Term annuity retirement rate comes into effect on Nov 6
October 30, 2015 8:00 pm
The Fiji National Provident Fund has increased its Term Annuity retirement product rates which come into effect on November 6.
FNPF says members who purchase the product, or the annuitant, is free to opt for a 5, 10 and 15 year pension term and is to receive a monthly pension payment with interest.
The newly approved term annuity rates for five year are 21.50 percent, for 10 year is 12.10 % and 9.20 % for the 15 year.
FNPF Assistant General Manager PRIME services, Tevita Nagataleka says one must understand that the amount of monthly term annuity payment that can be provided by the Retirement Income Fund will depend on the investment returns available for the term of annuity.
The retirement product is designed to offer alternative retirement product option to meet the needs of retiring FNPF members.
The new term annuity rates were determined based on recent Reserve Bank of Fiji yield curve report.