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The Fiji National Provident Fund has welcomed a recent legislative amendment passed by Parliament that will allow greater flexibility for members wishing to rejoin the Fund after a full withdrawal.  

According to FNPF, effective from 1st September, members who have fully withdrawn under an entitlement event will be able to join the Fund on two further occasions as re-entrant members.

In addition, the age limit for voluntary membership has been increased from 54 to 59 years, enabling more Fijians to continue saving for their retirement.

Chief Executive Officer Viliame Vodonaivalu says the changes are a progressive step towards encouraging more Fijians to sustain their retirement savings.  

He says this reform recognizes that life circumstances can change, and they want to ensure that members have the opportunity to rebuild their retirement savings, even after a full withdrawal.

The FNPF CEO says by allowing two more re-entries, members have an opportunity to replenish their savings, even after they have fully withdrawn their funds from FNPF.  

He is encouraging members to really consider building up their savings again for financial security in retirement.

Vodonaivalu also stresses that that the revised age limit for voluntary membership will broaden access to the Fund.  

He adds that retirement savings is one of the main sources of income for Fijians when they retire from formal employment and it is also available for Fijians who have their own means of earning income and who would qualify for the FNPF Voluntary Membership Scheme.

Vodonaivalu says the change in the age limit simply allows Fijians up to 59 years to sign up as voluntary members and to save for their retirement.  

Currently, only those Fijians up to 54 years can join as voluntary members and this change will enable others to build their savings.

With these changes, members who have fully withdrawn under an entitlement event may rejoin the Fund on two more occasions and individuals up to 59 years of age can join the voluntary membership scheme.

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