Members of the Fiji National Provident Fund who are planning to migrate will soon be able to decide whether they want to take the lump sum out from their account or receive a pension when they turn 55.
The Chief Investment Officer of FNPF, Jaoji Koroi while addressing people at the Public consultation forum on FNPF's proposed review on the Pension Scheme and FNPF Act said currently a member has only the option of taking out the lump sum from his account if he is migrating.
The other proposal includes the requirement for FNPF members to go into the compulsory pension scheme rather than taking out the lump sum when they retire.
The issue is being discussed due to information received by FNPF that many FNPF members who withdraw the lump sum end up spending all the money and then apply for Family Assistance through the Social Welfare Ministry.
A major change is the proposed reduction in the pension rate from 15 percent to around 9 percent.
The proposed reforms are expected to be implemented in phases from July 1st.
Story by: Sneh Chaudhry
People migrating to have more options for FNPF
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