Members of the Fiji National Provident Fund (FNPF) withdrew more money than they contributed during the financial year ending June 30th, 2008 which led to a negative net contribution of $16.02 million.

The FNPF's 2008 Annual report released today showed that contributions received during the year was $281.68 million, averaging $23.5 million per month, compared to $289.63 million in 2007.

The funds said it payed out an increased sum of $292.33 million compared to $297.7 million in the last financial year.

The FNPF report also revealed that of the total amount collected, $4.5 million were unidentified and not distributed to the members accounts due to lack of personal information provided by the employers.

The report stated that FNPF membership increased significantly to 352,358 from the 343,453 the previous year and that the Funds assets also increased by $125 million bringing the total assets to $3.5 billion.

Member's funds account for $2.61 billion.

The FNPF report also showed that investment income reduced to $194 million compared to $199 million the previous year and this was mainly attributed to the revaluation of the funds property portfolio and rebalancing of its investments offshore, following directives from the Reserve Bank of Fiji.