FNPF savings sustains priest
CATHOLIC priest Father Paulo Vatunitu is adamant that his compulsory savings with the Fiji National Provident Fund that started when he joined the workforce in the 1990s, has worked out well for him.
Although he didn't work for many years before joining the priesthood life at the Pacific Regional Seminary in Suva in 1997, he is grateful that his savings with the FNPF has benefitted him.
Father Paulo, who hails from Qaravutu, Natewa recently returned from the Phillipines. He was the parish priest for six years at Ilikano in the Ilikos Region, northern province.
He was first employed at the Australian High Commission, then the Fiji Development Bank before joining the priesthood.
His FNPF contributions through the years, has definitely benefitted his plans today.
"I recently withdrew and I have used it to expand my grog and dalo farms here in Natewa and paid people to do the job as well," he said.
"It's a good thing because as priests we don't receive a salary so I must thank FNPF for keeping my savings safe while I was out of the country since 2005. These savings have come in really handy for me," he said.
During the lockdown period brought on by the COVID-19 pandemic, Father Paulo reached out to local communities, offering words of encouragement for those who had suffered economically.
"It was my FNPF savings that paid for my travelling expenses along this Natewa Tunuloa coast visiting villages to say our mass and just simply encouraging them to stay focussed on the positive," said Father Paulo.
"So I thank God that my savings remained with FNPF because I am able to use it to reach out to the communities as a servant of God.
"Without my FNPF savings, I'm sure it wouldn't have been easy for me to attend to my duties as a priest while being here in the village."
Father Paulo believes that while the FNPF has allowed members to withdraw, it was equally important to think of our future retirement savings as many would be unemployed after retiring.
"Not only our future retirement days but our children's
welfare as well, which is very important." i. Lump sum withdrawal; ii. Life pension (sole or joint); iii. Term annuity.
The life pension and term annuity offer retirees an income upon retirement, based on their balance and the applicable rates.
Lump sum withdrawals – which is what Father Paulo opted for – allows retirees to invest in a business venture to generate an income for themselves.
Retirees can also opt for partial lump sum withdrawal and a pension or term annuity or a combination of all three.
■