The main point of the Saccawu National Provident Fund is to help you save money towards your retirement. Your Fund Credit is the money you have saved up since you joined the fund and is made up of:
Total contributions (member and employer contributions); LESS
Risk benefit costs and fund expenses; PLUS
Any additional voluntary contributions (if applicable); PLUS
Any amount transferred into this Fund on your behalf from a previous fund you belonged to; PLUS
Investment returns earned.
The best way to save for retirement is… slowly over time and for a long time
The earlier you put money into a retirement account, the more interest you will accumulate over time.
This is the true power of compound interest!
Every year that you reinvest your interest (in other words, don’t touch your money or withdraw), greatly improves the chances of growing your money to be able to retire comfortably.
Put simply, you and/or the employer put money into the fund each month. The money grows with investment return and at retirement the Fund Credit needs to provide you with an income for the rest of your life.