‘FNPF Will Stick to 55 as Retirement Age’
“There are people who have made plans to retire at 55. If we move it to 60, we must allow a transition period. That is something that we are not planning to do,” he said.
Saturday 10 February 2024 | 15:46
The retirement age for the Fiji National Provident Fund (FNPF) is 55.
This was clarified by FNPF general manager Member Services Alipate Waqairawai during their forum at the My FNPF Centre in Nadi on Thursday night.
This was after a participant asked about the full retirement withdrawal and if they could save until the age of 60.
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The question asked was according to the legislative amendments made by the Coalition Government to change the retirement age from 55 to 60 years, which were approved by the Cabinet.
Mr Waqairawai said they would stick to 55 for retirement age.
“The retirement age for FNPF is 55,” he said.
“That is, when you decide at 55, you can choose to make an option that is entitlement age and withdraw all funds in the general and preserved accounts. You may opt for retirement products that include a life pension, a term annuity, or a lump-sum withdrawal.
“A member is eligible to rejoin FNPF as a compulsory member after the first full withdrawal if he or she is still employed.
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“The Government has introduced a retirement age of 60. We stick to 55.”
He said they did not have any plans to move the retirement age limit to 60 years.
“There are people who have made plans to retire at 55. If we move it to 60, we must allow a transition period. That is something that we are not planning to do,” he said.
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