Superfunds pledge help

THE total invested by the authorised superannuation funds (ASFs) to date is more than K5 billion.
Nasfund chairman Charles Vee, Nambawan Super chairman Anthony Smare, Aon Master Trust (AMT) chairman John Beattie and Comrade Trustee Services Ltd (CTSL) statutory manager Sitiveni Weleilakeba in a statement said they would continue to help the State through investments in treasury bills and Government inscribed stock after paying superannuation entitlements to affected members.
“It should be recognised that any additional investment will always be considered by the trustee around the members’ best interest,” they said. The heads of the superfunds said they had investments in many businesses that operated across a number of key sectors in the economy that employed thousands of Papua New Guinean workers.
“As a shareholder in these businesses, ASFs are mindful that Covid-19 may cause a negative impact on their operations which may lead to these investment companies requesting cash support from the funds,” the statement said.
“The ASFs will be closely managing liquidity to ensure both members and investments are supported as much as possible during these challenging times.”
The superfunds said that distressed employers who were unable to pay contributions during this time, were to contact their respective fund as soon as possible.
“The ASFs believe it is in the best interest of the country for as many businesses as possible to remain open, employing people and offering goods and services that are needed in the community.
“The monthly inflow of contributions is of critical importance to the superfunds as a course of liquidity to pay for retirements and for investments.
“The ASF’s will work with employers on a case by case basis to come up with suitable arrangements to assist employers with their payment capability, including in some justified cases deferment of contribution payment.
“The board and management of the ASF assured its members, that their funds are safe, secure and available to them as and when they are entitled to their retirement benefits under its governing legislation, the Superannuation (General Provisions) Act.
“However, Covid-19 has disrupted the way we live and do business, and accordingly the ASFs will provide assistance to its members and employers as outlined above and will work with Government to implement its economic stimulus package for the betterment of our members and our country.”