Nambawan Super

Super Fund Engages Graduates

Chief Executive Officer, Paul Sayer, said graduates have commenced placements in member-facing teams and will undergo a 12-month career development.

He said: “Graduates are from a range of universities and have studied diverse disciplines, including Accounting, Banking and Finance, Business and Information Technology.

“Through the program, graduates gain experience in several business units through coordinated job rotations.

Nambawan Super warns members

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.

Nambawan offers discount savings for members

The Discount Partners include retail and wholesale product and service providers ranging from health, haircare, homeware and hardware, to a whole lot more.

Nambawan Super CEO Paul Sayer said he was pleased that more than 200,000 members could lower their shopping costs at more locations this year, with more new Discount Partners.

Sayer added that 10% discount also offered in the hospitality industry including:

Nambawan Super signs MOU with Lands

 The MOU is the latest step forward following years of Court proceedings that have directed NSL’s application for the lease for Portion 2158 to be determined by the National Land Board.

The MOU sets the framework that is expected to encourage a wider partnership in the future that will include relevant Government Agencies, to assist in delivering possible affordable housing solutions at 9 Mile.

A project Steering Committee including representatives of NSL, State Agencies and NCDC will be formed to assist in streamlining the development.

NSL appoints Project Manager

Over the next 3-months, the Project Manager will be working with all stakeholders, NCDC, the State, and settlers to find a win-win solution.

Nambawan Super has fought prolonged legal and bureaucratic battles to secure the site and during this time many people have been confused and misled into settling on the land.

Nambawan Super announced K89m Profit

The result has allowed NLS to declare a 1% interest to be credited to member accounts.

Nambawan Super Limited Board Chairman, Reg Monagi, said the extraordinary difficult economic conditions, worsened by the COVID-19 global pandemic, heavily impacted values and returns for many of the funds key investments in the PNG economy.

Monagi said while the 2020 result will be disappointing for members the primary cause was the reduced value of the some of the funds well-established PNG Investments.

Nambawan Super celebrates the strength of its women

Chief Executive Officer Paul Sayer said the occasion provided the opportunity to reflect on the achievements and contributions of women who continue to positively impact and grow the Fund for members in Papua New Guinea.

“A significant finding of ours has been that our female members are excellent savers – on average they have higher balances than their male counterparts.”

Financial assistance for super fund members

The proposed assistance was announced on Tuesday by the ASFs namely, National Superannuation Fund (NASFUND), Nambawan Super, Comrade Trustee Services (CTSL), and Aon Master Trust (AOM).

This follows consultation with Bank of PNG to support the Government’s announcement to enable financial assistance for affected members.

In a joint statement, the ASF’s announced the relief measure for members in the wake of the COVID-19 pandemic.

State satisfies K146m commitment: Nambawan Super

This was made in the 2018 Supplementary Budget with a K46 million payment.

Chairman Anthony Smaré acknowledged the State had honoured its commitment to their former employees by making this third payment and bringing the total received in January 2019 to K146 million.

Since July 2018, the State has remitted K297m in payments, settling the outstanding amounts they owed to more than 6,100 retired public servants.

Treasurer meets with Nambawan Super

Abel stated that the recent National Court decision on the liability to Nambawan Superannuation Fund is part of the debt that accrued before 2009 from unfunded state superannuation contribution for public servants.

“The Government has been paying all fortnightly contribution since then and gradually paying down the inherited debt through budget appropriations such as the K150 million in this year’s budget,” he said.