Nasfund

This follows the announcement of its financial results for 2018 yesterday.

NASFUND Chairman, Hulala Tokome, also announced that the fund made a profit after tax of K158.7 million.

The NASFUND Chairman said the Board met yesterday to consider and accepted the audited financial accounts for the 2018 financial year.

Tokome said the results were positive in yet another challenging year.

On Friday January 11^th 2019, the Committal Court dismissed the charges after a credible case could not be produced against Brown when first charged in July 2018. 

In a statement NASFUND Board Chairman, Hulala Tokome, said in the process of defending an obviously spurious charge, Brown and his family have endured prolonged stress, not to mention, the considerable disruption to the ordinary business of NASFUND.

Boas signed a 12-month contract with Nasfund as the superannuation institution profiled its voluntary contributions product in Port Moresby yesterday (April 26).

Chief of member services, Charlie Gilichibi, said Nasfund is pleased to have this association with Ase Boas and the PNG Hunters to profile and grow this product.

During the announcement of its 2017 Financial Results, it was revealed that over K 431 million in superannuation entitlements to members were paid compared to K456 million paid in 2016.

This is a 5.48 per cent reduction in payment outflows to exiting members in 2017.

The Management of NASFUND say members are beginning to realise the importance of keeping their super for the long term benefit.

This follows the announcement of a net profit of K242 million this week.

The crediting interest is an increase from 2016, which the Fund credited 7.25 percent to members.

NASFUND recorded a net profit of K283.47 million, K41.47 million lower than its 2016 result.

However, board chairman Hulala Tokome said the results attained were positive despite yet another challenging year.

Highlights from 2017 include:

Many of the members had put in applications for their payment prior to the festive period.

Frustration over delayed payments and continuous follow up resulted in them openly expressing their frustration outside the four mile office when our crew arrived on the scene.

They turned up early this morning only to find the doors locked after 9am. This went on an hour and a half.

One of the frustrated members, claim she had been waiting since July last year for their payments.

The upgrade began at the start of 2017 and the fund believes they are on target to not only meet but exceed member expectations.

Following the successful transition to a new fund manager mid this year, NASFUND says it has now achieved the revitalization of technology and processes to improve member services.

One of the technological and procedural upgrades include the introduction of the ‘Employers Online Portal,’ which NASFUND says is the only fund to have in the country.

This follows the official opening of its new stand-alone branch in Port Moresby to serve members.

In a statement, NCSL says the development is part of a strategic plan to develop their own branch network and implement initiatives to strengthen its position as the fastest growing savings & loan society in the country with a healthy record of returns for members.

This means members can visit their nearest branch on any day for all enquiries.

This came into effect on May 22^nd and is a result of refurbishments made to its main major branches in Port Moresby (Boroko & Town), Lae and Mt Hagen.

NASFUND branches will now attend to lodgment of withdrawal applications, statement or balance requests, ID card processing, merging of accounts and contribution enquiries, everyday during the working week.

NCSL General Manager, Vari Lahui, spoke to Loop PNG about the measures during the company’s 2017 Annual General Meeting.

Lahui said NCSL had lost K100,000 in 2014 due to fraud and part of the reason was an identification oversight on the part of a commercial bank that the fraudster used to access the money.