FNPF allows 2 re-entries and raises voluntary membership age to 59

Effective from 1st September, members who have fully withdrawn from the Fiji National Provident Fund will be able to join the Fund on two further occasions as re-entrant members.

This comes as a legislative amendment passed by Parliament allows greater flexibility for members wishing to rejoin the Fund after a full withdrawal.

FNPF says in addition, the age limit for voluntary membership has been increased from 54 to 59 years, enabling more Fijians to continue saving for their retirement.

Chief Executive Officer Viliame Vodonaivalu says the changes are a progressive step towards encouraging more Fijians to sustain their retirement savings.

He says this reform recognizes that life circumstances can change, and they want to ensure that members have the opportunity to rebuild their retirement savings, even after a full withdrawal.

Vodonaivalu says by allowing two more re-entries, members have an opportunity to replenish their savings, even after they have fully withdrawn their funds from FNPF.

He says they encourage these members to really consider building up their savings again for financial security in retirement.

Vodonaivalu also emphasized that the revised age limit for voluntary membership will broaden access to the Fund.

He says increasing the voluntary membership age limit ensures that those who start saving later on in life, are not left behind.

The CEO says it’s an inclusive move that supports their vision of financial security for all Fijians.

He says retirement savings is one of the main sources of income for Fijians when they retire from formal employment.

Vodonaivalu says it is also available for Fijians who have their own means of earning income and who would qualify for the FNPF Voluntary Membership Scheme.

The CEO says the change in the age limit simply allows Fijians up to 59 years to sign up as voluntary members and to save for their retirement.

Currently, only those Fijians up to 54 years can join as voluntary members and this change will enable others to build their savings.