Comrade Trustee Services Limited (CTSL)

CTSL has announced a net profit of K48.8 million for the year of 2023 which is an increase from 2022's net profit of K33.5 million.

CTSL Statutory Manager, Sitiveni Waleilakeba, said currently the Fund cannot grow significantly due to its current membership, which by law is limited to members of the PNG Defence Force.

Waleilkeba said the opening up of membership is subject to legislation changes which they will address this year.

The first of its kind engagement aims to bridge the gap between members and executive management of CTSL so contributors to the Defence Force Retirement Benefit Fund have first-hand information about the activities of the fund as well as to answer questions.

Well attended by contributing member, it was an opportunity for the fund to inform them of their current activities.

This is an outcome following close collaboration with the respective payroll agencies of the Department of Finance, Department of Defence, and the PNG Defence Force.

CTSL CEO, Charlie Gilichibi, said ‘negative contributions’ is a long-standing industry issue that needs to be brought into alignment with legislative and regulatory compliance and putting in place controls to address operational risks.

A ‘negative contribution’ is used to adjust a previously overpaid contribution amount paid to a super fund by an employer on behalf of an employee.