments to the FNPF Act 2011, which permit members to delegate part or all of their entitlement payouts under certain conditions. Vodonaivalu emphasized the importance of this initiative in providing members with increased control over their retirement funds.

“This new transfer option represents significant progress in offering our members greater flexibility and control over their retirement savings. Recognizing that each member’s financial situation is unique, this product allows individuals to support loved ones or adjust their savings strategies when it is most critical,” he noted.

Moreover, this initiative aims to foster a more inclusive and supportive environment for all FNPF members, especially in times of medical crises or bereavement. It reflects the Fund’s commitment to adapting to its members’ changing needs and offering customized financial services that address various life circumstances.

FNPF continues to seek innovative methods to promote its members’ financial well-being, and this new offering is set to be a significant enhancement to its existing services.

In summary, the FNPF’s new transfer system symbolizes a positive shift towards member-centric financial solutions, allowing individuals not only to plan for their own futures but also to lend support to their loved ones during significant life events. This kind of adaptability in financial services can significantly improve the overall quality of life for members, ultimately fostering a more resilient society.