Superfund inks agreement for closer cooperation with authority

By CLARISSA MOI
NATIONAL Superannuation Fund (Nasfund) is the first private sector agency to sign a memorandum of understanding with the Investment Promotion Authority (IPA) to facilitate closer cooperation.
Nasfund chief executive officer Ian Tarutia said yesterday that this would enable the fund to have a permanent presence at the IPA’s registration kiosk.
“What this memorandum of understanding entails is that we will work together in sharing information, collaboration of efforts that one promotes investment in the country, compliance with our regulatory requirements but most importantly promote superannuation for workers in the country,” he said.
IPA managing director Clarence Hoot said: “In the midst of promoting investment, I think it is also important that we promote the superannuation. Part of what IPA will do is to ensure that every new businesses that comes in terms of foreign investment, the requirement or the condition of superfund alignment is put as a condition for them to comply with.
“We see that as a good way going forward and in terms of investment perspective, it is important that we help these companies to comply with superfund laws and regulations.
“It is also good for members to be assisted in that regard.”
Meanwhile, Tarutia also added that both IPA and Nasfund, as well as other organisations in the country, collected data on employment and statistics on employment.
“So today’s signing is an example of how we can make use of the information and data that we collect and keep records so that we can make better decisions.
“So information sharing is just one step towards becoming efficient in the use of information that we collect.” Tarutia said he hoped that the MoU paved the way for other organisations to also piggy-back on this initiative.
“Other organisations that collect data such as the Department of Labour and Industries and tax office (Internal Revenue Commission),” he said. “We can make better decisions for the betterment of our people with the information that they hold whether it’s in investment, superannuation and tax compliance.”