It is still 55.
Responding to The Fiji Times report and the public criticism that came after, Deputy Prime Minister and Finance Minister Professor Biman Prasad said Fiji National Provident Fund members could still access their retirement savings at the age of 55.
“The entitlement age continues to be 55 years. This has not changed, contrary to The Fiji Times report,” said Prof Prasad in a statement.
The Fiji Times mistakenly reported yesterday that a legal amendment to the FNPF Regulations had increased the age at which FNPF members could access their retirement funds.
Recent changes in law now allow FNPF members who have withdrawn from the fund to re-join the fund twice. Previously they were only allowed to rejoin once.
The amendment in the Regulations increases the age limit for re-joining the fund from people 54 years or younger to people 59 years or younger. However, people older than 59 may still join the fund if they are employees of an employer registered with FNPF.
“The withdrawal of full funds at retirement age of 55 remains in law,” Prof Prasad said.
This change will come into effect on September 1.
After that change, any person will be eligible to be an FNPF member from the age of six to the age of 59. People older than 59 are still eligible if they are employed by a registered employer.
In the July sitting of Parliament this year, Prof Prasad said the proposed changes would revise FNPF membership rules.
“It will enable individuals who have withdrawn their funds upon reaching 55, those who have migrated and later returned to Fiji, and members who have withdrawn on medical grounds, to rejoin the fund two times,” he had said.
The Fiji Times has apologised for the error and sincerely regrets any inconvenience caused to the public as a result.