SNPF to pay in excess of $53.7 million tala to members

An aerial view of part of Apia town

APIA, SAMOA, THURSDAY 21 JUNE 2018: The Samoa National Provident Fund will pay over $53 million tala to members as 10% rate of interest for the financial year ending 30th June 2018.

The Fund says “This exceptional result is in part due to realization 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.”

The payment of interest will be split as:
(1) 7% portion to be credited to each members’ account by 30 June 2018
(2) 3% portion to be available as a ‘cash payment’ for disbursement to members starting from Monday 2nd July 2018.

Members who do not opt to take the cash payment portion will have these funds 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 SNPF in the enduring endeavour to place our members’ interests first,” said the Fund in a media statement.

“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.”