Fund paying K363mil dividend to members

By PETER ESILA
NASFUND is paying 6.5 per cent in dividends or a of total K363 million to 623,497 contributors for the 2021 financial year, chairman Charles Vee says.
Vee said Nasfund had demonstrated resilience despite the current economic circumstances to attain positive results, with an above budget performance in contributions, cash income and valuation gains from investments as well as effective cost management on operating expenses.
He said over the last five years, Nasfund had paid K2.3 billion in superannuation entitlements to members.
Vee said the dividend would be paid in the coming days.
“I am pleased to inform our members that we continue to meet our investment target of achieving returns above CPI (Consumer Price Index) over a rolling five-year period which on average is 5.7 per cent compared to CPI average of 4.7 per cent over the same time,” Vee said.
He said the main highlights of 2021 included: a cash income of K423 million compared to budget of K407 million; a valuation income of K72 million against losses of K58 million in 2020; expenses of K64.5 million compared to budget of K72 million; a net profit after tax of K363.3 million; total assets of K6.03 billion, and net assets of K5.94 billion.
Vee added that employer receipts were K589 million for 2021 compared to K574 million received in 2020.
Other highlights include: increased member withdrawals of K586 million compared to K469 million paid out in 2020; 52,625 new members registered resulting in a 3 per cent increase in total membership to 622,938 members; and, 137 new employers registered resulting in a 4.8 per cent increase in total employer base to 2,700 employers.
Vee said the fund was continuing its focus on enhancing member services this year while seeking opportunities to grow membership and new investments.
“This includes a focus on providing more value for our membership, at the same time growing their retirement savings,” he said.
“We remind members that your long term Nasfund savings will always benefit you by ensuring you have a level of financial comfort upon retirement.”