Nasfund to introduce new system

A NEW contribution system called the “One Stream” solution will be introduced by the National Superannuation Fund (Nasfund) to address contribution issues it comes across.
Nasfund member services chief officer Charlie Gilichibi told a recent media conference that the fund had two contribution streams. The solution would provide them with a synchronised option.
“We are currently working on building a solution that will address all of the issues around contribution files,” he said.
Gilichibi said the fund had issues of “unallocated” without a standardised data system.
“The way contributions are happening is on two streams. One is the payment stream, it comes in separately until it joins up somewhere down the track. The other is the contribution file stream that’s generated from payroll and comes and flows until it comes into the system somewhere. In this process, there are already hands touching the payments and so many entities involved. On a fortnightly basis, when an employer sends us files, they could have incorrect data or have corrupted files.
Employers could even make an underpayment which in the contribution schedule it requires this much.