The Fiji National Provident Fund (FNPF) has introduced a new initiative called the ‘Transfer of Savings on Entitlement’, which will take effect on January 1, 2025. This initiative aims to provide financial flexibility to members who are approaching entitlement events such as retirement.

Under this new system, members will have the option to transfer a portion of their savings to the FNPF accounts of family members or nominated beneficiaries, deviating from the traditional contribution-based model. This transfer feature is designed to allow members the freedom to allocate a part of their entitlement, thereby fostering support for loved ones during significant life transitions.

Viliame Vodonaivalu, the Fund’s chief executive, highlighted that this initiative stems from the recent amendments made to the FNPF Act of 2011, which now permits such transfers under specific conditions. He emphasized the importance of this option, stating it provides members with enhanced control over their retirement savings and recognizes the diverse financial situations that individuals may encounter.

Vodonaivalu further mentioned that allowing members to transfer their savings creates a supportive atmosphere, whether during entitlement moments or in situations of medical incapacitation or death. By addressing the evolving needs of its members, the FNPF aims to offer financial products that are flexible and considerate of various circumstances.

This initiative showcases FNPF’s commitment to continually innovate and enhance its services to benefit its members’ financial stability, making it a significant addition to their offerings.

Overall, this new measure can be viewed positively, as it not only provides members with greater control over their finances but also strengthens the communal and familial support structures within the community, ensuring that members can look out for one another during critical times.