- June 26, 2018
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
FNPF Members balances will be boosted by the 6.35% annual interest announced this afternoon by the FNPF Board for the financial year ending 30 June, 2018.
About $289million will be credited to members’ accounts on Saturday night (30/6) and members should wake up to new balances on Sunday morning (1/7).The Fund is also encouraging members to register on its various e-services channels to check their account balances. Lastyear, FNPF also declared a 6.35% interest that resulted in $270million being credited to members’ accounts.
FNPF’s Chief Executive Jaoji Koroi said that the interest has been declared after providing for the Fund’s solvency and has been signed off by the Fund Actuary in compliance with FNPF Regulations 41(4).
“The interest declared should be reassuring for the members as it continues to reflect the Fund’s strong financial position following the FNPF Reforms. It is also very competitive under the current investment climate” Mr Koroi said.
“Whilst the investment environment is an ongoing challenge, the Fund continues to pursue an active stance to optimise returns on members’ funds.”
“It is also important for members to understand that the 6.35% interest credited depends entirely on the balance of their account, taking into consideration movements during the financial year 2018,” he clarified.
A new interest system has been in place since 1 November 2014.
Members can view their balances through the FNPF online services such as the MyFNPF mobile app and the MyFund SMS service.
“The MyFNPF mobile app allows members to check their account transactions. So, when you notice that your contributions have not been updated you can check with your Employers or even check with us,” Mr Koroi said.
“The MyFund SMS service allows members to also check the last five transactions in their accounts. Then there is the Member Portal which also gives you access to your account.
“All these services have been introduced to engage and empower our members to be better acquainted with their FNPF savings.”
The Fund will also distribute updated member statements through their Employers soon.
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