nasfund

Members’ access to superannuation fund confirmed

Business

ELIGIBLE Nasfund members are able to use their superannuation fund as equity for the Bank of South Pacific first home ownership scheme (FHOS).
Nasfund chairman Hulala Tokome, pictured, told The National that this would allow members to buy homes early in their careers, as mentioned by Bank of South Pacificchief executive Robin Fleming last week.
“Fleming has correctly mentioned that Nasfund members can access their superannuation to raise the required equity for a FHOS loan,” Tokome said.
“This should encourage members to purchase homes earlier in their working career.  Encouraging members to start early in purchasing or building their own homes and keeping their superannuation for retirement is very important.”
Nasfund chief (member services) Charlie Gilichibi said this was allowed for in Section 90 (4) of the Superannuation Act 2000. It regulates how Superannuation Fund trustees must administer housing advances.
“Nasfund will accept only 100 per cent complete applications that conform to our guidelines as recommended,” Gilichibi said.
He said not included in the Superannuation Act was a prudential standard issued by the Bank of Papua New Guinea around 2005 to also allow members to access housing advances to carry out “extensive” renovations or to buy electrical appliances, including white or brown goods.

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