Vanuatu super fund allows partial withdrawals

Vanuatu's National Provident Fund is to allow members who reach retirement at the age of 55 to withdraw only part of their savings.

The Daily Post newspaper reports the fund's new general manager, Parmod Archery, saying that in the absence of a pension scheme such a move helps retirees to spread their savings over multiple years.

He said he had seen cases in his native Fiji where retirees emptied their savings and spent it all in less than a year.