Members of the public woke up to the news of additional charges on Friday from the Samoa National Provident Fund informing contributors of new fees when applying to review accounts and members are not happy.

The “important notice” released by the S.N.P.F. on midnight Thursday advised the public of “relative fees” which must be paid in cash meaning they cannot be charged to the loan account. 

The new fees apply to investment account review and contribution account review. 

Before October last year, there weren’t any fees in place and members only needed to satisfy requirement under the policies and submit the paperwork. 

It is unclear as to why the reviewed fees have just been disclosed to members now when it was enforced around three months ago. 

The S.N.P.F. Acting Chief Executive Officer, Faalogo Luana Esera referred all queries regarding the review fees to the C.E.O. who is currently on leave. 

S.N.P.F. C.E.O., Lemalu Selestina Reti had been approached by the Samoa Observer several times last year regarding the new fees but did not respond to any questions. The new fees come at the back of the 2.4 per cent dividend declared and accessed by members on 10 January. 

However, the news was described as a disappointment to members who took to social media to vent their frustration on why the fees are being implemented now. 

Another member questioned why the fund is operating like other commercial institutions charging people to review and access their investment and hard-earned sweat. 

“Another burden added on the public,” said another member.

Another member says contributors should charge S.N.P.F. for using their funds to invest in other developments and hotels they weren’t consulted about.

“So you can charge us fees for looking into our accounts but you don’t consult us when you decide to use our money to invest in other businesses.” 

A sum of $50 tala must be paid in cash every time you apply for the removal of a guarantor, replacement of a short-term guarantor, full or partial withdrawal of a borrower or guarantor’s contribution, unlocking of short term loans of a borrower or guarantor under special condition, borrower and co-borrower removal.   

In terms of contribution account review members have to pay $20 tala upfront if they want reinstatement of a small loan after loans offset, short-term loan after loans offset, early short-term loan and unlock small loan after loans offset. 

The $20 tala also applies if you request the C.E.O. to access your short-term loan immediately for a relative’s funeral only. 

The $20 tala charge to change bank account has always been in place and is not new. 

The Minister of Finance, Lautimuia Uelese Vaai in a recent press conference said the new fees were to deter excessive loans from members. 

Lautimuia said the services are for people who force their way through and want to review their accounts resulting in extra work for staff. 

He said it was not for all contributors and the fees were only for those who requested a review but were not entitled to it.

However, the N.P.F. made it clear that the fees apply to all members requesting under investment or contribution review regardless of whether they are entitled to it or not.