Scheme benefits troops

SOLDIERS and members of the Comrade Trustee Services Limited (CTSL) had their accounts increased by 7.3 percent last weekend.
That works out to K7.30 for every K100 a member has in his/her account.
The CTSL, the trustee company of the Defence Force Retirement, announced a net profit of K48.8 million in the 2023 financial year.
CTSL board of directors chair Michelle Hau’ofa said it was an increase of K33.5 million from 2022.
Hau’ofa said the K48.8 million profit was distributed between the accumulation account and the defined benefits account in a 45/55 allocation.
It resulted in a 7.3 per cent crediting rate for members.
CTSL’s net assets were valued at K713.9 million, an increase of K83.6 million from 2022.
Hau’ofa said there was also an increase in reserves from K485,000 to K518,000.
“Our Fund is emerging from very challenging times, therefore it gives our directors and I great pleasure to present these results to our members.”
She acknowledged the commitment to the Fund by chief executive officer Charlie Gilichibi, the management and staff members.
“We have gone from an interim board appointed by the Bank of PNG in February 2023, to the appointment of a permanent board in August 2023,” she said.
She also acknowledged the diligence of directors Chetan Chopra, Charles Lee, Vera Raga, Warwick Vele, Colonel Fred Aile and Acting Commander of the PNG Defence Force Commodore Philip Polewara.
“This increase in comprehensive income by 219 per cent and growth of net assets by 13.2 per cent plus an improved reserve position is testament to the dedication of our entire CTSL team.”
She also thanked the Central Bank as industry regulator for its continued guidance and support.
“On behalf of CTSL, I also congratulate the excellent financial results by Nasfund and Nambawan Super for their members.”