Common questions

1. How does the FNPF determine the interest rate?

The Board will consider the following factors before determining the rate:

(i) the performance of the FNPF’s investments during the financial year

(ii) the Fund’s financial performance for the year and foreseeable future

(iii) that the crediting rate is equitable - that it is likely to be fair to both current members and future members and current and future investment returns

(iv) the crediting rate will not place undue stress on the FNPF’s solvency requirements.

2. Who qualifies for interest payment?

Any member, compulsory or voluntary, those account status is open or pending at 30 June 2022 and whose Daily Average Balance for the financial year is positive.

3. How do I calculate how much interest I will earn?

The amount of interest credited to your FNPF account, is calculated by applying the declared crediting rate to the Daily Average Balance. The interest is not calculated by applying the declared crediting rate to your closing balance.

4. How does a partial withdrawal taken during the financial year affect the interest credited to my account?

As long as your account is active and has a positive daily average balance as at 30 June, your account will be credited with interest at the end of the financial year.

However, if you make an early or partial withdrawal during the year, it will have a negative impact on the amount of interest that you would get in your FNPF account, and it will potentially have negative impact on your overall retirement savings,especially if you do not plan to replenish the partially withdrawn amount.

5. What happens if I had fully withdrawn my funds in the middle of the financial year?

If you fully withdrew your funds in the middle of the financial year or at any other point during the year, your account would earn interest up to the final day before your full withdrawal.

The interim interest that is applied would be the last declared interest rate, or lower once announced 7. I am a voluntary member, will my account also earn interest?

8. What is the Fund going to do about contributions that are missing from my account for the financial year?

Source: FNPF Table 1: How to calculate your interest . The scenario may change according to the members’ account activity during the year, e.g. if an adjustment is being transacted. It is best that members contact FNPF for further clarification and guidance. The calculation method of interest is the same whether or not you are unemployed for a period of time. Yes. All member accounts earn interest whether you are a compulsory or a voluntary member — it must be in either open or pending status whose Daily Average Balance for the financial year is positive. We strive to ensure that all contributions are paid and credited to your account on time. If a delay in posting was caused by the fund, we will post the missing contributions and adjust interest accordingly. It is in every member’s interest to continually check their account and ensure that their contributions are updated. This can easily be done by through the myFNPF app, so we encourage our members to download the app through Google Play Store or Apple App Store. First, we calculate the average of the account’s daily balances. To do this we look at the account balance on each day during the financial year and calculate the average. The account balance will change during the financial year if contributions are made into the account or if early withdrawals are taken out of the account. Contributions increase the account balance and withdrawals decrease the account balance. When we know the account balance on each single day during the financial year, we calculate the average. We call this the Daily Average Balance. The calculation in Table 1 above provides an alternative approach. Please do contact us so we can walk you through the calculations and help you understand it better. 10. How can I contact the Fund for further assistance? You can contact the Fund by emailing information@fnpf.com.fj, call 3307811/5857 or live chat with us on our website www.myfnpf.com.fj.