The Fiji National Provident Fund (FNPF) has launched an innovative new feature called the ‘Transfer of Savings on Entitlement,’ aimed at enhancing financial flexibility and support for its members starting this year.
This pioneering initiative allows FNPF members who are approaching entitlement events, such as retirement, to transfer a portion of their savings to the FNPF accounts of their loved ones. This shift from the traditional contribution-based system represents a significant advancement in addressing the unique financial situations of FNPF members.
FNPF Chief Executive Officer Viliame Vodonaivalu noted that the feature was made possible due to recent amendments to the FNPF Act 2011, which permits members to delegate part or all of their entitlement payouts under certain conditions. This option allows members to transfer their entitlements or benefits to others within the FNPF system, including designated beneficiaries.
Moreover, Vodonaivalu highlighted that this initiative is particularly beneficial in circumstances such as medical incapacitation or death, offering financial assistance to family members during challenging times. The introduction of this new product aligns with FNPF’s broader strategy to provide tailored financial solutions that meet the evolving needs of its membership.
In summary, the ‘Transfer of Savings on Entitlement’ feature empowers FNPF members with an opportunity to secure their family’s financial future while adapting to the changing landscape of personal finance. This development is hopeful as it illustrates the proactive steps being taken to enhance financial resilience in the community.
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