Nambawan Super warns members

Nambawan Super warns its members to be vigilant in protecting their savings by avoiding any dealings with third-party agents, claiming to be doing work for Members on behalf of Nambawan Super.

The warning to Members from the country’s largest super fund with a portfolio of more than K8 billion comes with the ever-increasing risk of fraud in tough times.

Nambawan Super Chief Executive Officer, Paul Sayer said Members’ lifetime superannuation savings can become an attractive target in times like these.

He raised this concern after receiving several reports of members being asked to pay fees from those posing as third parties to help them with their applications.

In addition, Mr Sayer said NSL does not use any third-party agents because its services are free to its members.

He said: “Nambawan Super only deals directly with its Members who can be served by our branches throughout Papua New Guinea.”

Furthermore, Mr Sayer urged members to access services from the NSL Branch nearest to them and that they do not need to travel to Port Moresby.

 “At our branches, we implement a strict Member identity check and verification process, but if a member provides this sort of data to anyone posing as a third-party agent, they can put their superannuation savings at risk.”

The Fund also requires that the member submit all applications in person. In the case of deceased members, NSL will accept an application from the member’s nominated beneficiaries. Under no circumstances will the Fund accept or entertain a third party or proxy.

“The Fund has automated systems in place that ensure timely turnaround times in the processing of applications. Given applications from third party agents are not accepted at any stage of the application process. There is no way for people posing as agents to fast-track applications.

“Anyone found to be engaging in such fraudulent practices to solicit a fee from Nambawan Super’s members will be referred to the police for prosecution.

 “We want our members to be vigilant and safeguard their hard-earned savings, by simply avoiding any third party dealings, where the information Members provide can be used against them,” Mr Sayer added.

Author: 
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