Super fund expecting less returns, but optimistic

 NAMBAWAN Super Ltd says it is expecting less returns this year due to factors in the global market and the completion of the PNG LNG project construction phase.

Chief executive Garry Tunstall told The National yesterday that its revenue for this financial year would be less than preferred.

Despite that, he said the fund had set “itself a strategic asset allocation programme that puts our funds in a much safer and high returning asset portfolio for the longer term”.

“In terms of the operations, we are improving operations consistently, we are moving more into technological areas where we have not had benefit before,” he said. Nambawan Super has 17 branches across the country and a membership base of 140,000, mostly from the public service sector.

Tunstall said the fund had plans to increase its membership for their long term benefits.

He said its new product, choice super, was available to everyone. “The choice super can be provided to anyone – fishermen, truck driver or small business houses. A reason why we launched it is because there was a gap.”

Tunstall said Nambawan Super had forged a partnership with Post PNG earlier this year to provide broader support for fund members.

“We are working on developing a pilot site in Boroko Post Office and Madang Post Office where members can get services.

“If those pilots work, in longer term we will expand the network to broader post offices around the country,” he said.