Various section heads of the PNG Defence Force gathered yesterday at Comrade Trustee Services Limited Headquarter for the much awaited announcement of results for 2017.
CTSL, the trustee for the Defence Force Retirement Benefit Fund, had undergone some changes in the recent past, with 2017 marking the first full year of the fund’s accumulation scheme – Prior to that it had been primarily a pension fund for servicemen.
In announcing the financial results, CTSL Chairman, Moses Koiri, acknowledged the difficult economic circumstance the country had to endure in 2017. However, prudent management has allowed the fund to post significantly positive results. These included;
- A net surplus after tax of K47.18 million
- Total Fund Net Asset growth to K563.79 million
- Fund Growth Rate of 9.62%
- CPI Indexation Rate of 5.1%
- Management Aspect Ratio of 2.44 and
- An increase in membership to 5,553 members
On the back of this performance, the fund announced a crediting rate of 11.43% for its contributors. According to Mr Koiri, the positive results were due to prudent management of the fund, who undertook strategic investment across various sector to ensure positive dividends.