The Fiji National Provident Fund (FNPF) has launched an innovative feature known as ‘Transfer of Savings on Entitlement,’ which aims to enhance financial flexibility and support for its members starting this year. This new product permits FNPF members who are approaching significant entitlement events, such as retirement, to transfer a portion of their savings to a loved one’s FNPF account.
This initiative represents a major change from the traditional contribution-based system and is tailored to meet the distinct financial needs of members. FNPF Chief Executive Officer Viliame Vodonaivalu highlighted that the feature was made possible by recent amendments to the FNPF Act 2011, allowing members to delegate part or all of their entitlement payouts under specific conditions.
The new offering facilitates the transfer of entitlement payouts or benefits to other FNPF members, including chosen beneficiaries. Vodonaivalu emphasized that this initiative is particularly beneficial in scenarios involving medical incapacitation or death, ensuring that members can provide financial support for their families during challenging times.
The introduction of this feature aligns with FNPF’s broader strategy to deliver customized financial solutions that address the evolving needs of its member base.
This development is a positive step towards enhancing financial security among FNPF members, showcasing the organization’s commitment to adapting to the diverse circumstances its members may face. By providing this option, FNPF is not only supporting individuals but also fostering a culture of care and support within the community.
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