Nambawan Super Limited

“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.”

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 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.

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.

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.

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.

This is to ensure that members and their beneficiaries receive entitlements spelled out in agreements signed with the NSL.

NSL and the TSC told the media today that a joint exercise will be carried out next year to have the bio-data updated through the distribution of NSL forms together with Teaching Resumption Forms throughout the provinces.

Teachers are expected to fill in both forms and hand them in to the provincial TSC offices.

NSL Chief Manager of Member Services, Charlie Gilichibi, says this process is to avoid future problems faced by so many beneficiaries.

This is the result of the introduction of a centralised communication hub or ‘Unified Call Centre’ which is believed, exceeds international benchmarks.

Chief Manager of Member Services, Charlie Gilichibi, made the announcement yesterday in Port Moresby, saying members and stakeholders can now get prompt responses in a standard manner and in real time.

Chief Manager Member Services, Charlie Gilichibi, says 54,000 of its members have invalid ‘date of birth’ entries, which is what they are trying to resolve.

Gilichibi says Nambawan Super personnel will be sent throughout the districts to speak to employers to update members’ biodata.

“Because Superannuation is a long-term product where the value is not immediate, some people just leave it like that without coming forward to update their information.