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Fund pays out $47m

Salaseini Moceiwai
Tuesday, January 28, 2014

THE Fiji National Provident Fund paid out $47.8million to 4869 members last year under the housing withdrawal scheme compared to $40.2m to 3914 members in 2012.

Of the figure paid out last year, $7.3m was paid to members under the village housing scheme.

In presenting the fund's 2013 annual report during a public forum in Labasa on Friday, chief executive officer Aisake Taito said most members affected by the two major floods early last year were assisted by the scheme.

"Members in the West took advantage of this assistance as we took our services down to them by mobilising our teams," said Mr Taito.

For the pre-retirement scheme, the report said members could also access their funds for housing, education, medical, unemployment and funeral assistance.

"Members who have re-joined FNPF after withdrawing on retirement grounds are allowed partial withdrawal of their funds once every six months," he said.

"Last year, $52.7m was paid out on these grounds for 34,470 members, compared to $45.5m for 39,636 members in 2012.

"This included $32.9m that was paid out for educational assistance to 27,576 members, $3.5m for unemployment to 1816 members, $2.7m for funeral assistance to 2959 members and $7.4m was paid out to 8164 members for Tropical Cyclone Evan assistance."

Mr Taito said the pension reform scheme has so far been successful.

He said since its inception in 2012, the scheme was on a sustainable basis that had resulted in a positive pension for its beneficiaries.

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