Voluntary Membership

Whether you are a student, as young as 6 years old, running a small business, self-employed either fisherman, farmer, domestic worker or a taxi driver, one day you will retire.

The sooner you start saving for retirement, the better it is for you, as you will be able to grow your funds through compound interest and save enough money to enjoy a comfortable retirement.

You do not need to be a compulsory member to join the FNPF. You can become a FNPF member by joining our Voluntary Membership Scheme.

The voluntary membership scheme is for both, minor and adults.

Minor Voluntary Membership Scheme

As a parent, you always want the best for your child. Saving for your child’s education is the best way to ensure that your child has a secured future!

Who can become a Voluntary Member?

Any child between 6 to below 18 years old registered for the scheme by their parents / guardians. The child must be a Fiji Citizen.

Who will complete the form?

The form will be completed by the parent / guardian (administrator) whereby details of the child and a Primary Administrator is to be provided. The Primary Administrator may also register a Secondary Administrator, whom will be effective should the Primary Administrator pass away. Guardians must get parent consent to register a Minor.

What documents are required to open a Minor’s Account?

How much should I pay?

• The minimum opening deposit is $10.00.
• The minimum deposit per transaction is $10.00.
• There is NO Maximum payment limit. However, any manual payment of $10,000 or more will require a declaration for the source of funds.

How it works?

It is never too early to start saving for retirement. The sooner you start saving, the more time your money has to grow. It is as simple as that.

Let’s say you sacrifice $10 a week to put into your 6-year-old child’s retirement savings and you continue to do that until he/she turns 18 years old. Assuming a 5 percent rate of return, consistency of payment, no withdrawals/inflation, and your child will have saved up $8,368 by their 18th birthday.

If he/she leaves that money in the same account – without adding another cent – until he/she turns 55 years, he/ she will have $47,154. That is the power of compounding interest.

Either way, it will ease the burden for you, as when they begin tertiary, they are able to pay for some of their academic expenses. Register your child today for Minor Voluntary Membership.

Allocation of Funds

Effective from 15 September 2021, individuals can decide the split of the contribution when making payments to a Minor Voluntary Member account.

The current contribution allocation is 30% to the General Account and 70% to the Preserved Account. The new is the reverse of the old.

This change in allocation allows the member to access more funds for medical emergencies and for tuition fees, considering the high cost of education.

Withdrawals

Minor voluntary members can withdraw funds from their FNPF account for:

1. Early Withdrawal

• Education: FNPF will assist for tuition, textbook & accommodation for tertiary or Year 13 students.
• Medical: For medical treatment locally or overseas.

2. Full Withdrawal

• Migration: If migrating to live permanently overseas with parents or guardians on a permanent residency visa.
• Medical: You can fully withdraw due to a physical or mental condition.

Who can make payments to the minor’s account?

Anyone can make payment to a Minor Voluntary Member account. This can be a cousin, a friend, parents, grandparents or a distant relative.

Payment Modes

You can make your payments through any of the following modes:

1. 1. FNPF Cashiers – you can pay cash or bank cheque at any FNPF office.
   2. M-PAiSA – if you are registered to Vodafone M-PAiSA then you can pay your FNPF additional contribution through your M-PAiSA account (Vodafone service charge of 20 cents per transaction).
   3. Standing Order – you can instruct your bank to pay on your behalf at regular intervals.
   4. Internet Banking – you can make payments directly to the our bank account.

Adult Voluntary Membership Scheme

Anyone who is working in the informal sector, is self-employed or working overseas can become a FNPF member through Voluntary Membership Scheme.

The member must be:

• a Fiji Citizen
• 18 – 54 years old

Continuing FNPF members can convert their membership from compulsory to voluntary after they turn 55.

Re-entrant members who withdrew their FNPF membership under migration, marriage or medical grounds can re-join FNPF as a voluntary member if they are below 54 years old.

What documents are required to open a Voluntary Account?

How much should I pay?

• The minimum opening deposit is $10.00.
• The minimum deposit per transaction is $10.00.
• There is NO Maximum payment limit. However, any manual payment of $10,000 or more will require a declaration for the source of funds.

Allocation of Funds

The default split for adult voluntary member is 30% General Account (GA) and 70% Preserved Account (PA). However, you can choose how you want to split the funds – 100% to GA or 50% to GA and the remaining 50% to PA.

Withdrawals

Adult voluntary members can withdraw funds from their FNPF account for:

1. Early Withdrawal

• Housing: You can access 30% of your Preserved entitlement for your first home; whether to purchase a vacant land, an existing house or to build.
• Education: FNPF will assist for tuition, textbook and accommodation for tertiary or Year 13 studies for member, spouse, siblings, children or parents.
• Medical: For medical treatment locally or overseas for member, spouse, siblings, children or parents.
• Funeral Assistance: Maximum withdrawal permitted is $2,000 for each funeral and is allowed for spouse, siblings, children or parents.

2. Full Withdrawal

• Migration: You can fully withdraw the funds if you are migrating to live permanently overseas on a permanent residency visa.
• Medical Incapacitation: You can fully withdraw due to a physical or mental condition.
• Low Balance Account: Aged 50 and above, with a balance of $10,000 or less and have not contributed for past 12 months.
• Retirement: You can fully withdraw or opt for pension products when you reach the retirement age of 55.

Payment Modes

You can make your payments through any of the following modes:

1. 1. FNPF Cashiers – you can pay cash or bank cheque at any FNPF office.
   2. M-PAiSA – if you are registered to Vodafone M-PAiSA then you can pay your FNPF additional contribution through your M-PAiSA account (Vodafone service charge of 20 cents per transaction).
   3. Standing Order – you can instruct your bank to pay on your behalf at regular intervals.
   4. Internet Banking – you can make payments directly to the our bank account.

For more information, you can email to information@fnpf.com.fj or call 5857 / 330 7811.

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