FNPF chief executive officer Aisake Taito yesterday denied that there has been any limit set for members who chose certain options of the pension scheme.

He has reiterated that the Fund was ready to meet the withdrawal needs of members who would retire on Thursday.

Retirees have the option of choosing from any of the following, lump sum withdrawal, full pension (joint or single), and part lump sum, part pension.

“The Fund is a pension scheme, and we're here to provide our pensioners with an income for life,” he said.

Mr Taito said the Fund was worth $3.6 billion, which included a large cash reserve.

He added the Fund was financially stable to provide those retiring on Thursday with their retirement funds built up over the years.

More than 1,600 civil servants who are above 55 years of age would be retiring on Thursday under the State Services Decree.

Under the pension scheme members are provided a monthly payment for life. This is for members who decide to take a pension when they retire.

According to the scheme brochure, a member qualifies for pension once they reach 55.

However, there are certain conditions depending on options chosen by the member.

The pension is payable one month after the withdrawal application has been approved. The amount of the pension depends on the pension rate at the time of withdrawal.