Nasfund receives K117.5m

MORE than K110 million in contribution were received by the National Superannuation Fund (Nasfund) in the first quarter of 2017, according to chief executive officer Ian Tarutia.
It was a 22 per cent increase compared to the same period in 2016.
Tarutia, giving an update on the Nasfund’s activities in Port Moresby yesterday, said total contributions received as at March 31 was K117.5 million.
It received K96.3 million during the same period last year.
“This is a result of a rigorous exercise in improving the collection rates from defaulting employers by working with the regulator, BPNG, and allocating contributions in a more timely manner,” he said.
The quarterly update also noted that 53 new businesses had signed up with an increase in new membership of 13,000.
The Fund’s total membership base is 544,371 as at March 31, 2017. It was 537,520 on December 31, 2016. Other noteworthy activities of Nasfund in the first quarter included:
l Improved our communication strategy through a revised Facebook page that has 14,000 followers;
l fund administration project progressing well with member records system and electronic workflow are in the final stages of development; and,
l The completion of four regional conferences around the country attended by more than 1000 employer and member representatives.