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Fiji Time: 10:43 AM on Friday 25 April

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FNPF sets up new accounts system

Ropate Valemei
Saturday, January 26, 2013

THE implementation date for the set up of two accounts for all Fiji National Provident Fund members will only be confirmed once the relevant business processes and systems are in place.

The two accounts — Preserved and General — were formulated under the FNPF Decree 2011 for all members and are expected to be implemented this month.

FNPF chief executive officer Aisake Taito said members would be informed beforehand of procedural framework, implementation of withdrawal policies and supporting information technology systems.

"The separation of accounts involves splitting 70 per cent for the retirement income fund and 30 per cent for the general preserve," Mr Taito said.

He said the general account may be accessed by members for one housing withdrawal and other partial assistance.

The fund said earlier total funds in the Preserved and General accounts would be made available should a member decide to retire either at 55 years or later.

FNPF said members would continue to access their funds according to the provisions of the decree.

The Preserved account will be set aside for pension while the General account would make up the remaining 30 per cent of a member's balance and could be assessed for partial withdrawal under approved grounds like education, medical, housing, funeral and unemployment assistance.