Retirement Entitlement Awareness Session

The Tonga National Qualifications and Accreditation Board (TNQAB) conducted an in-house awareness session this morning in collaboration with the Retirement Board to clarify staff entitlements under the retirement scheme.

During the session, staff were informed that TNQAB employees will be eligible to access their retirement fund upon reaching the age of 60 years. It was further emphasized that employees must formally retire from employment in order to claim the full retirement benefit.

The briefing also outlined conditions for early retirement. These include circumstances such as medical incapacity, migration, or death. In such cases, appropriate supporting documentation is required to enable employees or their beneficiaries to claim the full entitlement.

With regard to financial hardship, employees were advised that they may access up to TOP 2,000 after three months of unemployment. This arrangement is subject to review every six months. Staff raised concerns regarding the definition of “financial hardship,” particularly in light of current economic pressures facing the country, such as increases in fuel prices. The Retirement Officer acknowledged these concerns and provided further clarification on the assessment process.

The Retirement Officer also emphasized the importance of each employee completing an “Employee Will” form. This ensures that, in the event of death, retirement funds are distributed according to the employee’s wishes. Where no form has been completed, payments will require legal confirmation before

disbursement.

The session concluded with clarification on the Elderly Benefit Fund, which becomes effective at the age of 66. Staff expressed concern about the gap between the retirement age of 60 and eligibility for the elderly benefit at age 66.

We extend our sincere appreciation to the team from the National Retirement Benefits Fund for delivering such an insightful and engaging session with TNQAB staff this morning. It was invaluable for our team to gain a clearer understanding of their retirement benefits, and even more meaningful to hear this information directly from the source. We are truly grateful for your time, expertise, and commitment to supporting our staff’s financial awareness and future planning.