Superfunds filling gap, says Tarutia

By DALE LUMA
THE country does not have the benefit of an effective social security system to provide for those that are unable to care for themselves and their families, an official says.
National Superannuation Fund (Nasfund) chief executive officer Ian Tarutia said this during the Fund’s 2021 employer awards.
He said superfunds filled that void through its payment systems whenever a worker became eligible.
“Our superannuation systems and the laws we operate under, which is the Superannuation General Provisions Act of 2000, fills this void through the payment of income streams whenever a member is entitled to receive their superannuation benefit,” Tarutia said.
“Superannuation is often considered the right of individuals or persons to financial protection and a dignified quality of life in retirement after active employment.”
Commenting on employers contributions to workers, Tarutia highlighted that there were three stakeholders in the life of a worker, which were the worker, the employer and the fund.
“The employer is often the forgotten stakeholder in this triparted arrangement,” he said.
“Focus is always on the worker or member and we (Fund) as the trustees.
“But it is the employer who makes the decision on which fund to contribute to, it is the employer who decides who is to be registered as a contributing member and it is the employer who deducts the fortnightly savings, and adds an additional K1.40 to every K1 that is saved by the member.
“It is the employer who decides to increase the employer portion up to 15 per cent of a members wages if they wish to do so and it is the employer who makes sure that deductions are remitted in a timely manner.”