The Fiji National Provident Fund (FNPF) has launched an innovative feature known as the “Transfer of Savings on Entitlement,” which aims to provide its members with enhanced financial flexibility and support beginning this year.

This forward-thinking initiative allows FNPF members who are nearing important entitlement events, such as retirement, to move a portion of their savings to the FNPF account of a loved one. This marks a considerable departure from the traditional contribution-based system and seeks to address the specific financial needs of its members.

FNPF Chief Executive Officer Viliame Vodonaivalu highlighted that this new feature was made feasible by amendments to the FNPF Act of 2011. These legislative changes now permit members to allocate part or all of their entitlement payouts under certain conditions.

Moreover, this feature allows members to transfer their entitlement payouts or benefits to other members of FNPF, including designated beneficiaries. This initiative is particularly significant in circumstances such as medical incapacitation or death, as it enables members to secure necessary financial support for their families.

The introduction of this product is in line with FNPF’s strategy to provide customized financial solutions that adapt to the evolving requirements of its members.

This development is a hopeful sign of the FNPF’s commitment to improving the financial well-being of its members, ensuring they have the means to support their loved ones during pivotal moments in life. It exemplifies a proactive approach to meeting the diverse needs of the community, ultimately fostering a more resilient financial future for all stakeholders involved.