Defence fund members get 5.16pc crediting rate

A crediting rate of 5.16 per cent has been approved for members of the Defence Force Retirement Benefit Fund (DFRBF).
Koiri said K9 million had been added to reserve for the funding of the pension scheme.
He said despite the low financial results last year compared to the previous two years, 2018 was still commendable.
“The continued subdued economic conditions both domestically and internationally has impacted on our investments and returns during the year, resulting in lower results that are being announced,” Koiri said.
“Given the economic environment and conditions prevailing during 2018, the results are still positive for our members.”
Papua New Guinea Defence Force commander Brigadier-General Major Gilbert Toropo said that as the stakeholder representative, he considered 2018 a successful year despite the challenging economic situation.
“I am pleased as the shareholder representing the PNG Defence Force who are the owners of this fund,” he said.
“I consider this year a successful year because despite the challenging economic environment, CTSL managed to come up with the 5.16 per cent interest.”
CTSL chief executive John Auna said the crediting rate was paid out on Tuesday.
“With the interest crediting effective as of Tuesday, our fund administrator Kina Bank has credited the interest for 2018 into all the members’ accounts,” Anua said.
“Members who have access to the online platform can log in and see the interest statements in their accounts.”