An overview of Nambawan Super Limited’s 2022 Results shows that the fund faced challenges on several fronts, despite the Fund’s net value growing to K8.99 billion.
NSL's Chief Executive Officer Paul Sayer, presented to employers an overview of the Fund’s 2022 results including the challenges faced, the positive outcomes and NSL’s plans for 2023 and the future.
“In 2022, the Fund faced challenges on several fronts and worked hard to mitigate the adverse effects of the tough global and local economic conditions brought on by factors well outside of our control,” Sayer stated.
“Despite, the challenges, NSL managed to grow the Fund’s Net Asset Value to K8.99 billion.
“We also delivered a Net Profit of K144 million which resulted in 1.6% interest credited to Members.”
“Given the tough economic environment, these achievements were a positive result for the Fund, as at times during 2022, there were very real concerns that Members might receive a negative crediting rate, however, we worked extremely hard to ensure this did not happen,” Sayer added.
Sayer said that the Fund was very pleased to have delivered a record high K1 billion payout to over 30,000 Members in 2022, which is the highest benefit payments any PNG super fund has ever made in a single year.
“This is quite a significant achievement for Nambawan Super, as it clearly shows that regardless of economic conditions or social factors, our Members' funds will always remain safe with us and will be available to them as soon as they are ready to retire.”
He also noted a number key highlights from 2022 that NSL is continuing work on in 2023 and further. This included the Fund’s continued strategic deployment of funds into investments like Rangeview Precinct and Moki Business Park which has created nearly 2,000 jobs during a struggling PNG economy.
Other highlights included NSL’s upskilling of staff to ensure the best possible service and results for Members; the implementation of the Branch Relocation and Expansion Project improving Members' access to superannuation services around the Country; and the successful rollout of financial literacy training to 3,771 Members from across PNG in 2022 and an additional 2,099 Members trained in 2023.
Last year marked Nambawan Super's 60th anniversary of building better futures for the fund’s Members and the people of Papua New Guinea.
The theme "Building Better Futures" is aligned with the Fund’s mandate to ensure Members can retire with dignity after contributing to and supporting the growth of the nation throughout their working lives. The Fund aims to continue to embody this theme in 2023 and long into the future.
Sayer stated, “As the Trustee for 220,000 hard-working Papua New Guineans, NSL Management and staff are committed to continuing the work of mitigating the adverse effects of the current economic state, to ensure that we are protecting the savings of our Members now and into the future.”
“As your Trustee, we will continue to build better futures for all our Members by generating the best possible returns through our investments, delivering quality and innovative services, providing Financial Literacy Training, and ensuring your savings are available and ready for you when you retire,” Sayer concluded.