THE National Superannuation Fund (Nasfund) is working to enforce the one account per person policy, which is one of the major cause of delays in withdrawals.
This follows numerous instances of members having multiple accounts when switching jobs.
Chief executive officer Ian Tarutia, pictured, said in Port Moresby yesterday that it was difficult to give the exact number of members having multiple accounts.
Nasfund currently has 600,000 members.
He said the change would address the following issues:
- Multiple accounts created which requires member effort to merge accounts;
- contribution allocation issues because member accounts were locked down to respective employers;
- extra administrative workload by Nasfund to merge multiple accounts or fix contribution allocation issues; and,
- Extra administrative work for employers in completing writing identification letters for former employees for the purpose of merging multiple accounts.
“As a progressive trustee of workers savings and data with high fiduciary duties and responsibilities than ordinary business entities, we work solely for the best interests of our employers, members and their beneficiaries.,” Tarutia said.
“Everything we do to integrate financial returns and operational efficiencies, we do that in the best interests of our members at all times.
“I request full cooperation from employers and members to facilitate employer payroll upgrades and compliance with new business rules by first quarter of 2020.”