Encouraging members to save more for retirement is one of our core focus areas. The employees of a participating employer in the Verso Umbrella Retirement Pension Fund saw the advantages in long-term savings and took the initiative to increase their own contribution rate in order to enhance their retirement savings. This will have long-term benefits for members as the cumulative effect on the increased contributions together with the favourable tax treatment on contributions will ensure that these members have a more comfortable environment.
Verso Financial Services hosts member sessions in order to educate and keep members informed on any changes in the retirement funds industry or within their fund. The member sessions are presented by a Verso consultant and usually take place at the members’ place of employment.
One of the aims of the member sessions is to educate members of the importance of saving for retirement and they are encouraged to make additional contributions to their retirement fund to boost their savings.
During one of the member sessions with this participating employer our savers success story members were told about the advantages of saving more.
Following this session, some of the members requested that the fund rules be amended so they could increase the member contribution rate. These members then started to contribute to the retirement fund at a higher rate.
We are proud of the initiative taken by this participating employer’s employees to increase their retirement savings every month. Understanding the importance of saving for retirement will pay off in the long term.
If you want to find out more on the Verso Umbrella Retirement fund click here.
This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)