Nambawan Super Limited (NSL) Chief Executive Officer (CEO), Paul Sayer encouraged teachers to update their beneficiary lists and member bio-data to invest in their future.
Mr. Sayer told over 2,500 teachers during the Teachers Dedication Service in Port Moresby last week.
He also suggested that teachers consider making additional contributions through Voluntary Contributions, which also position them for Housing Advance, and take the most of NSL’s services such as Free Financial Literacy.
This program is available to all NSL members, it aims to educate and empower members so they can take the necessary steps for a comfortable and financially secure retirement.
“We want to make sure that our members are able to look after themselves when they retire. We also want to make sure that members identify their bbeneficiaries and regularly update these lists as and when life changes. We want to see you, our members, who have worked hard all your life and have saved money after a long period of time, be able to live comfortably off your superannuation savings, and clearly understand the different options you have available for you to retire in comfort and financial security, said the CEO.
Mr. Sayer thanked the government on behalf of all NSL’s 235,000 members, for the recent announcement that members who have been contributing for 15 years or more, would no longer have their retirement savings taxed two percent upon withdrawal.
“This change is expected to take effect this year in 2025 and is very good news for our members who have been faithfully contributing to their superannuation savings for over 15 years, as this will mean they will have access to their full super savings upon retirement.”
