Nasfund

NASFUND presentation to building material suppliers

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.  

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NASFUND eyes K7bn net worth

Chief Investment Officer, David Brown, said the company is positioning itself to take advantage of the expected economic growth of the country.

Speaking at NASFUND’s Employer Conference on March 14th, Brown said 2018 was a tough year for the fund given the modest crediting rate.

“We modeled where we would go, NASFUND on our conservative modeling ranges in the next five years between K6.2 to K6.8 billion. So we could be a K7 billion fund,” said Brown.

Over 60 NASFUND members surpass K1m

This was revealed by Chairman Hulala Tokome during the announcement of the fund’s 2018 financial year.

During the announcement of its 2018 financial performance, the Chairman revealed the number of millionaires created through the fund.

“Analysis of our member data show 64 members have over K1 million in their superannuation account, 268 members have between K500, 000 and K1 million, while 1, 521 members have balances between K250,00 to K500,000,” said Tokome.

NASFUND announces K158m profit

This follows the announcement of its financial results for 2018 yesterday.

NASFUND Chairman, Hulala Tokome, also announced that the fund made a profit after tax of K158.7 million.

The NASFUND Chairman said the Board met yesterday to consider and accepted the audited financial accounts for the 2018 financial year.

Tokome said the results were positive in yet another challenging year.

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Charges against NASFUND Officer dismissed

 

On Friday January 11th 2019, the Committal Court dismissed the charges after a credible case could not be produced against Brown when first charged in July 2018. 

In a statement NASFUND Board Chairman, Hulala Tokome, said in the process of defending an obviously spurious charge, Brown and his family have endured prolonged stress, not to mention, the considerable disruption to the ordinary business of NASFUND.

New Nasfund brand ambassador

Boas signed a 12-month contract with Nasfund as the superannuation institution profiled its voluntary contributions product in Port Moresby yesterday (April 26).

Chief of member services, Charlie Gilichibi, said Nasfund is pleased to have this association with Ase Boas and the PNG Hunters to profile and grow this product.

Members beginning to understand super

During the announcement of its 2017 Financial Results, it was revealed that over K 431 million in superannuation entitlements to members were paid compared to K456 million paid in 2016.

This is a 5.48 per cent reduction in payment outflows to exiting members in 2017.

The Management of NASFUND say members are beginning to realise the importance of keeping their super for the long term benefit.

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NASFUND members to be credited interest

This follows the announcement of a net profit of K242 million this week.

The crediting interest is an increase from 2016, which the Fund credited 7.25 percent to members.

NASFUND recorded a net profit of K283.47 million, K41.47 million lower than its 2016 result.

However, board chairman Hulala Tokome said the results attained were positive despite yet another challenging year.

Highlights from 2017 include:

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Locked NASFUND doors angers Contributors

Many of the members had put in applications for their payment prior to the festive period.

Frustration over delayed payments and continuous follow up resulted in them openly expressing their frustration outside the four mile office when our crew arrived on the scene.

They turned up early this morning only to find the doors locked after 9am. This went on an hour and a half.

One of the frustrated members, claim she had been waiting since July last year for their payments.

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NASFUND members to benefit

The upgrade began at the start of 2017 and the fund believes they are on target to not only meet but exceed member expectations.

Following the successful transition to a new fund manager mid this year, NASFUND says it has now achieved the revitalization of technology and processes to improve member services.

One of the technological and procedural upgrades include the introduction of the ‘Employers Online Portal,’ which NASFUND says is the only fund to have in the country.

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