At the end of April 2016 the Cook Islands National Superannuation Fund (the Fund) announced that it planned to make changes to the Voluntary Accounts for members, and expected to release the terms and conditions for those changes in July.
As an update to members, we can now confirm that the voluntary account will provide for 1 withdrawal per calendar year, and that withdrawal may attract a processing fee depending on the amount being withdrawn.
In addition to this members will also be able to continue to keep their voluntary account in retirement, so long as it has been open before they claim the pension from the Fund and they maintain a credit balance, with a minimum amount still to be confirmed in the voluntary account.
These terms are now with the Funds lawyers to make the required amendments to the Trust Deed. Once the amendments to the Trust Deed are finalised and approved by the Board and Trustees, members will be able to make withdrawals from their voluntary accounts.