Fiji’s Superannuation Fund Board has announced a crediting interest rate of seven percent for the 2023 financial year.
This means approximately $449 million dollars will be credited to around 405,000 FNPF member accounts, with the interest earned by each member depending on their average daily balance.
Over the past six years, the FNPF has paid over $2.06 billion dollars to members.
“The increase in our crediting rate this year is a reflection of our confidence in the strength of our investment portfolio,” FNPF CEO Viliame Vodonaivalu said, adding that saving for retirement is a long-term commitment and the fund ensures members of the best possible returns on their investments.
Draw Down Account
The FNPF has also launched a new retirement product called the Draw Down Account, offering monthly income and withdrawal flexibility.
“Another key component of the product is that the account will also earn interest on an annual basis. Therefore, 78 members will be credited an estimated $99,000 to their DDA accounts. The amount of interest they receive will depend on their average daily balance similar to the formula applied to a normal FNPF member.”
Special Death Benefit
The FNPF Board has maintained the special death benefit of $35 for the financial year 2024 which will be deducted from members’ accounts on 1 July 2023.
The payment qualifies members for a payment of $8,500 should they pass away between 1 July 2023 and 30 June 2024 and have not fully withdrawn their savings.