Savings at Nasfund is long term, members told

A SUPERANNUATION fund wants its members to know that their savings is for the long-term.
Nasfund chief executive officer Ian Tarutia said during an online employer conference yesterday that PNG did not have a social security system like other developed countries where one’s future was secured.
“Members must always have a long-term view about superannuation,” he said.
“It is not a bank.
“Unfortunately, we tend to operate like a bank because of the provision of the Act that enable early access (to savings).
“The intention of putting away a little bit of your fortnight pay – 6 per cent and your employer puts another 8.4 per cent – is always about the long term.
“We do not have a social security system provided by the State. We have to fend for ourselves.
“So it is up to us to have that discipline.
“Be aware that investment cycles always have their ups and downs in good times and in challenging times.
“Measure of returns should not be measured on a year-on-year basis.
“Markets fluctuate, things happen beyond the control of fund managers, superannuation administrators who always reflect on the results.”
Tarutia assured members that they are “already better off” as “we as your superannuation managers, investment managers invest your money”.
“So don’t be harsh when times are tough, when the environment and circumstance is difficult beyond our control and the results are not what you expect,” he said.