The Fiji National Provident Fund (FNPF) has launched an innovative new service known as the “Transfer of Savings on Entitlement,” aimed at providing its members with greater financial flexibility and support. This initiative is effective from this year and targets members who are approaching significant entitlement events, such as retirement.
With this new feature, FNPF members can transfer a portion of their savings to the account of a loved one, allowing for enhanced financial security within families during crucial times. This development signifies a departure from the conventional contribution-based system and is tailored to accommodate the unique financial circumstances faced by members.
Chief Executive Officer Viliame Vodonaivalu emphasized that this initiative is made possible by amendments to the FNPF Act 2011, which now allows members to delegate a portion or all of their entitlement payouts under certain conditions. This means that members can secure financial support for their families in cases of medical incapacitation or even in the event of death.
This new feature not only enhances the financial wellbeing of its members but also complements FNPF’s commitment to delivering customized financial solutions that address the changing needs of the community.
In summary, the “Transfer of Savings on Entitlement” program introduces a significant advancement in how members can manage their savings, ensuring that financial support can be extended to loved ones during critical times. It also reflects the organization’s proactive approach in adapting to the evolving demands of its members, heralding a new era of financial empowerment in Fiji.
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