Nambawan Super Limited

NSL expects asset value improvement

The Fund witnessed key assets drop in value significantly during 2020, a direct result of the nationwide lockdown imposed to restrict to the widespread transmission of COVID-19.

NSL is optimistic that these assets can bounce back as the economy improves.

On March 31st, Nambawan Super Limited announced a net profit of K89 million from its 2020 financial results, an 82.3 percent decrease from its 2019 result of K504 million.

Kitchnoge takes top NSL Investment Job

Kitchnoge is a well-respected and experienced professional who brings close to 20 years’ experience in PNG’s financial sector to the role.

A seasoned investment professional, Kitchnoge established his career with more than 10 years at Deloitte, and then 6 years gaining diverse experience with some of PNG’s biggest businesses including as Head of Research & Advisory with Kina Funds Management, the Licensed Investment Managers for Nambawan Super.

‘Employer Boost’ to benefit employees

This was made possible when their Employers signed up for an ‘Employer Boost’ with Nambawan Super, topping up their compulsory 8.4% employer super contributions, with additional contributions of up to 15% for each staff member.

Nambawan Super applauded the gesture by the Employers: Full Link Limited (56 staff), Great Value Limited (19 staff), F6 Services (16 staff), Synergistic Investment Limited (16 staff) and Yang Guang Limited (27 staff); that will help to restore business confidence and staff trajectory towards a comfortable retirement.

Super not a substitute for Social Security

“Superannuation is only for retirement or when you are no longer working – as specified in the Superannuation Laws,” Mr Sayer said.

“In PNG, where there is no pension or welfare, it is really important bread-winners who have supported their families for decades, have reasonable retirement savings to support them when their fortnightly income stops.”

Nambawan Super Chairman Anthony Smaré term ends

Mr Reg Monagi has been voted the new Chairman of PNG’s oldest and largest Super Fund by the Nambawan Super Board of Director.

Mr Smaré’s term as Chairperson of Nambawan Super ended in line with prudential standards that state the Chair of Nambawan Super can only formally hold office for 6 years.

“I was appointed a director of the Fund in 2012, and in 2013, I was appointed acting Chairman when Sir Nagora Bogan stepped down as chair before being formally appointed in 2014.” Mr Smaré said.

NSL eyes affordable housing for members

NSL Board Chairman, Anthony Smare, said the fund can now proceed with this plans following successful victories in legal disputes over ownership of the land.

Nambwan Super owns 360 hectares of land at 9 mile.

Since 1990 the fund has been locked in legal disputes over ownership.

“The fund has not been able to develop it since 1990, because since that time the fund has been battling people within government, who have been trying to take the titles off the fund. So we have been locked in court cases all this time.

Nambawan Super announces record profit

This is despite challenging conditions experienced last year.

Nambawan Super Board Chairman, Anthony Smare, said the fund generated income of K703 million for 2019.

After tax, the fund recorded its highest ever profit of K504 million.

“This enables us to declare a 7% crediting rate, which will be processed and paid to members accounts, including Retirement Savings Accounts, over the next few days so that it is reflected in members balances by next week,” said Smare.

Nambawan Super launches new look logo and campaign

The rebranding also aims to engage members and the wider public about the role of the fund, its purpose in nation building, and celebrate its members.

The new logo, retaining a simple Kumul design as well as the national colors, reaffirms the values of the fund and that is being a super fund for everyone.

In its new campaign the fund has enlisted its members as Ambassadors to drive the funds new message.

NSL continues dialogue and lawsuit

Board Chairman, Anthony Smare said while the lawsuits against the state over the unpaid contributions is continuing, they are still is dissections with them find alternative resolutions.

Since December 2015, 3, 800 members retired but have only received their own contributions because the state had not paid their portion of contributions as per the Superannuation Act.

Smare hopes a resolution is reached some time this year.

VIDEO: NSL opens office in Kerema

NSL Kerema members can now access all its services without the costs of travelling into Port Moresby.