The Fiji National Provident Fund (FNPF) has introduced an innovative feature called the “Transfer of Savings on Entitlement.” This initiative aims to enhance financial flexibility and support for members, starting this year.
This new offering allows FNPF members who are approaching significant entitlement events, such as retirement, to transfer a portion of their savings to a relative’s FNPF account. This marks a pivotal change from the traditional contribution-based system, addressing the specific financial needs of its members.
FNPF Chief Executive Officer Viliame Vodonaivalu noted that this feature is made possible by recent amendments to the FNPF Act 2011. These amendments enable members to assign part or all of their entitlement payouts under certain conditions.
The initiative allows for the transfer of entitlement payouts or benefits to other FNPF members, including designated beneficiaries. Vodonaivalu emphasized that this option is particularly beneficial in cases of medical incapacitation or death, providing a safety net for families in financial need.
This new feature aligns with FNPF’s ongoing strategy to offer customized financial solutions that adapt to the changing needs of its members.
Overall, the introduction of the “Transfer of Savings on Entitlement” represents a progressive step for the FNPF, fostering a greater sense of community and support among members. It signifies a commitment to enhancing the welfare of individuals and their families during critical life events, ultimately contributing to a more secure financial future for all.
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