What is Eda Supa?
Eda Supa is a voluntary superannuation savings account for workers / individuals who are currently outside of the superannuation net by virtue of their status as being self employed, operating a small business, working in a small establishment less than 10 employees, farming in cash crops or recipients of landowner royalties. Basically it caters for anyone who is earning some form of income and who want to save in a superannuation environment.
How much can I contribute?
Minimum contribution is K20 and can be paid into your Eda Supa account anytime within 3 months. Due to the voluntary nature of the account, payment is made by the individual either by way of:
- Cheque payment;
- Direct deposit (Eda Supa BSP bank account no. 1001233102);
- Mobile banking;
- Internet banking
- EFTPOS (Boroko branch).
These 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 on 320 1625. 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 (Download Here) and send back to us through any of our branch offices.
To establish an account will cost K100.00 either by eftpos, cheque or direct deposit into our bank account. (For 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.
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.
For more information, please contact us.