Contributions reach K172mil

Business

By CLARISSA MOI
VOLUNTARY contributions in Nambawan Super Ltd has grown from K13.9 million in 2012 to K172 million in eight years, board chairman Anthony Smare says.
Speaking during the superfund’s rebranding launch in Port Moresby on Wednesday evening, Smare said this was a tremendous achievement. “This is special because members who don’t have a lot of money after paying all their expenses are confident enough in the fund, proud of how the fund is going and believe in the fund that they are putting extra money away not just as savings, but savings they will access when they retire,” he said.
“Some of them (members), 30 years away (from retiring). “So it has grown from around K13 million to K172 million now.
“That is fantastic progress.”
While providing an update of the superfund’s housing advances, Smare said in the last eight years since 2012, a total of 11,712 members and their families had access to K170 million in housing advances to build homes for their families. “For that, we are very proud of those numbers,” he said.
“And it would not have been possible without the reforms that have been provided, particularly, the support of the Bank of PNG and Treasury (department) with those taking the money and having the right platform for the growth.”
Smare also noted that the Government was up to date with the issues surrounding outstanding superannuation benefits for exiting members (unfunded exits).
“The Government is up to date with unfunded exits.
“Even in these challenging and trying times, they’ve been able to make sure that employees and voluntary contributions are up to date and particularly unfunded exits,” he said.

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