Background
The establishment of the National Retirement Benefits Fund was created by the National Retirement Benefits Scheme Act 2010, an Act of Parliament. His Majesty’s Cabinet declared on December 1st 2011, as the effective date for both the Act and the establishment of the Fund.
Purpose
The Fund was created exclusively to provide benefits for retirement, permanent total disablement, or death of a member, as outlined in the Act and Regulations. It is a defined contribution fund, and benefits are paid as a lump sum, in instalments, or a combination of both.
Administrations of the Fund
The Board of Directors of the National Retirement Benefits Fund Scheme shall oversee the administration of the Fund in compliance with the provisions of the Act and Regulations, and will be responsible for managing and investing the Fund
Board of Directors
The Board is composed of five members: two nominated by the Churches, two by the Private Businesses, and one individual with relevant experience and qualifications who does not have voting rights. Each Board member serves a term of three years, with a maximum of two full terms, regardless of whether these terms are consecutive.
SOCIAL WELFARE SCHEME - RECEIVED THEIR CHRISTMAS GIFT
Elderly Beneficiaries Receive Christmas Gifts from Local Businesses
In the spirit of giving, generous businesses have come together to provide Christmas gifts for the elderly beneficiaries of our Social Welfare Scheme. These contributions bring joy and warmth to those in need, making the festive season more meaningful. We extend our heartfelt gratitude to all participating businesses for their kindness and support.
Invitation for Christmas Donations to Support Elderly Beneficiaries
We warmly invite private businesses to voluntarily contribute Christmas gifts for the elderly beneficiaries of our Social Welfare Scheme. Your generosity will help bring joy and warmth to those in need during this festive season.
NRBF - INFORMATION GUIDE
The NRBF provides comprehensive guidance and information to support our members in planning for retirement and accessing Social Welfare benefits
Communications from the Fund about member's retirement fund.
The Fund will send members ongoing communications to keep them informed about events related to the Fund. These are the communications members will receive from the Fund:
- Information Guide – member receives it when he joins the Fund
- Member Statement of Account – member receives it once a year after July or on request
- Annual Report - Once every year
Becoming a member of the Fund
All Employees between the age 18 and 70 are eligible to become a member of the Fund.
Any other person can also join the Fund as a Voluntary Contributor by registering with the Fund given that he is not an employee of exempted complying schemes
Member's Accounts in the Fund
There are five(5) accounts set up in the Fund for a member
- Member Contribution Account (MC, 5% of gross) – mandated contribution deducted from members weekly/fortnightly/monthly or annual salary
- Member Voluntary Contribution Account (MVC) – any amount decided by the member.
- Employer Contribution Account (EC, 7.5% of gross) – mandated contribution for the member from the employer.
- Employer Voluntary Contribution Account (EVC) – any amount decided by the Employer to contribute to the member.
- Transfer Contribution (TC) – member’s total contribution transferred from a complying scheme in order to join the Fund.
Grounds to Withdraw from the Fund
A member is entitled to receive a leaving service benefit which is equal to the sum of all his/her accounts plus interest less administration costs less life insurance.
- Retirement Age – When a member reaches the age of between 60 & 70 and ceases employment. Conditions apply.
- Phased Retirement – When a member reaches retirement age, ceases employment and still chooses to remain a member. Conditions apply
- Migration – When a member moves out of Tonga to settle overseas under permanent resident’s visa or citizenship visa.
- Financial Hardship – When a member ceases employment before the age of 60. Conditions apply.
- Redundancy – When a member ceases employment due to employer ceasing to operate or his/her post being abolished.
- The death benefit is equal to the member’s account balance plus the life insurance amount of TOP$5,000.
- The death benefit will be paid to the beneficiaries as provided by the Act and Regulations or otherwise nominated by the member
- The member must be medically certified (letter from Director of Health) to be physically or mentally incapacitated from ever engaging in further employment.
Early Release:
Death:
Medical: