The Fiji National Provident Fund (FNPF) has introduced an innovative feature known as the ‘Transfer of Savings on Entitlement,’ aimed at enhancing financial flexibility for its members beginning this year. This new initiative is targeted at FNPF members who are approaching entitlement events, such as retirement, allowing them to transfer a portion of their savings to the account of a loved one.
This development signifies a departure from the traditional contribution-based system and seeks to address the specific financial needs of its members. Viliame Vodonaivalu, the FNPF Chief Executive Officer, highlighted that this feature was made possible through recent amendments to the FNPF Act of 2011, which authorize members to allocate either part or all of their entitlement payouts under designated conditions.
The new allowance enables members to transfer their benefits or payouts to other FNPF members, which includes nominated beneficiaries. Vodonaivalu noted the initiative’s importance during circumstances like medical incapacitation or death, as it serves to provide crucial financial support for families during difficult times.
This innovative approach aligns with FNPF’s broader mission to deliver customized financial solutions that adapt to the changing needs of their members.
In a time where financial security is paramount, this program lays a hopeful groundwork for families and offers an opportunity for greater support and resilience within the community.
Leave a comment