Nasfund check on building suppliers

NASFUND is conducting a presentation to suppliers of building materials who receive housing advance payments on behalf of members building or renovating their homes.
The Superannuation Act allows members to access their super savings to build a home, purchase a home or improve an existing dwelling.
Nasfund is supporting this provision as it addresses an important social need for members and their families.
In recent times, however, the fund has come across cases where the facility was not being used for its intended purposes.
Chief of Member Services Charlie Gilichibi reminded suppliers to abide by the policies and procedures as governed by the Superannuation Act to ensure standards were practised in the best interest of members.
Nasfund will be informing suppliers in Port Moresby about its processes and the consequences of not accomplishing the objective of the housing advance scheme.