The Fiji National Provident Fund will explore the current retirement age to access its pension scheme as part of the review of the FNPF Act which is now underway.
FNPF Chief Executive Aisake Taito said the retirement age to access pension is governed by the FNPF Act.
He said the review should also explore the retirement age with the intention of addressing the sustainability of the Fund.
The current retirement age to access FNPF pension is 55 years.
It has been confirmed that the pension rate is also being reviewed as part of FNPF’s Reform Strategy.
The current pension rate is 15 percent for a single pensioner and 11 percent for joint pensioners.
In the instance of a single pensioner, this rate allows the member to access 15 percent of his balance annually.
FNPF has already confirmed to Fijivillage that the Fund provides one of the most generous pension schemes in the world and the reform will address the sustainability of the pension system.
Story by: Vijay Narayan
Current retirement age to access funds part of review of FNPF Act
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