Samoa National Provident Fund

SNPF increase in minimum contributions to begin 1 July

The increase was approved by the Samoa Parliament through the National Provident Amendment Act 2019.

The increase of contributions ensures that members will have more funds available to them at retirement and even more so as the Fund plans to build on its record of paying out high yield dividends in the future.

According to the SNPF management, the increased contributions mean all members have faster access to their entitlements and greater and more flexible options available for borrowing.

Permanent home for Samoa National Provident Fund in Saleleoga

Since 1963, the Fund have been renting space on the Big Island to maintain services Savaii contributors. And 16 years later, SNPF’s permanent residency status is about to become a reality.

In the pipeline is the new SNPF two storey headquarters to be constructed in Salelologa about 50 meters from the Market.

And tentatively, ground-breaking is scheduled for later this month.

SNPF pays out $1.6 million on first day

In announcing the Special cash payment to the 85,000 Fund contributors last Friday, Finance Minister Sili Epa Tuioti said the one-off benefit will stimulate the economy which is showing signs of slowing down as a result of the measles crisis.

He said it was an initiative by the Fund’s Board of Directors.

“Tourism the main stay of our economy is feeling the impact with visitors cancelling their end of the year holidays in Samoa,” said Sili.

SNPF and UTOS receive dividends from Unit Trust of Fiji

The Unit Trust of Fiji declared a total dividend of 6.73cents per unit for Financial Year Ending 2018 and most recently announced an interim dividend of 3.50cents per unit for the first six (6) months of their Financial Year Ending December 2019.

In addition to the dividends, there are also capital gains that are realised from the continuous increase in the unit price.

SNPF Board approves $54 million dividend payout

SNPF Chief Executive Pauli Prince Suhren attributes the high payouts (10% and 9.1% respectively in the last 2 consecutive fiscal years) to the investments strategies by the Fund yielding high returns to finance the rewards for the SNPF membership.

He also credits the Board of Directors and staff of over 120 for their role in ensuring that the members are well rewarded.

The dividends payout are directly deposited in the respective accounts of SNPF members for their small loan entitlements.

There are more than 20,000 members of the SNPF.

 

Samoa National Provident Fund sets new landmark record

It’s the highest ever bonus ever to be paid out to the 20-thousand plus SNPF members in the history of the Fund.

The previous high dividend distributed by the SNPF was 9% in 2004.

It’s also the first time that a cash reward, represented by the 3% bonus this year is given to members to do as they please. No strings attached. 

In previous years, cash payments from the Fund to its members was endorsed by the Board with the blessing of government to assist with recovery work as a result of natural disasters such as the 2009 Tsunami and the most recent, Cyclone Evans.

Samoa National Provident Fund declares 10% interest for 2018

SNPF said 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.

Samoa pensions fund offers humanitarian help for Cancer patients

SNPF Chief Executive Officer, Pauli Prince Suhren said, “Terminal cancer patients can now withdraw their SNPF contributions.”

“The humanitarian assistance has conditions with cancer patients required to provide medical certification to confirm their conditions.

“SNPF will also conduct its own internal review but at the end of the day, it’s about providing crucial financial help for our terminally ill cancer patients.”

Samoa National Provident Fund declares 7.2% interest

The 7.2% interest shall apply to the National Provident Fund, Judiciary Retirement Fund and the Education Fund. 

This will amount to some $35.4 million tala paid to members as interest.

SNPF Chief Executive Officer, Pauli Prince Suhren says the annual interest declared shall be credited to the above accounts by close of business on the 30th of June 2017.

Contribution balance as at 1 July 2016 is the basis for the calculation of the interest declared provided that no withdrawals were made within this financial year. 

Digicel presents WST $1million dividend to Samoan shareholders

Samoa National Provident Fund Chief Executive Officer, Faumuina Esther Lameko Poutoa received the payment on behalf of SNPF contributing members, who are shareholders.

“Our partnership over the last ten years has been a great success and things like these benefit our members greatly and it’s a partnership we hope would continue to thrive,”Faumuina said.

Digicel CEO Milos Surla, who presented the cheque, reaffirmed Digicel’s commitment to Samoa.