Nasfund aims to maintain outlook despite challenges

Business, Normal

The National,Friday March 11th, 2016

 THE National Superannuation Fund (NASFUND) says despite the tough economic environment, it will aim to maintain a positive outcome for members.

Speaking at Nasfund’s Employer Conference in Port Moresby yesterday, chief executive officer Ian Tarutia said the superfund had the resilience to overcome challenges and build on last year’s results.

Last year, the company saw an increase by seven per cent in gross asset value to more than K4 billion.

Net profit decreased to K150 million from K258 million in 2014, which saw a decrease in interest crediting rate from 8.5 per cent to  four per cent.

There was a decrease of new members from 51,179 (2014) to 42,666 last year while active membership for the fund grew to more than 177,000.

The superfund had new investments in properties and equities totalling over K600 million.

Tarutia said the super fund was also refining its non-core assets.

 “It’s a tough environment but we will stick to basics and aim to provide and maintain a positive credit rating to members,” Tarutia said. 

He said their focus was on growing their membership and providing a quality service to their members.

“We will continue our focus on improvement across all facets of the funds operations through the institutionalising our services and introducing new services.”