By SHIRLEY MAULUDU
NASFUND has credited a 6.3 per cent interest into the accounts of its 500,000-plus members – a reflection of a strong positive growth in business last year.
Nasfund chairman Charles Vee said K310million in total should be in the accounts of its 584,679 members by Monday.
The highlights of 2019 include:
- a net asset value of K5.24 billion, representing a 10.3 per cent increase from K4.75billion the previous year;
- a profit after tax of K312.6million compared to K158.7million in 2018.
- An increase in membership from 555,133 to 584679.
The interest credited to members’ accounts last year was 3.5 per cent.
Chief executive officer Ian Tarutia said members should expect their accounts to be credited by Monday. The process will begin after lunch today.
“We will shut down probably after lunch and the full allocation will take place over the weekend. So by Monday, members should have an updated balance,” Tarutia said.
He urged members to use their mobile phone app to check their accounts.
Tarutia said 72 members had more than K1million in their savings accounts with the fund, and 332 have balances between K500,000 and K1m.
A total of 8,634 members have balances between K100, 000 and K500,000 and the remaining 575,000 have balances below K100,000.
“The balances reflect and highlight the importance of the growth of your savings inside superannuation. And how do we do that?
“When we invest your money, and the returns are received, they are added onto the contributions you have made from your fortnightly salary deductions, plus what your employer adds to your contribution as well,” he said.
Tarutia said 2019 was a good year for the superfund.
“We experienced balance sheet growth, membership growth, and growth in our employer base,” he said.
“In a nutshell, 2019 was actually a productive year for the fund in terms of key indicators across the organisation.”
He said in terms of membership growth, “we initiated an exercise where we conducted a sweep throughout the country, identifying establishments that were not contributing to the fund or any of the fund for that matter”.
“We started with Port Moresby, the biggest location in terms of our members. We identified 500 establishments,” he said.
“As a consequence of the new employers we have identified, we received an additional K1.5million in new contributions.”