FNPF strongly condems attempts by members to dishonestly gain access to retirement savings

The Fiji National Provident Fund has strongly condemned attempts by members to gain access to their retirement savings through dishonest means, and has also labelled the alleged involvement of a former FNPF staff as deplorable, adding that the Fund will make no exceptions when dealing with those who choose to go rogue.

Chief Executive Officer, Jaoji Koroi warns that FNPF will come down hard on those who commit these fraudulent acts.

He has denounced attempts by individuals to defraud the Fund, saying that it was unfortunate that there was little regard for the law in their effort to access their retirement savings.

Koroi says it’s regrettable that some members are resorting to dubious means in order to access their funds.

He says more importantly these members are not cheating anyone but themselves and ruin their lives in the process when they are found guilty and maybe incarcerated.

Koroi says that following the increase in the preservation rule to 70% of members’ funds, FNPF has removed the need to place charges on the property title under housing withdrawals.

He says a lot of burden and responsibilities are placed on members to submit proper records and manage their mortgage.

Koroi says it appears that this trust has been abused.

The FNPF CEO has reminded members that their savings are for retirement and stressed that they can only access these funds under specific withdrawal grounds.

He adds that members must follow the process when wanting to access their retirement savings.

Koroi says the Fund has a responsibility in ensuring that members accumulate savings throughout their working lives to provide an income that will sustain them financially after they cease work.

He also states that staff are encouraged to blow the whistle on anything suspicious, which was the case for the recent incident.

The Fund says it will refrain from commenting on the current fraud case as it is being handled by relevant authorities and is also before the court for determination.

Police investigations continue into the alleged FNPF scam where a former FNPF worker and others have been charged with obtaining funds through fraud and deception.

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