Superfunds to pay K806mil

The National Main Stories

THE country’s two superfunds are expected to pay out around K806 million to their members affected by the Covid-19 lockdown, as soon as the legislation is approved by Parliament in its sitting starting today.
It is estimated that around 50,000 members of both superfunds were laid off when the state of emergency was declared on March 24.
They will be allowed to withdraw part of their retirement savings once an amendment to the Superannuation (Special Provision) Act is approved by Parliament.
The National Superannuation Fund (Nasfund) last month forecast a payout of around K260 million.
“We have basically modelled around K260 million but just based on what will be the impact,” chief executive officer Ian Tarutia said.
“Until that (impact) actually happens and applications come through, we can only make assumptions.
“These are numbers that were reflected in the Government’s announcement when it initially talked about the economic stimulus package and the involvement of superannuation funds. The figure was around K500 million (comprising) Nasfund, Nambawan Super and the other two funds.”
Tarutia said the fund had set aside K300 million in anticipation of an influx of withdrawal applications.
He said proper vetting of applications was important so that only those who had actually lost their jobs would be assisted.
Nambawan Super earlier said it expected to pay out more than K546 million this year due to the Covid-19 and public sector reforms.
Chief executive officer Paul Sayer had told The National that “we anticipate higher outgoing payments than the K546 million paid in 2019.
However this is related to both Covid-19 and public sector reforms.
“Nambawan Super has been preparing for the expected increase in exits from the fund in 2020.”

7 comments

  • It does not require Bill on the floor of parliment. Its the simple money for the poor people who work hard 84 hrs per forthnight. Shame on you, Politican.

  • Some Public Servants were affected because it was just their salary only no overtime or other allowances as most had loans deducted this had a big impact so if the Superfunds could at least pay some 20% so as to offset debts that were incurred due to the Covid 19 effects.

  • Super fund members should be given the choice to decide for themselves how much to withdraw from their retirement savings.

  • is an act, base on government law, procedures of chain for approval, around us someones which who is bigger than you and me. mr. government. superfund is a Compensation and Liability Act of 1980, is also the trust fund set up by Congress to handle emergency and hazardous waste sites needing long-term cleanup for its membership entitlments.. common understanding people are thinking it is purposely for retirement saving, yes could be the reason. how ever, as oath by goverment to allow membership to access their fund in such situation as we are facing now,.. circulation of superfund I had ever since the 24th of march 2020 the government response to covid 19 pandemic when the country face a down fall and recession on its economy,just assist to employees who have been layoff from work, now seeing the same message superfund circulate it again when we are going towards new normal… gavman just releasim moni blo ol member tasol inap lo giamnim ol.

  • I just want to ask a question,Is there any law
    That gives Nambawan super limited power to cancell or closed a member account that still generates money and has still have states share ,without the members concerned .Just furious.

Comments are closed.