FNPF to launch new retirement product

November 23, 2022 2:20 pm

[File Photo]

The Fiji National Provident Fund will soon launch a retirement product that offers members flexibility and earns an interest.

Chief Executive, Viliame Vodonaivalu says the product, called the DrawDown Account, allows members to receive a monthly income, access withdrawal and earn interest on their balances.

Vodonaivalu says 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 of $50.

Article continues after advertisement

The maximum amount that can be invested in the DDA is one million dollars per person.

Vodonaivalu says this product is available only for members and their nominees, who qualify and is not for existing pensioners or annuitants.

Those who opt for the DDA, can also fully withdraw their savings 12 months after first investing in the DDA.

The product is expected to go-live before December 31st.