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The Fiji National Provident Fund (FNPF) says it has created a suspense account to hold $4 million in employer contribution funds whose owners are not clearly identified.
The FNPF has at the same time called on its members to check their FNPF accounts to ensure contributions from their employers are up to date.
The Fund says there is a lack of clarity on the identity of the owners of the contributions.
Fund chief executive officer Aisake Taito said it is the joint responsibility of the employer and the worker to ensure the details of the recipient of the contributions are accurate.
“These funds are placed into the unidentified contributions pool called the Suspense Account when there are discrepancies in information submitted in relation to the identities of the owners of these funds,” Taito said.
“It is therefore important that our members and their employers correct the personal information that accompanies these funds (contributions schedule) to enable us to post the funds into members’ accounts.”
“The use of initials or nicknames in the Contribution Schedule form, wrong name submitted compared to our records, wrong date of birth, no FNPF membership number, or the lack of detailed personal information submitted by the employer are major causes for funds being placed in the
Suspense Account,” Taito said.
He said members needed to ensure their contributions are not in suspense as these funds do not earn any interest.
The Fund will be open to receiving inquiries about funds in the suspense account at its offices in Suva’s Downtown Boulevard complex this week.
“We encourage our members to come and visit our officers who will be serving throughout next month to ensure this is rectified.”
