Fortnightly Articles

Article 8: Liquidity management and Solvency

As the sole superannuation fund in the country, the Fiji National Provident Fund is the primary savings scheme for thousands of members.

With assets worth $7.9 billion, the Fund’s financial position is often the topic of discussion and even more so now, given the access that has been allowed for COVID-19 withdrawals.

Many questions have been raised in various forums about the viability of the Fund, given the uncertain economic climate due to the global health pandemic.

Following the release of the 2020 Annual Report, there have been concerns about the Fund’s cash position and future.

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liquiditiy

 

Article 7: Stable cash flow sustains members

Since April 2020, the Fiji National Provident Fund in partnership with the Fijian Government, has been providing financial relief to thousands of members whose lives and livelihoods have been impacted by the global pandemic that is COVID-19.

In recent weeks, there have been a lot of media coverage on the Fund’s financials and key statistics – most of which have been extracted from the 2020 Annual Report. Ongoing debates stemming from these reports portray a gloomy outlook for many of our members and pensioners. The truth however, is far removed from claims that the Fund is heading for financial downfall.

The Fund reiterates that your FNPF is in a strong financial position and does NOT face a liquidity crisis.

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Article 6: Understanding your role as a FNPF member

When you start your first employment, one of the many forms that you will be required to fill on your first day or week, is the FNPF employee registration form.

This is a very important document. Your Employer is legally required to ensure that you fill in this form because it allows you to register as a member of the Fiji National Provident Fund.

You will also receive two other equally important documents - the Memorandum of Nomination and Memorandum of Administration forms.

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Article 5: Safeguarding members' funds

A key reason for the FNPF reform in 2011 was to safeguard the future sustainability of the Fund.

It was critical the Fund established solvency standards.

The solvency requirements of the member funds are outlined in Section 32 of the FNPF Act. FNPF needs to ensure that the solvency requirements are satisfied at all times.

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Safeguarding members funds

 

Article 4: Your FNPF Acount - what you need to know

One of the key components of the FNPF reforms in 2011, was the establishment of sub accounts for all members.

This led to the split in members’ accounts to two sub accounts – the preserved and general accounts.

Section 44 of the FNPF Act establishes two accounts for each FNPF member. This change was implemented on 1st November 2014 – with 70% allocated to the preserved account and 30% for the general account.

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Article 4

 

Article 3: COVID-19 Relief for Employers

Employers are a key stakeholder of the Fiji National Provident Fund.

The definition of an employer as well as their role, which is mandated by law, is clearly outlined in the FNPF Act.

Their principal role is the timely payment of contributions for members’ retirement savings. This is very important and becomes even more so during the current health pandemic that we are experiencing.

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Relief for Employers

 

Article 2: Increasing your Super with Additional Contributions

For many Fijians, the direct deduction from their wages for their retirement savings with the Fiji National Provident Fund is their only and main source of savings.

As workers, we contribute (effective 1 April 2020) 5% of our wages and our employer also contributes 5%.

However, the law (FNPF Act) allows us to contribute more than the mandated 5% and a lot of our members are now taking advantage of this opportunity.

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Additional Contribution

 

Article 1:  FNPF Members COVID-19 Relief

In April this year, the Fiji National Provident Fund in collaboration with the Government rolled out the first phase of its COVID-19 withdrawals to provide some relief for members who had been impacted by the global pandemic.

Such withdrawals are enabled based on the need and situation at the time.

The Fund has implemented three withdrawal schemes to date for COVID-19, as well as the announcement of a new inclusion last week. 

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COVID 19 Relief

 

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