The Super Act allows members to access their super savings to build a home, purchase a home or improve an existing dwelling that is the principal place of residence.
“NASFUND is supportive of this provision as it addresses an important social need for members and their families. In recent times however, the Fund has come across cases where this facility has not been used for its intended purposes,” said the Fund in a statement.
“The presentation is intended to inform suppliers in Port Moresby about our processes and the consequences of not accomplishing the objective of the Housing advance scheme.
“The FUND has seen an increase in cases where members were acting under false pretence to apply for their housing advance and then, cashing out funds from suppliers.
“The FUND stated that while there are genuine and reputable building material suppliers who are honest in facilitating funds for the purpose of building or renovating houses, there have been reports received where members are conspiring with sales personnel without the knowledge of the management of those suppliers.”
The presentation conducted today, by the Chief of Member Services, Charlie Gilichibi, is to remind suppliers to abide with the policies and procedures that is governed by the Superannuation Act to ensure prudential standards are practiced for the best interest of members.