O’Neill: Super funds to grow K10b in 5 years

THE superannuation funds in PNG are worth K5.6 billion and expected to grow to about K10 billion within the next five years, Prime Minister Peter O’Neill said.
He said the performance of provident funds in PNG in the years prior to 2002 had been challenged by governance issues, political influences, poor investment decisions and declining client services.
Nasfund and Nambawan Super, represented 87 % of total assets and predominantly cover private sector and public sector employees, respectively.
Nasfund has around 141,000 contributing members and a further 182,000 that are inactive.
Nambawan has more than  100,000 contributing members.
O’Neill said legislative reforms to the PNG superannuation industry in 2002 had seen a dramatic turnaround in the performance of PNG’s largest superannuation funds after the industry was near collapse. 
He said the superannuation industry in PNG had grown from strength to strength.