Nambawan Super vows to protect interest of members

By PETER ESILA
NAMBAWAN Super Ltd (NSL) is about retirement savings, and will make sure that members’ interests are protected, says chairman Reg Monagi.
Monagi said during the NSL employer conference in Port Moresby on Friday that last year, there were “great return on our investments, for many of our investments, as the global and local markets started recovering from the tough economic climate brought on by the pandemic”.
“Last year, the fund achieved a net surplus of K526 million which resulted in the growth of its net assets to K8.8 billion and a declaration of 6.5 per cent crediting rate (dividends) to more than 214,000 members,” he said.
“As your trustee, we are committed to meeting your retirement needs.”
Monagi said the NSL made last year “benefits totalling K778 million through retirement savings account, unemployment benefits, housing advances and lump sum payments on exit, despite the improved result”.
“We remind our members and employers that super is a long term investment, and that year to year there will be ups and downs,” he said.
“Over the past 10 years, our asset base has more than doubled.
“Our asset base is our members’ savings.
“So this means that the wealth of members have doubled over the past decade.
“NSL compound average return over the past 10 years is 7 per cent, almost 2 per cent over the National Consumer Price Index for the period – real returns to the members.”
NSL is celebrating its 60th anniversary of service to the people this year.