FNPF retired members could withdraw lump sum

Fiji National Provident Fund said their members who have reached the retirement age of 55 can withdraw the money in lump sum if they do not wish to go on pension.

General Manager for FNPF, Aisake Taito said that if a member does not wish to be on pension, he or she has the right to withdraw lump sum however any person withdrawing needs to be a member of FNPF for more than 10 years and needs to be 55 years old.

He said an amount a member takes for pension each month depends on the option he or she chooses which is explained to the member by the FNPF officers.

The FNPF Board had announced last month that there will also be a review of the FNPF's current Withdrawal Policy and the Pension scheme to see that the scheme remains viable and sustainable in the future.

The then Board Chairman Parmesh Chand had stressed that majority of pensioners have outlived their pension with some earning more than three times their balance on retirement.

There are about 10,285 FNPF pensioners in the country.