Agricultural Sector Provident Fund (ASPF) – make provision

Recognition should rightly be given to employers in the agricultural sector regarding the way they continuously act in the interest of employees. Financial planning is an important aspect that every worker should pay attention to and therefore it is also important that an organisation such as the LWO Employers Organisation will participate in initiatives to provide affordable retirement, disability, death, funeral and withdrawal benefits for farm workers. The Agricultural Sector Provident Fund (ASPF) offers several affordable plans with unique benefits to employees.

The ASPF is supported and managed by a board of trustees with representation by the LWO, Agri SA, TLU SA and professional independent Trustees. The Board of Trustees looks after affordable contributions, as well as competitive benefits for participating farm workers.

During 2022 the Trustees of the ASPF conducted an intensive market investigation to consider the appointment of an alternative administration company to administer the ASPF and appointed Verso Financial Services (Pty) Ltd as the new fund administrator with effect from 01 October 2022.

Members and employers will be able to register on the fund’s website with Verso. Members will also have the ability to download an application on their smartphones. In doing so they will have access to personal information such as nominated beneficiaries, contribution history, salary history, history of processed transactions, accumulated fund value as well as member benefit statements.

It is important to acknowledge that farmers have a social responsibility towards their workers when they become too old to work, or due to unforeseen circumstances become medically disabled either because of a medical condition or an accident, or die before they reach the normal retirement age.