The Fiji National Provident Fund (FNPF) has confirmed that there are no current plans to revise its legislation to permit withdrawals from preserved accounts for medical expenses. This statement was made during a recent forum when a member raised concerns about accessing these savings in situations of critical illness affecting themselves or their dependents.
Farnaz Queet, Senior Manager of Member Services at FNPF, addressed the inquiry, explaining that the current law restricts access to preserved accounts and allows withdrawals solely for housing needs. She emphasized that medical withdrawals can only be made from the general account, provided members meet the specific eligibility criteria.
While the FNPF acknowledges the feedback from its members, Queet underscored that there are no intentions to amend the law regarding preserved accounts for medical withdrawals. The protection of preserved accounts is intended to ensure long-term retirement security and facilitate home ownership for members.
The commitment of the FNPF to safeguard retirement funds highlights its focus on the financial well-being of its members, reinforcing the importance of long-term planning over immediate access to funds for medical situations.
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