Excess contributions are contributions paid in excess of the statutory contribution rate. Section 30(3) of the FNPF Act allows members to withdraw these contributions at any time subject to guidelines approved by the Board.
Guidelines
a) Excess contributions withdrawal can be permitted only if the member has an excess contribution balance.
b) Documents of evidence not required.
c) Members can only withdraw 50% of their total excess contribution balance once in a calendar year.
d) Any other partial withdrawal made by a member with an excess balance, will be treated as if it is an excess contribution withdrawal and reduce the excess balance first.
Documents to submit with application
⇒ The member must make an application using Form FNPF W30/3
⇒ Evidence from the member’s Bank confirming the member’s bank account number for payment deposits.
⇒ $20 fee
→ Any application that does not meet the above criteria will not be accepted.
Method of Payment
Payment is made direct to the member’s bank account.
Timeframe for Processing
Satisfying all the qualifying criteria, payment will be made within three to five working days of the submitted application.
Payment is made direct to the member’s bank account.
Timeframe for Processing
Satisfying all the qualifying criteria, payment will be made within three to five working days of the submitted application.
For any queries regarding the above, please Contact Us!