Superannuation

NSL recently held its first major stakeholder engagement with PNG Power Limited (PPL).

As one of PNG's largest state-owned enterprises with over 1,800 staff across the country, most PPL staff do not have the time to visit an NSL branch to update their information or check on their super.

The superannuation and Life Insurance play a critical role in mobilizing savings, and making strategic investments with the objective to provide a comfortable retirement for their contributing members and protect policyholders and their beneficiaries from the risk of illness and death.

Chairman for the SLIR Committee, Erastus Kamburi, acknowledged discussions on Superannuation and Life Insurance industries as it is important for PNG citizens to know about the mobilizing savings and making strategic investments with the goal to provide comfortable retirements.

In a media statement, the bank said it is set to be a digital game changer that helps customers keep an eye on their financial big picture.

Kina Bank Single View gives customers the ability to link participating superannuation accounts to their Kina Bank Personal Online Banking profile. Customers can then view their current superannuation balance alongside their banking products in a single view.

A digital banking leader, Kina Bank worked with PNG’s major superannuation funds, including Nasfund and Comrade Trustee Services, to develop the Single View platform.

Facilitated by the Bank of PNG, the two-day forum started on Monday and was attended by financial institutions, government agencies and retirees.

The first series of the consultative workshop on superannuation and life insurance review follows the Treasury Minister’s approval on August 19^th, 2020, to establish a Superannuation and Life Insurance Review Committee (SLIRC) as per the Bank of PNG Governor, Loi Bakani’s, request.

NASFUND CEO, Ian Tarutia, says the review of the legislation is timely as calls for tax on super become prominent.

Tarutia says tax on superannuation will be on aspect of the legislations, which will be forwarded to the task force to be headed by the Bank of PNG in conjunction with the Department of Treasury.

He believes tax on superannuation should be repealed.

“We’ve been calling for a review on our current legislation for a number of years now and we believe that this year is timely,” Tarutia reiterated.

This is according to Association of Superannuation Fund Papua New Guinea (ASFPNG) President, Ian Tarutia.

In a statement announcing the ASFPNG plans to rebuild itself, Tarutia, who is also National Superannuation Fund CEO, said the K10 billion industry represents the retirement savings of over 700,000 members who are predominately PNG citizens.

“Getting ASFPNG back on its feet as our industry voice places the importance we, as representatives of the major funds in PNG, have in the oversight and management of member superannuation savings.

This was revealed during NCSL’s Annual General Meeting on Tuesday May 9, 2017 in Port Moresby.

According to performance indicators for last year, the company recorded a drop in Net Profit from K5.6 million in 2015 to K4 million in 2016, as well as a slump in Net Assets to K14.4 million from K15.9 million in 2015.

Despite this, the firm was able to generate a healthy K14.9 million in Total Revenue from K12.5 million.

President of the Association of Superannuation Funds of  Papua New Guinea (ASFPNG) and National Superannuation Fund CEO, Ian Tarutia, said this recently.

Tarutia said the current legislation only allows business who employ more than 15 people to contribute to superannuation.

He said this should be changed so that anyone earning any form of income and paying tax must contribute superannuation for retirement years down the line.

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.