The Fiji National Provident Fund (FNPF) has introduced an innovative new feature named ‘Transfer of Savings on Entitlement’, aimed at providing its members with enhanced financial flexibility and support starting this year.
This groundbreaking initiative allows members approaching key milestones, such as retirement, to transfer a portion of their savings to the FNPF account of a loved one. This move represents a significant departure from the conventional contribution-based system and seeks to cater to the unique financial needs of its members.
FNPF’s Chief Executive Officer, Viliame Vodonaivalu, highlighted that this feature was made possible by recent amendments to the FNPF Act 2011, which allow members to delegate some or all of their entitlement payouts under specific conditions. This flexibility enables them to ensure that their loved ones receive financial assistance during critical times, such as medical incapacitation or even after their passing.
The introduction of this feature is part of FNPF’s broader strategy to provide customized financial solutions that adapt to the evolving requirements of its members, showcasing a commitment to their welfare and financial security.
This initiative not only enhances financial resilience among members but also fosters a sense of community support, allowing families to stay connected even in challenging times. It reflects a positive step towards building a more secure financial future for all FNPF members and their families.
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