Pacific Star staff receive info on Nasfund services

 By SONIA KENU 

NASFUND visits organisations and business houses to conduct awareness on its products, services and benefits for members.

The marketing team talked to staff of Pacific Star Ltd yesterday about some of the new services and benefits it provides.  

Nasfund official Hamilton Riman said 6% deductions from employees were done fortnightly while employers contribute 8.4%. 

Both are collected monthly. 

Riman said Nasfund provided services such as a retirement savings account, housing advance scheme, voluntary superannuation and the Nasfund Contributors Savings and Loan Society (NCSL). 

“Nasfund uses the money you contribute to make more money for you. 

“The more returns Nasfund makes, the more interest you earn,” he said.

“Under the Superannuation Act 2000, members are entitled to withdraw their savings on grounds of unemployment, retirement, permanent disability, death and emigration. 

“Housing advance scheme can benefit current contributors to the fund. 

“It includes buying a new home, renovating an existing home and purchasing of land to build a house. 

“This will be done under proper documentation and payment will be done directly to the building supplier,” he said.

“It is also important to renew nominees who will be benefiting from the savings at the event of a member’s death.

“One of the services we offer, Eda Supa, is a voluntary superannuation savings account for workers or individuals who are currently outside of the superannuation net virtue of their status as being self-employed, cash crop farmers, recipients of landowner royalties and expatriates.

“A K100 fee is charged to open an Eda Supa account and a minimum contribution of K20 can be paid into the account anytime within three months,” Hamilton explained to the staff.