What is Voluntary Superannuation?
Voluntary Superannuation as the name suggest, is the superannuation savings where members contribute towards their retirement savings on a voluntary basis.
What is Choice Super?
Choice Super is the new product developed under the Nambawan Super Brand. This product is developed to facilitate Voluntary Superannuation Services targeting the informal sector market.
Who can join?
- Employees of companies employing below 15 people
- Self employed individuals
- Small Business Operators/ Local PMV operators
- Farmers/ Fishermen
- Land owners in mining and LNG Projects
How much can I contribute?
Minimum contribution is K20.00 and can be paid into your Choice Super Account anytime within one month. You may wish to do a lumpsum deposit at anytime to grow your savings quicker. Due to voluntary nature of the account, payment is made by the individual through alternative arrangement by direct deposit or cheque payment at any of the Nambawan Super Branch Offices.
If I sign up, am I subject to the Superannuation Act?
The answer is YES. A person who sign up to open a Choice Super Account must be aware that this savings 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 or for future needs. Therefore access to funds is subject to the same guidelines that apply to compulsory contributors.
What happens to the contributions?
Contributions received from members are managed by Nambawan Super Ltd and is invested. Interest is paid annually into members accounts.
How much is the member entitled to?
The net benefit a Member entitled to is the total contributions plus interest. Less withdrawal fee of K20.00 and tax on any interest earned.
When can a member withdraw their savings?
Under the Superannuation Act 2002, members are entitled to withdraw their savings on ground of unemployment, retirement, permanent disability, death or permanent emigration.
What type of Benefits are available?
The services and benefits that are accorded to compulsory contributors are also applicable to Choice Super members.How do I join Choice Super?
Simply fill in a Choice Super Member Registration Form and send it back to us with your first contributions through any of our branch office or do direct deposit and provide deposit slips to Nambawan Super Head Office. We will not accept cash payments.