Nambawan Super Ltd (NSL)

The event has brought together heads of superannuation funds from across the Pacific Region to discuss issues of common interest, provide a forum for dialogue, support the educational needs of member organizations, and promote investment and co-investment opportunities.

Damien Beddoes is the CEO of Cook Islands National Superannuation Fund and was the first Chairman for the Pacific Island Investment Forum (PIIF) when they hosted in 2018. He currently serves as the Secretariat to support the board and drive the initiatives of the board.

The resumption of services is due to the relaxed COVID-19 restrictions and NSL is now returning to its pre-COVID-19 schedule allowing members to access all counter services from Monday to Friday. 

NSL members and the public are encouraged to continue exercising the COVID-19 Niupela Pasin protocols when visiting their local Branches.

NSL Chief Executive Officer, Paul Sayer stated that the Fund was pleased to resume its full counter services and attending to members without undue delays.

The Fund informed attendees at its recent Annual Employer Conference 2022, and Nambawan Super Chairman, Reg Monagi explained that the Fund is expecting to encounter a number of challenges in 2022 and in the future.

However, he said the Fund is always actively looking at effective ways to counteract these challenges to deliver the best possible results for their over 214,000 Members.

NSL Chairman, Reginald Monagi thanked Prof. Kavanamur for his 10 years of service to the Nambawan Super members. Prof. Kavanamur joined the NSL Board in August 2012 and was granted an extension to his tenure by the Bank of PNG, until February 2022.

Mr Monagi remarked that Prof Kavanamur has over 30 years of professional experience in the fields of economics, strategic management, infrastructure and education, which he utilised to help build Nambawan Super into the industry leading Fund that it is today.

A senior public servant from Western Highlands Province queried, during a recent Nambawan Super Ltd (NSL) annual forum in Mt Hagen, whether the fund could be diverted to NSL instead.

James Aruru Wakapu, the executive manager of commerce, tourism and culture, said due to several requirements of BSP, only a few public servants are benefiting from the scheme.

“The problem is when I go to the bank, the processes are very stringent so I cannot access loan for housing,” said Wakapu.

“And when I go to the superfund, my savings are a little bit low so I cannot afford it.

Polye wants the Government to consider repaying more than K2 billion it owes to them via Nambawan Super Limited.

He says he was informed that some hardworking, retired public servants have died while waiting for the government (employer) to pay what was rightfully theirs.

“The government has betrayed them by withholding the employer’s contribution of 8.4 percent,” he states.

Polye says the superannuation has lost trust and confidence in the government’s Treasury Bills and Inscribes Stocks.

The new service centre is located on the ground floor of Sing Wo & Sons Building along William Road, Kokopo.

Nambawan Super’s Chief Executive Officer, Garry Tunstall said: “The new office provides a better and improved member experience with more ease and convenience, in a modern office environment. The upgrade of the regional offices is part of NSL’s operational performance on streamlining systems and processes and redefining a progressive organizational culture to serve members better is tracking well.”

“There is a variety of options that the State has, they can sign a loan agreement with us where we lend them money (to pay existing members) and they give us treasure bills, and the other option is that they can give us state assets,” Smare told NSL members in Port Moresby yesterday.

He added that, because of the current economic conditions of the country, NSL board understands the government’s monetary situation and it’s in constant dialogue to settle the outstanding contributions.