Fund changes housing policy

www.fijitimes.com - Friday, October 30, 2009

THE superannuation fund has increased its minimum eligibility requirement for withdrawal under the village housing scheme.

The Fiji National Provident Fund announced these changes as it continues to meet members' housing needs and safeguard their retirement savings.

Fund chief executive Aisake Taito said the revised policy, which comes into effect on Monday, aimed to secure members' interests through loan/mortgage arrangements that ranked their interests ahead of the commercial lenders.

He said it was designed to reduce the processing time for applications, while requiring stringent documentation evidence from members.

The village housing policy had been broadened to include detailed qualifying conditions for various assistance.

These include a minimum housing eligibility requirement of $8000 for the construction of a new home and $5000 for upgrading and extension.

"Our members' interests remain paramount in this review," Mr Taito said.

"The board needs to ensure the FNPF conforms to its role despite the challenges that arise."

Mr Taito said the withdrawal figures had significantly reduced since the last review of the partial withdrawal policy in April.

"This is a positive indication that members are taking heed of our advice to save their funds," he said.

"It is also only fair on all stakeholders to adhere to the primary purposes for which FNPF was established."