Two Accounts - Preserved and General
Effective 1 November, 2014 all membersâ€™ accounts were split into the Preserved and General Account.
Any contribution received into your FNPF account (both for compulsory and voluntary members) will be
divided into 70% (Preserved) and 30% (General).
Why have a Preserved Account?
The Preserved Account is reserved for retirement. The Fund has been entrusted to provide financial security for its members, when they reach the retiring age of 55 years.
In locking 70% of a members balance, it enables each member to save more during their working life and
Once a member reaches 55 years, they will be able to make a decision whether to fully withdraw their
FNPF funds, pension or a combination.
Can I make early withdrawals from my Preserved Account?
Only members accessing their funds for their first housing transfer to purchase a vacant land, an existing house or to build, are also able to access 30% of their Preserved account in addition to the 30% available from their General account. This is the only time in which a member can access funds from their Preserved Account.
For example, a member who has a total FNPF balance of $50,000, they will have $35,000 in their Preserved Account (70%) and $15,000 in their General Account (30%). To purchase their first home, the member can access up to $10,500 (30% or their Preserved) in additional to their $15,000 in their General Account. This is a total of 51% of the members FNPF balance.
Important: If an amount is withdrawn from the Preserved Account, then any contribution received thereafter
must be credited to the memberâ€™s Preserved entitlement for 5 years, or until the amount credit equals the
amount withdrawn from the Preserved, whichever comes first.
When can I access my General Account?
The General Account is accessible by members for pre-retirement or early withdrawals inclusive of
education, medical, unemployment, housing etc. as per approved withdrawal guidelines.