The Fiji National Provident Fund (FNPF) has introduced an innovative feature called the “Transfer of Savings on Entitlement,” aimed at enhancing financial flexibility and support for its members, effective this year. This new offering enables FNPF members approaching entitlement events, such as retirement, to transfer a portion of their savings to the FNPF accounts of loved ones.
This initiative represents a significant shift from the traditional contribution-based approach and is designed to address the unique financial circumstances of members. According to FNPF Chief Executive Officer Viliame Vodonaivalu, the feature is made possible by recent amendments to the FNPF Act 2011, allowing members to delegate all or part of their entitlement payouts under certain conditions.
Additionally, members can transfer their entitlement payouts or benefits to other FNPF members, which includes nominated beneficiaries. This initiative also provides for circumstances like medical incapacitation or death, enabling members to provide financial security for their families.
The launch of this new product aligns with FNPF’s strategy to offer personalized financial solutions to meet the changing needs of its members. This initiative not only empowers members but also fosters a sense of community and support among families during critical life events.
In summary, FNPF’s new feature enhances financial security for members and their families, allowing for greater flexibility during important life transitions and strengthening the social support network within the community.
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