Superannuation Plan

The following notes provide a short summary of the main features of the Plan. They are intended to give you a better appreciation of the real benefits you can enjoy. These benefits are possible because your employer has given you the opportunity to be a member of the plan.

How it works

Each year, your employer will make contributions to the fund on your behalf. Normally this represents a percentage of the salary you receive. Year by year as your salary increases, so too will the contribution that is made for your benefit.From contributions paid, Samoa Life will deduct a small administration fee and, if applicable, the cost of any insured death benefit premium. The net balance of contributions after these deductions is then accumulated year by year with interest to provide your benefits.

Once a year, you will receive a Member's Certificate which will show you how much there is in your personal account. In this way you will be able to measure the increasing value of "the Plan" towards greater financial independence on your retirement.

Retiring Age

Retirement benefits are only payable on the attainment of age fifty five (55) for men or age fifty (50) for women or upon such other later date of actual retirement as may be agreed upon.

Taxation

Under current conditions contributions made to the Plan by your employer are not considered to be income in your hands. You will not have to pay any additional income tax.
Benefits paid at retirement are subject to some income tax liability. However, there are substantial tax-free concessions allowed which further increase the value of the benefits for you. Death Benefit payments are free of income tax.

Trust Deed - Final Authority

The foregoing is a summary of the main features of "the Plan". Complete operation of the Plan and the respective rights, obligations and entitlements of the Trustee, your Employer and yourself are at all times and in all matters governed in full by the provisions of the Trust Deed.

Benefits

Upon actual retirement you are entitled to receive a single cash payment equal to the full credit in your personal account.

In the case of serious ill-health your employer may consent to your retiring at any time. Supporting medical evidence will be required to allow this to occur. Should forced early retirement be confirmed you would be entitled to a single cash payment equal to the full credit in your personal account at the date of retirement.

If you die while in service of your employer, a single cash benefit is payable equal to the full credit in your personal account at the date of death. In addition there may be an extra insured death benefit payable. At the time of joining the Plan you were asked to nominate the person or persons to whom you would prefer the benefit be paid in the event of your early death. While this nomination is not binding on the Trustee, in the normal course your wishes would be followed.

If you leave your employer's service before retirement, whether you will receive a benefit or not will depend on the terms and conditions set by your employer. Under some circumstances, but only with your employer's agreement, it may be possible to transfer your benefits with you to another employer.

All benefits will be paid in Tala and only in Samoa.

The plan has been set up to provide benefits for you, when you retire, or your dependants if you die. To protect these benefits IT IS NOT POSSIBLE to borrow against them or use them as security for loans from any source.

testimonial

IT IS IMPORTANT THAT YOU REVIEW THIS NOMINATION FROM TIME TO TIME IF YOUR PERSONAL CIRCUMSTANCES CHANGE. YOU MAY NEED TO ALTER YOUR NOMINATION TO DO THIS, JUST CALL INTO SAMOA LIFE WITH THE NEW DETAILS.

Maselina Ulupano

Senior Superannuation Officer