The Fiji National Provident Fund (FNPF) has launched an innovative feature known as the ‘Transfer of Savings on Entitlement’ aimed at enhancing financial flexibility for its members, effective this year. This new offering allows FNPF members approaching entitlement events, such as retirement, to transfer a portion of their savings into the FNPF account of a beloved family member.
This initiative signifies a departure from the conventional contribution-based system, positioning itself to address the specific financial circumstances faced by its members. FNPF Chief Executive Officer Viliame Vodonaivalu noted that the introduction of this feature was made possible due to recent amendments to the FNPF Act of 2011, which allow members to delegate some or all of their entitlement payouts under certain conditions.
The transfer option aims to enable members to share their entitlement payouts or benefits with other FNPF members, including designated beneficiaries. Vodonaivalu emphasized that the initiative also addresses situations such as medical incapacitation or death, thereby helping members provide financial security for their families in challenging times.
This product aligns with FNPF’s broader objective of delivering customized financial solutions that cater to the evolving needs of its members, further exemplifying the Fund’s commitment to supporting its members through their various life circumstances.
This initiative is a promising advancement for the FNPF, showing a dedicated effort to empower members and foster a supportive financial environment. The ability for members to assist their families financially during significant life events is a hopeful step toward creating a more resilient community.
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