The FNPF Pension Scheme was introduced in 1975 to give members the opportunity to receive their accumulated funds in monthly installment payments (pension annuity) for their lifetime.
In August 1998, Parliament passed important amendments to the FNPF Act, which provided major changes in the Fund’s pension scheme. The purpose of the new pension scheme is to eventually have a viable scheme based on actuarial principles and consequently safeguard its continuity into the future. The scheme also extends the pension to more members who were not entitled to a pension previously.
Pension payments cease on death of sole pensioner, dependant and nominee. A pension is paid out on a year by year basis thus If a sole pensioner dies within one year of receiving his/her pension, the nominee will be paid the balance of the remaining months for that year.
For more information contact your Pension Officers