The Fiji National Provident Fund has introduced the new ‘Transfer of Savings on Entitlement’ product, which is a new member offering.
The FNPF in a statement says the product which targets members reaching entitlement events such as retirement, offers an alternative approach to the conventional contribution based system, allowing members to transfer a portion of their savings to a loved one’s FNPF account.
They say this innovative feature is designed to enhance members’ financial flexibility by enabling them to transfer a portion of their entitlement payouts or benefits to other FNPF members, including nominated beneficiaries.
Chief Executive Officer Viliame Vodonaivalu says the product is made possible by recent amendments to the FNPF Act 2011, allowing members to delegate a whole or part of their entitlement payouts under certain conditions.
Vodonaivalu says this aligns with FNPF’s broader goals of adapting to the changing needs of its members, as it seeks to offer tailored financial products that address a range of circumstances that can affect members.
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