Nasfund: Withdrawal depends on law change

NATIONAL Superannuation Fund Ltd (Nasfund) says the current Superannuation (General Provisions) Act 2000 has to be amended to give effect to any immediate withdrawal as a result of impacts of Covid-19.
The fund said the specific section that needed to be amended was Section 90 of the Act which outlined specific requirements before payment of entitlements could be made.
The fund disputed recent reports that members would have access to their savings immediately.
“No amendments to Section 90 of the Superannuation (General Provisions) Act 2000 have been passed by Parliament to allow for early withdrawal through Covid-19,” Nasfund said.
“Under current legislation, a member of an Approved Superannuation Funds of PNG (ASF) who is unemployed has to wait three months before he or she is eligible for partial payment (monthly withdrawal).
“A member will be unable to withdraw part of their retirement savings until such time that relevant legislative amendments are made by Parliament.” A statement released earlier this month by the Authorised Superannuation Funds (Nasfund, Nambawan Super and Comrade Trustees Services Ltd) stated that: “This (withdrawal) will become effective as soon as the appropriate legislative amendment to the Superannuation (General Provisions) Act 2000 is approved by Parliament.”