The Fiji National Provident Fund grappled with a significant challenge during the last financial year, as it paid over $12 million to the High Court due to 712 fund members lacking valid nominations at the time of their deaths.
This revelation was highlighted in the FNPF’s latest report, shedding light on a persistent issue affecting a substantial number of its members.
According to the FNPF, the lack of valid nominations poses a considerable challenge, with member deaths being recorded each financial year.
FNPF CEO Viliame Vodonaivalu
In the 2022 financial year alone, 423 members passed away without valid nominations, while an additional 289 members faced the same situation in preceding periods.
The FNPF recorded a total of 1,428 member deaths in the last financial year, and 623 members did not have valid nominations, amounting to nearly 45 percent of the total member deaths.
The Fund emphasizes the importance of members updating and maintaining valid nominations to ensure a smoother transition of their savings to the intended beneficiaries.