Nasfund

Chief Executive Officer, Ian Tarutia, announced on Wednesday that the Fund experienced a strong start to 2017 and was looking forward to maintaining positive progress in all activities and projects.

“First few months everything that we set for ourselves we are on track,” said Tarutia.

As at March 31 the fund has signed up 53 new business which has contributed a total of 13, 000 new members and now bring total membership to 544, 371. A 1.3 per cent growth from 2016’s membership total of 537, 520.

NASFUND CEO, Ian Tarutia, paid respect to the late Governor General, Grand Chief Sir Michael Ogio, former Chief Secretary, Sir Manasupe Zurenuoc, radio personality, Roger Hau’ofa, as well as a close personal friend.

He said their passing were worthy of mention given their immense contribution to the country.

Tarutia also dedicated the conference to the late Hau’ofa adding that NASFUND was supporter of his “Talk-Back” program on FM 100.

The CEO said Roger was a strong advocate against corruption.

NASFUND to pay 7.25 percent to members

Over K260 million will be paid to the accounts of National Superannuation Fund Limited (NASFUND) members.

http://www.looppng.com/png-news/nasfund-pay-725-percent-members-53081

NASFUND Board Chairman, Hulala Tokome, announced today that a crediting rate of 7.25 per cent equating to K265.5 million will be paid to members accounts following a successful 2016 financial year.

The announcement follows on the back of a 87 per cent increase in Net Profit from K150.9 million in 2015 to 283.47 per cent in 2016.

NASFUND also announced a Gross Asset Value of K4.34 billion in2016 representing a 7.2 per cent increase from K4.05 billion in 2015, as well as a 7.4 per cent increase in Net Asset Value from K3.93 billion in 2015 to K4.22 billion in 2016.

They are Mrs Seema Das- Raju, an auditor and formerly of KPMG who has been appointed Chief Risk & Compliance Officer, Vincent Lialu, a HR practitioner formerly of Puma Energy who has been appointed Head of Human Capital and Charlie Gilichibi, formerly of Nambawan Super who has been appointed Chief Officer Member Services and Allan Sayers, formerly of News Corporation also joined NASFUND as project manager for its funds management transition exercise.

After serving as deputy chairman for the last two years Tokome succeeded Mr William Lamur, who remains on the board as an ordinary director for a year.

Tokome has been on the NASFUND Board for the last Sseven years as an independent director and also served as Chairman of the Board’s Investment Committee.

Tokome, a certified practicing accountant, is currently the General Manager of Puma Energy – Down Stream and also sits on the Boards of Mainland Holdings, NASFUND Contributors Savings & Loan Society and local Puma subsidiary companies.  

NASFUND has total assets of over K4.09 billion (A$1.66 billion) and manages the superannuation savings of more than 543,000 members and is PNG’s largest superannuation Fund by membership size.

NASFUND’s membership is mainly workers from private sector companies, government-owned corporations, statutory authorities and self-employed individuals.

The NASFUND mandate consolidates Kina’s position as PNG’s largest superannuation administrator.

However, due to the fund’s member administration system’s upgrading, members have been advised that they will access their dividend on March 1, tomorrow.

A Nasfund officer told Loop PNG this morning they are migrating data to a new system which currently put a hold on the payments.

This process will involve various reconciliation activities and members are urged to be patient.

The fund has approved a crediting rate of 4 % equating to over K144 million to be paid to members’ accounts for the 2015 Financial year.

Raiders sign PNG star

http://www.looppng.com/content/raiders-sign-png-star

The Canberra Raiders have signed Papua New Guinean star Kato Ottio for the next two seasons the club announced on Friday afternoon.

Nasfund to pay K144m dividend to members

http://www.looppng.com/content/nasfund-pay-k144m-dividend-members

The Board has also agreed to hold reserves of K 75 million or 1.9 percent  of members funds as a matter of prudency.

Looking ahead in 2016, Chairman William Lamur reminded members that their NASFUND savings were for the long term.

“What is happening now is a timely reminder of the importance of having an appropriate strategic asset allocation and risk management plan in place to mitigate short term shocks.”