Nambawan Super Limited (NSL) has confirmed the receipt of K79.8 million from the State to complete the retirement exercise for batches 2 to 4 of the 2022 Government Retirement Program.
NSL’s chief executive officer, Paul Sayer said that the Fund is very pleased to have received these funds as it enables NSL to process the benefit payments for 951 Members from various government departments that have been eagerly awaiting the remainder of their benefits.
“We are pleased to have received the K79.8 million on behalf of our Members. We thank the State, through the Departments of Finance and Treasury, for recognising the needs of our retirees as they look to make the most of the next chapter of their lives after retirement,” Sayer stated.
“NSL appreciates that the State has given priority, amongst its other liabilities, to the retirement outcomes of Nambawan Super’s Members who deserve a dignified retirement after having committed their entire working lives to supporting the social and economic development of this Nation.”
“I am sure that our Members will be pleased to hear that the State is working to honour its commitment to ensuring they are paid the benefits owed to them. Members who retired under the 2022 Government Retirement Program should now visit their nearest NSL Branch to apply for payment of their benefits,” Sayer added.
To date over 2,285 retired public servants have been paid a total of K150.5 million from the State since the Government Retirement Program started in 2021.
The Public Service Retirement Exercise was initiated in 2021 with the Department of Personnel Management (DPM) coordinating a five–year retirement/retrenchment exercise.
The exercise aims to ensure that all public servants who have reached the compulsory retirement age of 65 or those who are required to retire on medical grounds can exit the public service with their full retirement entitlements.
NSL’s role in this exercise is to facilitate payment of the State’s employer portion of entitlements to the Members who have retired or been retrenched once the payment has been received from the State.
NSL says it can only facilitate payment of these entitlements after funding is received from the State, however, most Members exiting under this exercise would have already received their employee portions as the Fund ensures this is made available to Members as soon as they are ready to exit.