Nasfund on track for healthy payout

National, Normal

MEMBERS of Nasfund can look forward to a good Christmas if the fund’s performance of the first nine months of this year is any indication.
Figures released yesterday showed that it is on target for a much-improved performance this year than the last.
The global financial crisis affected its performance last year, ensuring a return of 8% for members from a high of 37% the previous year (2007).
For the nine months  up to last month, the fund’s net assets grew by 13.25%, from K1.47 billion to K1.66 billion. Net profit before tax was at K119 million, up from K74 million last year.
The fund projects an interest of 10% for members in this period, up from 8% credited last year.
The summary of the private sector superfund’s financial status to September, also revealed a growth in membership, from a total of 119,018 last year to more than 125, 000 as of  last month.
It also announced an increase in the number of active employers, from a total of 1,661 last year to 1,755last month.
Inactive member numbers have also increased by more than 15,000, while the level of defaulting employers has also risen to 66 from 39 last year.
The number of new employers had dropped to 118 from 229 last year while the number of new members dropped from 55,217 last year to 39,402 this year.
Withdrawals rose from K90,743,000 last year to more than  K95 million as of last month while contributions have dropped from K252,011,000 to K169,664,000.
Nasfund announced  that the net cash flow from contributors’ withdrawals fell sharply from K147,194,000 to K74,585,000 while the number of member transactions increased from 41,538  to 42,731 this year.