Nasfund partners with ISEZDCL

WITH progress being made on the Ihu Special Economic Zone Project, a strategic partnership has been signed to allow the project to work closely with PNG’s leading superannuation provider.

The National Superannuation Fund (Nasfund) and Ihu Special Economic Zone Development Company Limited (ISEZDCL) have signed a Memorandum of Understanding (MOU) that now allows for collaboration on partnerships in areas of mutual interest.

Among conditions of the MOU, all workers in the ISEZ will be registered as contributing members to Nasfund - both in the formal and informal sectors.

New nasfund booth for SPICT

The company recently opened its new Nasfund and ncsl internet booth in Lae.

Nasfund’s Momase regional team leader, Geita Goasa, applauded the firm, saying instead of visiting the branches for service, staff can print out their Nasfund and ncsl account personal details, balance or transaction summary without leaving the office.

“This is going to be a one-stop service,” she stated.

“The actively contributing employee base here at SPICT is around two to three hundred heads.”

She said the setup is not compulsory. It is up to the employers.

Affordable housing for Nasfund members

Nasfund has partnered with City Pharmacy Limited Group, through its Hardware Haus brand, to provide affordable housing options for its members.

The agreement was signed in Port Moresby.

Through the Fund’s Membership Discount Program (MDP), active Nasfund contributors are now able to benefit from discounts on selected two to three bedroom kit-homes, from Hardware Haus outlets.

According to Nasfund Chief Officer Ian Tarutia, this partnership is another way the Fund is adding value to its membership.

Nasfund members frustrated

And with the fear surrounding COVID-19, a commotion recently arose outside the Lae Nasfund office when members were told to “come back next week”.

Levi Geseng is from Salamaua in Morobe Province. He currently lives at Bulolo where it costs him K40 to travel to and from Lae city.

He has been lining up to sort out his queries since October 2020.

“Wari blo mi olsem mi slip longwe na mi go kam lo Nasfund,” he said. (My concern is, I live far away and I commute to Nasfund.)


COVID-19 Presents Opportunities: Tarutia

Tarutia said COVID-19 prevention and containment requires distancing from one another. This is a problem for Nasfund members as a majority do not have their own homes and live with extended family.

He also pointed out the the inadequacies of the country’s current health system, as COVID-19 transmission rates escalate throughout the country.

“We already know how to grow member’s wealth, we have been doing this successfully since 2000 through late Sir Mekere’s superannuation reforms.

Nasfund approves 4.5% interest to members

Nasfund Board Chairman, Charles Vee, announced this following the approval of the funds audited results at the find Board meeting on Wednesday March 10, 2021.

The results include a Net Profit of K222.9 million and a Net Asset Value of K5.57 billion for the year ending December 31, 2020.

In a statement Chairman Vee said the results were reflective of what has been the most challenging year for the Fund, particularly against a weakened economy and impacts brought on by the COVID-19 pandemic. 

Thank you and Farewell GC Sir Michael Somare

Nasfund Board Chairman, Charles Vee, said this in a statement in honour of the Late Grand Chief Sir Michael Somare.

“The Board, Management, Staff and Members of National Superannuation Fund Limited, (Nasfund), join Papua New Guinea in offering our condolences to Lady Veronica, children – Bertha, Sana, Arthur, Michael Jnr and Dulciana, Grandchildren and Great Grandchild, on the passing of our Nation’s Founding Father, Grand Chief Sir Michael Thomas Somare,” said Chairman Vee.

Super Fund keeps COVID Controls

NSL announced this following a surge in recorded COVID-19 cases in Port Moresby, and other provinces,

NSL says over the past 12-months the Fund has implemented operational controls to help tenants, members and staff to stay ahead of the spread COVID-19.

CEO of Nambawan Super, Paul Sayer, said Covid-19 is a serious threat to the wellbeing of Papua New Guineans, and they must not be complacent.

nasfund appoints PNG'eans to investment role

Judah Waffi is formerly the funds Chief Investment Officer and has over 14 years’ experience in Investment Advisory, having worked with the Bank of Papua New Guinea, BSP Capital, PNG Ports, MRL and National Airports Corporation. Fiona Nelson is formerly the Vice President of Oil Search Asset Strategy and has with her over 15 years’ experience in financial economics, public policy, and portfolio management. She previously worked as Head of Investment, Portfolio Management with PacWealth Capital and as Portfolio Manager with Kumul Consolidated Holdings. Ms.

NASFUND accepts Link PNG offer

In a statement, NASFUND says the decision by the Board of Directors to accept the offer is a purely commercial decision and is in the best interest of the Fund and its members.

NASFUND holds 39.29% of the total shares on issue and is the largest institutional investor in PNG Air.

Since 2008 NASFUND has invested in PNG Air K76 million, comprising of K31 million in equity and K45 million as a loan provided to PNG Air as part of rescue packages given between 2016 and 2017 by the major shareholders.