There is great news for members of the Samoa National Provident Fund.
Yesterday, in accordance with Section 36 of the S.N.P.F. Act 1972, the Minister and the Board of Directors of the Fund declared a total rate of interest of 10% for the financial year ending 30th June 2018.
This was announced in a press release which reads:
“This exceptional result is in part due to realisation of gains from the Fund’s offshore investment which has proven very profitable in the past 12-18 months and from which the Fund was able to repatriate $12.2 million tala back into the country in preparation for this year’s interest declaration.
“Contribution balance as at 1 July 2017 is the basis for the calculation of interest declared provided that no withdrawals were made within this financial year.
Payment of interest will be split as follows: the 7% portion will be credited to members’ accounts by 30th June 2018 while the 3% portion will be available as a ‘cash payment’ for disbursement to members starting from Monday 2nd July 2018.
“For members who do not opt to take the cash payment portion, these funds will be credited back to their accounts by 31 October 2018.
“The record payment this year of a total in excess of $53.7 million tala to members pays homage to the combined diligence and hard work of the Board, Management and Staff of the S.N.P.F. in the enduring endeavour to place our members’ interests first.
“In the coming financial year God willing, the Fund hopes to revamp existing schemes and pursue new robust investment opportunities both locally and offshore to build on this legacy of success and further expand the benefits to our members.
All glory, thanksgiving and praise to the King of Kings our Lord Jesus Christ for his abounding favour on the SNPF and on Samoa.”