Positive reaction from members anticipated: NASFUND

NASFUND is anticipating a positive reaction from contributing members when the Fund releases its 2019 audited accounts and final operational results in March.

In a statement, CEO Ian Tarutia, said: “2019 was a busy and productive year for NASFUND.

"Several key initiatives in our Member Services area were introduced which will continue this year while good growth was achieved from our investment portfolio, membership base, contribution receipts and new employer registration," Tarutia outlined. 

“For the first time, we achieved a record K561.5 million in contribution receipts from employers, compared to K519 million in 2018.

“We managed withdrawals down to K385 million (as of 30th Nov 2019) compared to K437 million paid in 2018 which means lesser members are withdrawing and retaining their savings within the Fund longer.

“We registered 43,632 new members compared to 24,337 registered in 2018. Our total member base is 582,302 compared to 555,133 in 2018.

“Returns from the Investment portfolio are better than 2018 and better than what we budgeted for in 2019. I am confident members will receive a higher interest for 2019 than the 3.5 percent credited to member accounts for the 2018 Financial Year.

“Importantly as our results show, confidence in superannuation and especially with NASFUND, continues to grow and flourish. It is always important for members to remember, their superannuation savings are there for the long term and returns to members from investments are subject to market fluctuations from time to time. Growth of member balances happens over an extended period through new contributions and the magic of compound interest, hence the benefit of retaining savings with the Fund until retirement.”

Meantime, Tarutia says they are quietly upbeat about prospects for the country this year and will be more active in working with other key stakeholders to seek investment opportunities and projects that bring value to their members.

Press release