Superfund to pay K546mil-plus

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NAMBAWAN Super expects to pay out this year much more than the K546 million paid last year because of the Covid-19 and public sector reforms.
Chief executive officer Paul Sayer told The National that they had been expecting more people to leave. “Nambawan Super has been preparing for the expected increase in exits from the fund in 2020,” he said.
“The investment team is holding more cash to ensure funds are available for members when needed.
“At this stage, Nambawan Super is awaiting the legislative changes (to the Superannuation General Provisions Act).
“We have (in the meantime) drawn up a Covid-19 withdrawal form.
“We have made the necessary system changes based on our understanding of what the payment will be so that requests can be processed efficiently when they are received,” Sayer said.
Nambawan Super has been communicating with members and advising them that the form will be available once the payout is made legal.”
Nambawan Super members have been inquiring about their entitlements via the call centre and Facebook.
“We are working with employers to identify impacted members so that we can support them through the application process.”
Sayer said it was a “one-off assistance for affected members”.
“It will be available only to members who have been terminated and lost their jobs due to the Covid 19.”