New DDA product for FNPF pensioners

The Fiji National Provident Fund has announced that it will soon launch a new DrawDown Account (DDA), a retirement product that offers members flexibility and earns them interest.

Chief Executive of the Fund, Viliame Vodonaivalu said the new product allows members to receive a monthly income, access withdrawal and earn interest on their balances.

He said the eligible members will need to decide how much they want to invest in the DDA and must ensure that it is enough to afford them more than the minimum monthly payment which is $50.

“Our pensioners have often highlighted the need for our retirement products to be a bit more flexible, to allow them access to their funds, when the need arises.”

The Fund has highlighted how one is able to qualify for this product.

“You must be aged 55 and members are entitled to make their retirement options covering life pensions, term annuity, lump sum or combinations of each.”

“The other is medical incapacitation and or sole nominees of members that pass away,” he said.

Vodonaivalu said members who qualify for full withdrawal under Migration and have a Low Account balance, will not qualify for the DDA.

A maximum investment of $1 million per member is allowed.

The DDA product is expected to go live before the end of the year.