By SEPKOLIN WALNE
Members of the Comrade Trustee Service Limited (CTSL) can now enjoy a fast and more convenient process when applying for superannuation withdrawals.
CTSL General Manager Member Service, Freddy Manihoru, explained that they have 186 members who are in the process of withdrawing their super funds.
“Once they proceed, they will need to come forward and submit their bank statements along with the application forms for retirement,” he said.
“This is especially important for those who have surpassed the compulsory retirement age, given their length of service.
“After 20 years of service, once all the contributions are up to date, we don’t have to wait. The law allows them to access the money immediately upon presenting their discharge order.
“They have gone past the retirement age, and they want to retire. It’s just that it’s a military setup, unlike another form of setting where you sign your resignation, and if you want to resign, it’s entirely up to you.
Mr Manihoru highlighted the challenges they have in Terms of membership.
“We have a retirement course, and we need new recruitment to the country’s forces for every super fund.
“Membership will reflect the performance of the fund itself, as the fund heavily relies on this member’s contribution and then acts as a trustee to again invest that money to make the fund profitable.
“So, for us, we have a retirement course, we’re also mindful that if the numbers continue to decline it would subject the fund to some sort of risk in terms of fund performance,” Mr Manihoru added.