I COMMEND the Nambawan Super Ltd board and the management for ensuring that about 6,000 retired public servants were duly credited their outstanding State’s unfunded entitlements to Nambawan Super Fund in 2018.
These outstanding unfunded entitlements by the Government came about as a result of the dire financial situation that the country faced during the late 1990s and early 2000s. I am not certain from what year the State’s 8.4 per cent component contributions temporarily ceased by the Government, but it was likely from the 1990s onwards.
An example period was from 1991 to 2008.
During that period, the Government did not pay it’s 8.4 per cent contributions to its employees, especially the retirees, who exited the fund.
An advertisement was publsiehd in the newspapers sometime in 2018.
The advertisement ws informing retired public servants who retired before and up to 2018, to contact or visit Nambawan Super’s call centre or branches nationwide to finalise details to arrange these outstanding State payments.
It is unfortunate that many of these retired public servants were are not aware that what they had then received as their final entitlements was their own share from the 6 per cent component.
The State’s 8.4 per cent component was not credited to them at the time.
This is an important call to the Nambawan Super’s board and management that most of the retired public servants do not know where these unfunded payments were paid to.
If these monies were again paid into the Nambawan Super retirement savings account, then most of these retirees are not aware of it as they have already exited the fund.
The management is not adequately informing the retirees as well as beneficiaries of those whom have died about the status of the State’s unfunded monies and the process and requirements of accessing these funds.
It is morally and legally wrong for these unfunded State’s contributions to be paid again into the retirement savings account.
The State’s unfunded contributions were supposed to have been included and paid out with the 6 per cent components.
The retirees and beneficiaries would rather have preferred to have the unfunded benefits paid to them.
So, why should it be again credited to the retirement savings account when they are in dire need of these monies?
Most of these retired public servants are getting old.
Some have demised.
The least they would want is to receive their 8.4 per cent of the State’s unfunded entitlements.
I strongly suggest that a detailed listing of names of those retirees, alive or deceased, be published in the newspapers so they and the beneficiaries are aware that they have parts of their final entitlements yet to be paid to them.