Options on unfunded super continue

Nambawan Super Limited (NSL) says it is still discussing options with the Government to settle over K2 billion in outstanding unfunded superannuation payments.

NSL board chairman, Anthony Smare, said one of the long term options is securing assets in State Owned Enterprises.

Smare said their current immediate concern is securing the court ordered payment of K230 million for over 5,000 members who exited the public service since March 2016.

Smare and CEO Paul Sayer said one of the options to settle the unfunded K230 million is a Government bond.

“One option that were seriously considering is the government issuing a bond, to cover not just the K230 million, but what may be coming through for public servants in the next two years,” said Smare.

Over 5,000 member who exited the public service since March 2016 have not been paid the employer component of their contributions.

Many have also died whilst awaiting these payments, while others have faced problems such as evictions.

Following the Government ordered payment recently, NSL has been in contact with the Government.

“The other option that we’ve talked about and we’re open to looking at is taking assets in exchange of that unfunded amount. So the overall unfunded that is owed is over K2 billion. Now just imagine Monday (March 12th) it goes up by another 8 percent… that amount is getting bigger.

“We’ve spoken to the Government, and we’ve told them that were open to taking interest in the state owned enterprises as part settlement.”

On Thursday NSL announced a K406 million profit and 8 percent crediting for its members.

Cedric Patjole