The Fiji National Provident Fund (FNPF) has introduced a pioneering new feature titled ‘Transfer of Savings on Entitlement’ to enhance financial flexibility and security for its members, effective this year. This innovative measure enables members approaching entitlement events, such as retirement, to shift some of their savings to the FNPF accounts of their loved ones.
This initiative signifies a notable departure from the conventional contribution-based system and aims to meet the specific financial needs of FNPF’s diverse membership. CEO Viliame Vodonaivalu indicated that the innovation was made possible by recent amendments to the FNPF Act of 2011, which allow members to allocate a portion of their benefit payouts under certain conditions.
Through this feature, members can now transfer their entitlement payouts or benefits to other members, including designated beneficiaries. This also provides critical support in situations such as medical incapacitation or death, ensuring that families receive financial assistance during challenging times.
The new offering is part of FNPF’s wider strategy to provide customized financial solutions that adapt to the evolving requirements of its members, signaling a positive step towards improved financial resilience and support for families in Fiji.
In summary, the FNPF’s latest initiative represents an important advancement in member support, enabling greater financial flexibility and promoting family welfare during significant life events. This move not only reflects the organization’s commitment to innovating for its members but also addresses potential financial hardships, offering hope and security for the future.
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