Superannuation fund anticipating better results for 2019

THE National Superannuation Fund (Nasfund) will announce its 2019 end of year results in March, chief executive Ian Tarutia says.
Tarutia said this when The National asked him to give a progress update about the fund’s performance last year.
“Last year will be a better year than 2018 and when the board releases the 2019 audited accounts and final operational results in early March, I am sure members will be pleased,” he said.
“For the first time, we achieved a record K561.5 million in contribution receipts from employers, compared to K519 million in 2018.
“We managed withdrawals down to K385 million (as of Nov 30, 2019) compared to K437 million paid in 2018 which means lesser members are withdrawing and retaining their savings within the fund longer.
“We registered 43,632 new members compared to 24,337 registered in 2018 and our total member base is 582,302 compared to 555,133 in 2018.
“Returns from the investment portfolio are better than 2018 and better than what we budgeted for in 2019.
“I am confident members will receive a higher interest for 2019 than the 3.5 per cent credited to member accounts for the 2018 financial year.
“Importantly, as our results show, confidence in superannuation and especially with Nasfund, continues to grow and flourish.”
Tarutia said it was important for members to remember that their superannuation savings were there for the long term and returns to members from investments were subjected to market fluctuations from time to time.
“Growth of member balances happens over an extended period through new contributions and the magic of compound interest, hence the benefit of retaining savings with the fund until retirement. We are quietly upbeat about prospects for the country this year and will be more active in working with other key stakeholders to seek investment opportunities and projects.”