The Fiji National Provident Fund (FNPF) has introduced an innovative feature known as the ‘Transfer of Savings on Entitlement,’ aimed at enhancing financial flexibility and support for its members, starting this year. This new initiative enables FNPF members who are close to reaching entitlement events, such as retirement, to transfer a portion of their savings to the FNPF account of a loved one.
This significant development represents a shift away from the traditional contribution-based system and is tailored to address the specific financial needs of the members. FNPF Chief Executive Officer Viliame Vodonaivalu highlighted that this feature was made possible by recent amendments to the FNPF Act 2011, which allow members to designate a part or even all of their entitlement payouts under certain conditions.
The new offering permits the transfer of entitlement payouts or benefits to other FNPF members, including designated beneficiaries. Vodonaivalu emphasized that this initiative is particularly beneficial in situations of medical incapacity or death, helping members provide financial security for their families.
This step aligns with FNPF’s broader strategy of developing customized financial solutions that evolve with the needs of its members, showcasing a commitment to adaptability and support in challenging times.
As Fiji continues to adapt to the needs of its citizens, this initiative is a positive and hopeful indicator of a more supportive financial landscape, fostering community and family welfare through financial planning and assistance.
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