In last week’s papers and on TV news, I came across the subject of Nambawan Super Ltd not settling final superannuation entitlements to its members or retired public servants.
This dates back to 2015.
There was information that some of those members had passed on whilst awaiting their overdue payouts.
Members’ contributions totaled up to more than K211 million kina owed to them by Nambawan Super Ltd and the Government.
It is very unfair and somewhat frustrating for the once-upon-a-time long-serving public servants.
They abided by the Superannuation Act to contribute loyally throughout their lives.
In return, they have to wait until they die, but not receive anything.
I cannot believe it took Nambawan Super Ltd almost two years to have the matter addressed in the National Court.
I wonder if there are effective regulation measures in place by the fund administrators, and superannuation bodies, to have control solutions in fund management to avoid such dilemmas.
I can relate to this matter.
I am awaiting my final payout from NasFund.
It worries me that the turnaround timeframe given to be paid out has taken three months with no progressive update.
Is NasFund having the same issue as Nambawan Super Ltd?
Are the boards and management of both the super funds and their respective fund administrators, or even the State, monitoring and working closely to solve such issues?
How long is too long?
As per my observation, superannuation in Papua New Guinea is getting worse.
When can I and the other patiently-waiting counterparts facing the same dilemma, be paid our final dues?