The Fiji National Provident Fund (FNPF) has announced the launch of a new feature called ‘Transfer of Savings on Entitlement’, effective from January 1, 2025. This initiative allows members experiencing entitlement events, such as retirement, to transfer a portion of their savings to a loved one’s FNPF account, diverging from the traditional contribution-based system.
This innovative offering seeks to improve financial flexibility for members by enabling them to share a part of their entitlement payouts or benefits with other members, including their designated beneficiaries. The implementation of this feature follows recent legislative amendments to the FNPF Act 2011, which permit members to delegate all or part of their entitlement payouts under certain conditions.
Viliame Vodonaivalu, the chief executive of the FNPF, emphasized that the new transfer option represents a significant advancement in empowering members with greater control over their retirement savings. He acknowledged the diverse financial situations of members and highlighted how this feature allows individuals to support their loved ones or diversify their savings strategies during critical moments.
Moreover, this initiative aligns with FNPF’s overarching goals of adapting to the evolving needs of its members by offering customized financial products that cater to various life circumstances. The Fund remains committed to exploring innovative ways to enhance the financial well-being of its members, making this new offering a valuable addition to its services.
In summary, the FNPF’s Transfer of Savings on Entitlement not only responds to the changing financial landscape but also fosters a supportive community among its members, promising a more inclusive approach to managing retirement savings. This initiative is expected to provide members with significant benefits and peace of mind in their financial planning.
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