FNPF to pay out $121.3M to members

The Fiji National Provident Fund Board will pay out an estimated $121.3 million to its members after declaring a five percent interest payment for the year ending June 30th, 2010.

FNPF Chief Executive Officer Aisake Taito said in a statement that the interest will be credited into members accounts by this afternoon.

Taito said last year the Fund also paid out an interest of 5 percent totaling $113.6million to members.

The FNPF Board also approved that the Special Death Benefit or SDB cover be retained at $8,500, with premium fixed at $35.

Taito said the premium will be deducted from members' accounts on Thursday, July 1, 2010.

The Special Death Benefit is paid out to members' nominees on a member's death before he/she reaches age 55 or retirement.

It is added on to members' balances and paid out to nominated beneficiaries.

Taito has reassured members that the Board, Management and staff are committed to growing members’ funds and ensuring that it is protected for their financial security on retirement.