The Fiji National Provident Fund (FNPF) has launched an innovative feature known as the ‘Transfer of Savings on Entitlement’, aimed at providing its members with greater financial flexibility and support, starting this year. This new product enables FNPF members who are approaching entitlement events, like retirement, to transfer a portion of their savings into a loved one’s FNPF account.
This initiative represents a significant departure from the traditional contribution-based model and is designed to cater to the unique financial needs of members. FNPF’s Chief Executive Officer Viliame Vodonaivalu noted that the introduction of this feature was made possible by recent amendments to the FNPF Act of 2011, which now allow members to delegate all or part of their entitlement payouts under certain conditions.
The new system permits members to transfer their entitlement payouts or benefits to other FNPF members, including their nominated beneficiaries. Vodonaivalu emphasized that this initiative responds to situations such as medical incapacity or death, ensuring that members can provide financial security for their families.
This development aligns with FNPF’s commitment to delivering customized financial solutions that address the evolving needs of its members. By allowing the transfer of savings, the FNPF is providing a supportive mechanism to strengthen financial security within families, fostering a more resilient community.
In summary, the introduction of the ‘Transfer of Savings on Entitlement’ feature not only provides enhanced financial options for FNPF members but also promotes the well-being of families during critical life events. This initiative exemplifies the Fund’s forward-thinking approach in adapting to the changing financial landscape.
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