Over 200,000 FNPF members have a balance of $5,000

Over 200,000 FNPF members have a balance of $5,000 in their account, with 10,261 aged between 50 to 54 years old.

This was revealed during the FNPF Annual Member Forum held at the Grand Pacific Hotel in Suva, which sparked a question from a member on what strategy the Funds use to grow their balances.

While responding to the question, FNPF General Manager Member Services, Alipate Waqairawai, says when they looked at the root cause of this, they found out that members withdrew much of their money before reaching the retirement age of 55 years.

He says in the past, members were allowed to withdraw two-thirds of their funds, and there were 23 grounds for withdrawal.

Waqairawai says they have changed their policy where members can only withdraw 30 percent while 70 percent is preserved for retirement.

He also says their education and advocacy group have been quite active, and now, they have seen a change in the mindset of members.

The FNPF General Manager Member Services adds that members are now thinking twice about withdrawing their funds early.

While urging members of the public to register and be FNPF members, Waqairawai says that members can contribute voluntarily to their accounts to ensure they receive a huge benefit before retirement.