Fiji’s National Provident Fund will set up two accounts for all members as required by the FNPF Decree 2011.
The two accounts are Preserved and General – with the former to constitute 70 per cent of a member’s total savings which will be set aside for pension and the latter makes up 30 per cent of the member’s balance which can be accessed by members for partial withdrawal under approved grounds including education, medical, housing, funeral and unemployment assistance.
FNPF in a statement said first time property buyers will be allowed to access up to 30 per cent of their Preserved Account if they are applying for assistance to buy your first home/land.
“This will be in addition to the 30% from your General Account. Thus, you can access 51% of your total FNPF savings (30% + 30% of the 70% = 51%) for this purpose,” the statement said.
FNPF assures members that they will be advised well in advance of the implementation date of these two accounts.