National Superannuation Fund Limited (NASFUND)

These 800 members, are employees of 200 landowner companies who provide services to Newcrest Mining Limited (NML), through Lihir Business Services (LBS).

All 200 landowner companies this week received their Employer Registration Certificates, confirming their membership to Papua New Guinea’s leading superannuation provider.

Chief Executive Officer, Ian Tarutia welcomed the newly registered employers and praised the management of each entity for the responsible decision to provide a secure financial future for their employees through superannuation savings with Nasfund. 

The MOU was signed by NFA Acting Managing Director Justin Ilakini, and Nasfund Chief Executive Officer Ian Tarutia, enabling the country’s fisheries regulator, and leading superannuation provider. This collaboration will allow more fisheries communities to save for retirement.

This 12-month partnership between Nasfund and CEFI enables both organizations to work together in providing financial literacy training to more than 623,000 Nasfund members.

The Fund’s collaboration with CEFI is important as it empowers Nasfund employees to be champion advocates of the savings culture through financial literacy.

Nasfund Chief Executive Officer, Ian Tarutia was pleased with the partnership, which would benefit the Fund’s membership and the communities in which it operates.

NASFUND's Chief Investment Officer, David Brown, said the investment decisions by the fund a few years prior have resulted in pleasing outcomes despite external factors such as the slowdown of the global economy and limited access to foreign currency.

Brown said this following the announcement by Board Chairman, Hulala Tokome, and yesterday of a 7. 25 per cent crediting rate equating to over K265.5 million to be paid to NASFUND members.

The transformation includes infrastructure and electronic enterprise system upgrades.

Under the infrastructure changes the Lae branch, which has a daily member traffic of 150, has been upgraded to a state-of-the-art facility with a seating capacity of 66.

The Port Moresby branch has also undergone refurbishment and will be opened to member’s next week. It will have a seating capacity of 90 people at one time.

By August this year NASFUND will be rolling out electronic system upgrades and other service improvement and will include:

The agreement will see Kina administer the funds of more than 543,000 NASFUND members, making it the largest superannuation fund administrator.

NASFUND CEO, Ian Tarutia, said the appointment of Kina as fund administrators is part of its strategic positioning going forward to meet with demands on the organization.

He said Kina had a very good fund administration system which will be utilized under the partnership.