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Port Moresby
September 26, 2021
Business Finance News Papua New Guinea

Nasfund committed to members and the future

As part of membership engagement, National Superannuation Fund (Nasfund) hosted an Online Employer Conference on Wednesday (April 14).

Through the e-conference, members were provided updates on the Fund’s activities in 2019-2020, its response to COVID 19 and the final audited results.

 Over 4,000 viewers were in dialled in on the conference.

Presenters were CEO Ian Tarutia, CFO Rajeev Sharma, Joint CIO Fiona Nelson, Chief Officer Member Services Anne Wilson and CEO NCSL, Vari Lahui. 

In his opening address, CEO Ian Tarutia reminded members that superannuation savings was an investment for the long term and that organisations like Nasfund are not a banks.

 Mr Tarutia informed the conference that the Funds profitability and consequent crediting of 4.5 % to members was a reflection of the depressed state of the economy which stemmed from COVID impacts.

CFO Rajeev Sharma in his presentation said cash income was above budget however profitability was affected by valuation losses across property and equity investments which was the reason the Fund declared a lower profit of K 223 million.

Other highlights were increased payments of superannuation withdrawals of K 469 million to members, new logo rebrand, a new client service centre in Waigani and signing of strategic partnerships with Investment Promotion Authority and the East Sepik Provincial Government to boost membership growth.

“We’ve taken on the mantra that COVID-19 is no longer an excuse. It is now a part of our life, and is here to stay. It is time to get on with business, and keep moving forward.” CEO Ian Tarutia said.

“In times of adversity, if you look hard enough, you will find an opportunity that leads to prosperity. This is what Your Fund is doing, to grow your retirement savings”.

Nasfund is also focusing on adding value to its membership, with a focus on improving the Membership Discount Program (MDP) offering to members.

“We will continue to ensure the health and wellbeing of our staff and members are our number one priority.”

Whilst the conference was hosted primarily via Zoom, members were able to join in the discussions from the Nasfund Facebook and LinkedIn pages ensuring extensive coverage.

 Updates and clips will be shared on the Nasfund website and other digital platforms.

Similar online engagements are expected in the coming months, with the Fund looking to increase its engagements with members under the New Normal.

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