National SuperThe National Superannuation Corporation (trading as National Super) is a government-run superannuation company, entrusted with administering the Youth Super Investment Programme.
|
About National Super
National Super was founded in 1979, following the passage of the National Superannuation Company Act 1978 and the Superannuation Act 1978. The goal of the National Superannuation Corporation is to act as a reliable, government administered superannuation corporation that delivers competitve result for members, forces improved competition amongst private superannuation providers, and acts as a sovereign wealth fund that can serve higher-risk government investing.
National Super also serves as the superannuation corporation charged with managing the national Youth Super Investment Programme. This programme is designed to ensure every Xuande-Xiphoian child reaches adulthood with financial assets to support themselves. As young investors are best placed to tolerate higher-risk growth investing, National Super is one of the nation's best placed assets to support medium and short term investing.
National Super also serves as the superannuation corporation charged with managing the national Youth Super Investment Programme. This programme is designed to ensure every Xuande-Xiphoian child reaches adulthood with financial assets to support themselves. As young investors are best placed to tolerate higher-risk growth investing, National Super is one of the nation's best placed assets to support medium and short term investing.
Youth Super Investment Programme
The Youth Super Investment Programme, brought into effect by the Youth Mandatory Superannuation Act 1978, was designed to reduce long term social development and pension expenses, and to act as a form of introducing universal basic assets for young adults. It was also intended to support the increase in a birthrates.
The YSIP provides each Xuande-Xiphoian child with a National Super account; this is created on the child's birthday if they are born a Xuande-Xiphoian Citizen or National, or starting from the day of their achieving one of those statuses. On the creation of that account, the Xuande-Xiphoian Government will place a principal amount into the account. The Government will also invest an additional amount into the account on each birthday of the account holder. Additional private investment into accounts is permitted, with a tax-free threshold.
The Act originally provided for the following amounts in payments:
After inflation, the current amounts are as below:
National Super is guaranteed to provide an average annual minimum 5% real return over the course of the total investment. Where this has not been achieved at any time during the maturation period (between the 18th and 20th birthday of the account holder) the Xuande-Xiphoian Government will make an additional tax-free payment to meet the imbalance (private contributions being disregarded).
Due to these requirements, a Xuande-Xiphoian child who has held an account for the full 18 year period should reach the adulthood with superannuation assets of €1,043,804.61.
Accounts must be closed during the maturation period of the account; this period is designed to allow for opportunities for the superannuation provider to advise periods to withdraw in case of adverse economic conditions. When the account holder meets the qualification criteria to withdraw the funds, they may elect one of, or any mix of, three options.
Qualification criteria for withdrawal of funds includes the account having reached the maturation period, and the individual account holder must also demonstrate the following:
Where qualification criteria are not met at the account holder's 20th birthday or no withdrawal option has been selected, the transfer of superannuation option will be utilised by default.
Early release of superannuation provisions which exist for adult superannuation do not apply to the YSIP; funds may be released under the terminal illness provisions of the Superannuation Act 2009.
The YSIP provides each Xuande-Xiphoian child with a National Super account; this is created on the child's birthday if they are born a Xuande-Xiphoian Citizen or National, or starting from the day of their achieving one of those statuses. On the creation of that account, the Xuande-Xiphoian Government will place a principal amount into the account. The Government will also invest an additional amount into the account on each birthday of the account holder. Additional private investment into accounts is permitted, with a tax-free threshold.
The Act originally provided for the following amounts in payments:
- Principal amount: €40,000
- Yearly deposit: €5,000
- Private contributions tax-free threshold: €22,000
- Private contributions tax rate: 15%
After inflation, the current amounts are as below:
- Principal amount: €167,800
- Yearly deposit: €20,970
- Private contributions tax-free threshold: €92,500
- Private contributions tax rate: 15%
National Super is guaranteed to provide an average annual minimum 5% real return over the course of the total investment. Where this has not been achieved at any time during the maturation period (between the 18th and 20th birthday of the account holder) the Xuande-Xiphoian Government will make an additional tax-free payment to meet the imbalance (private contributions being disregarded).
Due to these requirements, a Xuande-Xiphoian child who has held an account for the full 18 year period should reach the adulthood with superannuation assets of €1,043,804.61.
Accounts must be closed during the maturation period of the account; this period is designed to allow for opportunities for the superannuation provider to advise periods to withdraw in case of adverse economic conditions. When the account holder meets the qualification criteria to withdraw the funds, they may elect one of, or any mix of, three options.
- A full value withdrawal. The entire fund will be transferred to the recipient. A withdrawal tax is payable on the withdrawn amount, which is 17.5% for Xuande-Xipohian tax residents and 35% for a tax non-resident.
- A coupon withdrawal. The entire fund will be made available to the recipient in the form of approved purchasing options, which are developed by the Government to keep superannuation funds circulating in the Xuande-Xiphoian economy. Purchasing options include domestic education fees, residential real estate, and funding for investments in a Xuande-Xiphoian stock exchange or financial products. A 5% tax is payable on the value of the withdrawn amount.
- A transfer of superannuation. The total value of the superannuation will be transferred to an adult National Super account, which will then be administered in accordance with regular superannuation laws; this includes the right of the account holder to transfer the superannuation to other superannuation companies.
Qualification criteria for withdrawal of funds includes the account having reached the maturation period, and the individual account holder must also demonstrate the following:
- That the account holder is registered on the Electoral Roll;
- The account holder has no outstanding criminal matters in Xuande-Xiphoi or overseas, and is not being held in custody;
- The account holder must attend a National Super financial readiness seminar.
- The account holder must not be a tax resident or physical resident of a country subject to Xuande-Xiphoian Government sanctions.
Where qualification criteria are not met at the account holder's 20th birthday or no withdrawal option has been selected, the transfer of superannuation option will be utilised by default.
Early release of superannuation provisions which exist for adult superannuation do not apply to the YSIP; funds may be released under the terminal illness provisions of the Superannuation Act 2009.