SNPF Overseas Investments Worth Over $70 Million Talā

0
278

By: Asenati Taugasolo Semu

The value of Samoa National Provident Fund’s (SNPF) overseas investments stands at $70.9 million talā, as at the end of June this year.

This was confirmed by SNPF’s Chief Executive Officer to the Savali.  Pauli Prince Suhren explains that the compulsory savings fund for employees earns revenue in two ways;

(1) Capital growth and

(2) Dividends from investments.

He shares the list of SNPF overseas investments includes:

  • BSP (PNG) = $29,520,851;
  • Black Rock (Australia) = $27,197,477;
  • ATH (Fiji) = $4,253,967
  • UTOS (Fiji) = $9,924,162.

Last year, SNPF members benefitted from a dividend payout of FJD$406,183.66 (ST$495k) to SNPF and UTOS Samoa, when the Unit Trust of Fiji declared a total dividend of 6.73 cents per unit for the Financial Year Ending 2018 and an interim dividend of 3.50 cents per unit for the first six (6) months of the 2019 Financial Year.

The SNPF CEO says, “Maintaining substantial offshore investments ensures that SNPF has a reserve pool of finances that are being invested in lucrative multinational industries that result in substantial revenue for members that would otherwise be unavailable in Samoa due to the limited opportunities over here.”

For this month, the fund is distributing $10.6 million tala to its members as part of their COVID19 Stimulus Assistance Package, in time for Christmas.

About Samoa National Provident Fund (SNPF)
SNPF is a compulsory savings scheme for employees (members) established in 1972 and is legally mandated and entrusted with safekeeping of members’ contributions and to generate from the resources provided by these contributions the greatest achievable benefits for members and their dependents during retirement or in the event of earlier death or incapacitation.
Contributions to SNPF are made by employers on behalf of their employees and is 20% of the employee’s gross salary(10% from the employee + 10% from the employer).