Superannuation

NSL’s chief executive officer, Paul Sayer said that the Fund is very pleased to have received these funds as it enables NSL to process the benefit payments for 951 Members from various government departments that have been eagerly awaiting the remainder of their benefits.

“We are pleased to have received the K79.8 million on behalf of our Members. We thank the State, through the Departments of Finance and Treasury, for recognising the needs of our retirees as they look to make the most of the next chapter of their lives after retirement,” Sayer stated.

The event, attended by approximately 200 NSL employers and members from the Western Highlands Province and surrounding regions, marked the beginning of a series of regional engagement activities planned for this year.

Acting Governor for Central Bank, Elizabeth Genia, said employers who commits this offence will be prosecuted by BPNG under Section 114 of the Act.

An employer is required, in respect of each employees continuously employed for three months or more, to deduct from the employee 6 percent of the base salary and 8.4 percent of the base salary from its own funds on behalf of the employee, and remit to an ASF within 14 days of the date of the calendar month as per Sections 76 and 77 of the Act.

From May 8th 2023, the Fund is introducing the payment of superannuation on unpaid maternity for its female staff – a first for the industry, and for the country.

According to Nasfund CEO Rajeev Sharma, Nasfund is promoting gender equality and bridging the gap that exists with the disparities faced by women at the point of retirement.

A significant drop in returns for the super fund given that in 2021 NSL declared a net profit of K526 million and credited member accounts with a 6.5 per cent interest.

At the announcement, NSL Chief Executive Officer Paul Sayer highlighted the fund’s positive valuation gains.

“This positive result can be attributed to good valuation gains made by the likes of SP Brewery, OPH, Kumul hotels and Paradise Foods. These gains however, were largely offset by unrealized valuation losses from other investments such as things like our Rangeview and Moki Industries.

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.