Fiji’s Superannuation Fund has reinstated a cap of $250,000 on voluntary and additional contributions per financial year, starting from 1 February 2025, four years after it was removed to assist members in growing their savings.
Gazetted by the government on January 31, the limit means that Fiji National Provident Fund (FNPF) members can only give up to $250,000 in additional and voluntary contributions per year.
The limit was removed in 2021 at the height of the COVID-19 pandemic to help members grow their savings.
However, with economic conditions stabilising and compulsory contribution rates returning to 18%, FNPF Chief Executive Officer Viliame Vodonaivalu said the cap had to be reintroduced to ensure the Fund’s long-term sustainability.
“While that strategy has served its purpose, we must ensure that our assets continue to match or are in excess of the liabilities or future benefit payments due to members,” Vodonaivalu said. “We anticipated an increase once the contribution rate for compulsory members reverted to the pre-pandemic rate of 18%. With economic activities normalising, we are putting back the contribution limit to ensure long-term sustainability, liquidity and fairness for members.”
The move aligns with Section 38(6) of the FNPF Act, which requires additional contributions to remain within a prescribed limit.
Members can continue making voluntary contributions through the MyFNPF App, internet banking, or by visiting an FNPF office.
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