EDA SUPA SUPERANNUATION SAVINGS ACCOUNT
Thank you for inquiring about our Eda Supa Savings Product. What is Eda Supa?
How much can I contribute?
Minimum contribution is K20 and can be paid into their Eda Supa account anytime at your convenience. Due to the voluntary nature of the account, payment is made by the individual either by way of a cheque payment at any of our branch offices or by directly depositing into our Eda Supa BSP bank account no. 1001233102 or you can pay using EFTPOS facilities at our head office in Boroko. Eda Supa payments are expected to be solely from the individual themselves. Please note if you pay by direct deposit, you are required to fax through a copy of your deposit slip to confirm your payment. This will ensure we quickly identify your deposit and allocate into your Eda Supa account with minimum delay. If I sign up, am I subject to the Superannuation Act? Yes. Persons who sign up to open an Eda Supa Account must be aware that this saving is subject to the normal rules and regulations that govern the Superannuation Industry.
This means that once you sign up, you are encouraged to contribute regularly.
You are not able to withdraw anytime at will. Remember, this is
not a bank account. This is a superannuation account that you
have elected to open to cater for your retirement needs. Therefore
access to funds is subject to the same guidelines that apply to
compulsory contributors.
The services and benefits that are accorded to compulsory contributors are
also applicable to Eda Supa Savers. You will receive a membership
ID card and you will be able to participate in the NASFUND Membership
Discount Program. You will also have access to save with the NASFUND
Contributors Savings & Loan Society if you want to as well.
More importantly, your savings are able to grow in safe and secure environment by earning interest that is above inflation and bank rates. In addition your savings are kept away from the pressures of wantok and cultural obligations, thus becoming a tangible asset for not only yourself, but for your beneficiaries as well.
How do I join? Simply fill in an Eda Supa form (attached hereto) and send back to us through any of the addresses below. Work out how much you want to contribute (minimum K20) and make your first payment by cheque or direct deposit into our bank account. For obvious security reasons we will not accept cash.
If I do not contribute for three months or more what happens to my contribution? Your Eda Supa account becomes inactive. If no further deposits are received you will be contacted and reminded to make payments. For your Eda Supa account to work you must save regularly inside a three month period. If you are unable to make payment(s) for a prolonged period after three months, your saving will refunded to you. Can I withdraw my Eda Supa Savings for a housing advance? Yes you may after you have saved for 5 years or more. The amount you are entitled to withdraw is up to 100% of your savings less interest. How much do I need to repay? The Superannuation Act requires a member to repay their advance by increasing their contribution by further 2%. If a member is saving the minimum K20 per deposit, the 2% will be an insignificant amount (K0.40). In this instance we will inform of the consequences of not repaying a housing payment and encourage you to contribute at a higher level, for example a further 10% or K22. Who endorses the housing advance application if I am self employed? We will endorse the application. Am I allowed to transfer my savings from NASFUND to Eda Supa if I leave formal employment? Yes but only after fulfilling the withdrawal requirements stipulated under Section 90 of the Superannuation Act. Your payment will be treated as your own contribution when you join Eda Supa. How do I receive my annual statement? If you have a private postal address we will send your statement to you on this address. If you do not have an address and where we have an office we can send your statement to our offices for you to pick up. Am I allowed to open a trust account for my children? No. At this stage an individual is not allowed to open Eda Supa accounts in Trust for children. Our contact addresses: Branch Offices:
If you require any further information or clarification, please contact the undersigned on ph: 323 5595 or return email: iantarutia@nasfund.com.pg. |