The Fiji National Provident Fund (FNPF) has launched 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 offering enables members nearing key entitlement events, such as retirement, to transfer a portion of their savings to the FNPF accounts of their loved ones.
This progressive initiative represents a notable change from the conventional contribution-based model and seeks to address the unique financial situations faced by FNPF members. FNPF’s Chief Executive Officer, Viliame Vodonaivalu, noted that the feature has been made possible due to recent amendments to the FNPF Act 2011, allowing members to delegate a part or all of their entitlement payouts under specific conditions.
The new feature facilitates the transfer of entitlement payouts or benefits to other FNPF members, which may include nominated beneficiaries. Vodonaivalu emphasized that this initiative is particularly beneficial in scenarios such as medical incapacitation or death, providing crucial financial support for members’ families.
Moreover, this product aligns with the FNPF’s ongoing strategy of offering customized financial solutions to adapt to the evolving needs of its members, reaffirming the organization’s commitment to enhancing overall member welfare.
In conclusion, the introduction of the ‘Transfer of Savings on Entitlement’ not only innovates financial management for FNPF members but also fosters a sense of security and care among families, showcasing FNPF’s dedication to supporting its community through various life circumstances.
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