Nambawan Super Chairman, Reg Monagi said at the recent Annual Employer Conference 2022.
He said, “In 2021, we saw great improvements in returns from many of our investments as the global and local markets started recovering from the tough economic climates brought on by the Pandemic,” he said.
“Last year, the Fund achieved a net surplus of K526 million which resulted in the growth of its net assets to K8.8 billion and a declaration of a 6.5 percent crediting rate for our more than 214,000 Nambawan Super Members.
“Another major factor in the Fund’s growth can be directly attributed to our employers as they contributed an incredible K935 million on behalf of their staff, our Members. The Fund also made Benefit Payments totalling K778 million, through Retirement Savings Accounts, Unemployment Benefits, Housing Advances and Lump Sum Payments on exit,” he added.
The conference also saw several senior Nambawan Super Limited (NSL) representatives present on initiatives that the Fund is undertaking to improve Member and employer services as well as to continue generating good returns for Members.
These initiatives include the upgrading of NSL Branches with construction of the new Daru, Kiunga and Wabag Branches set to commence this year. As well as the refinement and rollout of the Nambawan Employer Pay system to improve the efficiency of employer remittances; and support for Superannuation and Tax reforms in the Country to better protect the Members savings.