Nasfund’s investment ‘a success’

Business, Main Stories


THE growth in membership, asset value, and equity portfolio of National Superannuation Fund Ltd (Nasfund) reflects the health of the local economy.
Since Nasfund has mostly invested locally, it is least affected by the global financial crisis (GFC), according to joint chief executive Ian Tarutia.
These were Mr Tarutia’s observations in an address before human resource officers and managers of Nasfund member-employer companies and organisations at a conference yesterday at Crowne Plaza in Port Moresby.
While revealing the fund’s successes despite the GFC and the performance compared with similar funds in Australia, Mr Tarutia again cautioned that employee members’ credit interest figure may not be a double digit this year, but all the rates except for 2008 (11%) had been above the inflation rates.
The average for the last five years in interest credited to members was 19.8%.
‘The growth here, as you can see the fund, has been growing with new members coming through.
“When we grow, it is the reflection of what is happening in our economy,” he said.
He said the active membership base had grown especially when new workers were being introduced into the workforce and hence, that captured in the superannuation where Nasfund captured some of them especially in the private sector.
In equity portfolio, Mr Tarutia said Nasfund had good partnership with reputable organisations such as Curtain Brothers for developments at Harbour City in Port Moresby, Honibooks for construction of Investment Promotion Authority (IPA) House and the Factory at Konedobu, and Lamana Development for Heritage Hotel in Solomon Islands.
“So we are using good reputable builders and contractors that are also owned by the fund, so investment money is circulated within the group,” he said.
Meanwhile, Anna Mawason, the team leader for employer services, told the employer member- representatives to continue the employer contributions and on time especially after the 14th day of each month for the previous month’s contributions.