Nambawan Super is focused on adapting its operational and investment approaches to counter the slowing of global growth, which is likely to continue into 2023.
The Fund informed attendees at its recent Annual Employer Conference 2022, and Nambawan Super Chairman, Reg Monagi explained that the Fund is expecting to encounter a number of challenges in 2022 and in the future.
However, he said the Fund is always actively looking at effective ways to counteract these challenges to deliver the best possible results for their over 214,000 Members.
“Global markets have been volatile as they react to the Ukraine-Russia conflict and resulting fuel, and now food shortages. Globally inflation is rising quickly – meaning the cost of living is increasing.
“Locally there are also several unfavorable conditions in our PNG market. One of the major challenges that the Fund has already encountered, is that of the State imposed a Market Concentration Levy on BSP Financial Group, which is currently before the courts.”
Mr Monagi added, “Despite these challenges, which are already affecting Funds in the region, we are working tirelessly to maximize benefits for our Members.”
He encouraged Members to remember that superannuation is a long-term investment and year-to-year there would always be ups and downs.
Stating that members however, should be assured that Nambawan Super has always been PNG’s most consistent Fund over the long term and has always delivered good results for its Members.
“As a profit-to-Members fund, generating returns for our Members is our highest priority and we are proud to have continuously provided these services for the last 60 years, establishing Nambawan Super as the most consistent superannuation fund in PNG.
“On behalf of the NSL Board, management and staff I would also like to extend our deepest thanks to all of you our stakeholders, employers and most importantly to our Members past and present for supporting the Fund throughout our 60 years of service to the people of PNG,” he concluded.