FNPF members can only withdraw 30% of their funds before age of 55

Attorney General and Minister for Finance, Aiyaz Sayed-Khaiyum told Parliament that FNPF members can only withdraw 30 percent of their funds before the age of 55.

This is after Opposition MP, Prem Singh asked the Attorney General if the FNPF assistance concept will be extended to the victims of Cyclone Zena and the recent floods.

Sayed-Khaiyum said this is a matter for the FNPF.

However they have a safeguard to protect the system from abuse.

Sayed-Khaiyum said 30 percent of the members funds can be withdrawn for housing assistance, education, hospitalization or assistance for natural disasters.

He added that 70 percent of the funds can be accessed when the members reach the age of 55.

Opposition MP Sela Nanovo then raised the question what sort of mechanism the government has put in place to ensure that the FNPF assistance recently given out to the people of Fiji will be put to good use.

Sayed-Khaiyum said there are rules and procedures which need to be followed to enable members to withdraw funds.

The Attorney General said the members have to sign various declarations and this is why they have the False Information Bill passed in the Parliament for those people who want to abuse the system.

He added that once the members withdraw the funds, it is up to the individual members on how best they can utilize the funds.

Sayed-Khaiyum said FNPF has processed 188,314 applications and paid out $272.5 million to its members.