Nambawan Super Limited (NSL)

NSL concludes 2023 Member engagements

This one-day engagement and awareness session on 17th November brought together over 100 Nambawan Super Employers and Members from both the public and private Sectors in Wewak, including representatives from Maprik District.

The session saw the participation of institutions such as the Department of Education, the

Department of Health, the Royal Papua New Guinea Police Constabulary (RPNGC), Fire Services, Cocoa Board, PNG Power, PNG Institute of Medical Research, National Broadcasting Corporation Wewak, Water PNG and the National Airports Corporation.

NSL clears confusion over death benefits

A recent media article highlighted a person claiming to be the rightful beneficiary of a deceased Member's retirement savings which led to confusion.

NSL seeks to provide clarity on the procedures beneficiaries must follow to access such entitlements.

Contrary to the article's claim, the individual featured is not the nominated beneficiary of the late Member. The late Member had designated another individual as the rightful beneficiary, and NSL is in contact with this designated beneficiary.

State pays K79.8Mil for NSL members

NSL’s chief executive officer, Paul Sayer said that the Fund is very pleased to have received these funds as it enables NSL to process the benefit payments for 951 Members from various government departments that have been eagerly awaiting the remainder of their benefits.

“We are pleased to have received the K79.8 million on behalf of our Members. We thank the State, through the Departments of Finance and Treasury, for recognising the needs of our retirees as they look to make the most of the next chapter of their lives after retirement,” Sayer stated.

State pays K60mil for rental arrears

This signals a significant step forward in settling longstanding rental arrears.

This comes as part of an agreement established between the State and NSL last year, underscoring the State's commitment to meeting its financial obligations and fostering a secure future for its public servants and employees.

TUC garners support for NSL

At a joint statement, PNGTUC stated that it is in full support of Nambawan Super Ltd’s proposal to lockout the state tenants occupying its buildings if the payment of K60 million worth of 2023 rental arrears is not paid back before the close of business today.

PNGTUC Acting General Secretary, Antom Sekum and fellow congress members understand NSL’s ultimatum, which is being given in order to protect the retirement savings of members of member associations.

State issued final notice

This comes after the State’s failure to consistently make scheduled payments for its current rental invoices and arrears amounting to K113 million as at Tuesday, 1 August 2023.

The rental arrears have been accrued over several years by the State Departments occupying NSL’s Revenue Haus, Vulupindi Haus, Eda Tano Haus, Treasury Haus, AOPI Centre and NSL Haus in Lae.

State pays rental arrears

NSL Chief Executive Officer, Paul Sayer, expressed gratitude to the State, specifically acknowledging the Departments of Finance and Treasury for the payment.

Sayer emphasized the importance of timely payments.

"The continued payment of these arrears is crucial as it enables the Fund to continue reinvesting our Members' savings so that we can keep generating strong returns for them over the long-term."

NSL engages with members

The event, attended by approximately 200 NSL employers and members from the Western Highlands Province and surrounding regions, marked the beginning of a series of regional engagement activities planned for this year.

NSL 2022 Results, Challenges

NSL's Chief Executive Officer Paul Sayer, presented to employers an overview of the Fund’s 2022 results including the challenges faced, the positive outcomes and NSL’s plans for 2023 and the future.

“In 2022, the Fund faced challenges on several fronts and worked hard to mitigate the adverse effects of the tough global and local economic conditions brought on by factors well outside of our control,” Sayer stated.

“Despite, the challenges, NSL managed to grow the Fund’s Net Asset Value to K8.99 billion.

NSL members demand rentals settled

Little has been forthcoming from the State in addressing this, despite having an agreement it must fulfill.

Therefore, the NSL is once again calling for an immediate action by the State to fulfill its obligations to prevent further losses to its members and support the nation's economic growth.

“NSL has actively engaged with various levels of the State throughout the first two quarters of this year, but progress in resolving the outstanding rentals has been minimal,” said NSL chief executive officer, Paul Sayer.