Industry aims for super growth

Business

SUPERANNUATION is a K10 billion industry in the country today, according to Association of Superannuation Funds of Papua New Guinea (ASFPNG) president Ian Tarutia.
He made the statement following election of the association board this month.
“Superannuation today in Papua New Guinea is a K10 billion industry – and growing,” he said.
“It 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.
“Since 2002, the superannuation industry has grown from strength to strength and over half a million contributors have benefited from double digit returns on their savings and innovative world class services such as account balances via mobile phone technology. But it is the future we must look forward to and this will be a focus for the new executives.”
Executives elected during the annual general meeting on July 6 were: president – Ian Tarutia, (Nasfund), vice president – Vere Arava, (Nambawan Super), treasurer – John Auna (Comrade Trustee Services Ltd) and secretary – Chris Hagan (Aon Master Trust). Hagan will head the association secretariat.
Tarutia said the association would be working with the Bank of Papua New Guinea as the regulator of the superannuation industry, fund administrators and investment managers for the benefit of contributing workers.

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