The Fiji National Provident Fund (FNPF) has launched an innovative feature called the ‘Transfer of Savings on Entitlement,’ aimed at providing its members with enhanced financial flexibility and support starting this year. This new offering allows members approaching entitlement events, such as retirement, to transfer a portion of their savings into a loved one’s FNPF account.
This initiative marks a notable departure from the traditional contribution-based model and addresses the unique financial situations faced by FNPF members. Chief Executive Officer Viliame Vodonaivalu explained that the feature became possible following amendments to the FNPF Act 2011, which allow members to delegate part or all of their entitlement payouts under certain conditions.
Members now have the ability to transfer their entitlement payouts or benefits to other FNPF members, including designated beneficiaries. According to Vodonaivalu, this initiative is particularly useful in circumstances involving medical incapacity or death, ensuring that members can provide financial security for their families in times of need.
This new feature aligns with FNPF’s broader strategy of offering customized financial solutions to cater to the evolving needs of its member base, highlighting the organization’s commitment to supporting its members’ financial well-being.
This initiative is a hopeful development for FNPF members, as it emphasizes the importance of caring for loved ones and creating a support system in challenging times. It undoubtedly paves the way for more financial security within families across Fiji.
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