Superannuation

Superannuation legislation to be reviewed

NASFUND CEO, Ian Tarutia, says the review of the legislation is timely as calls for tax on super become prominent.

Tarutia says tax on superannuation will be on aspect of the legislations, which will be forwarded to the task force to be headed by the Bank of PNG in conjunction with the Department of Treasury.

He believes tax on superannuation should be repealed.

“We’ve been calling for a review on our current legislation for a number of years now and we believe that this year is timely,” Tarutia reiterated.

Superannuation, a K10 billion industry

This is according to Association of Superannuation Fund Papua New Guinea (ASFPNG) President, Ian Tarutia.

In a statement announcing the ASFPNG plans to rebuild itself, Tarutia, who is also National Superannuation Fund CEO, said the K10 billion industry represents the retirement savings of over 700,000 members who are predominately PNG citizens.

“Getting ASFPNG back on its feet as our industry voice places the importance we, as representatives of the major funds in PNG, have in the oversight and management of member superannuation savings.

NCSL records profit slump

This was revealed during NCSL’s Annual General Meeting on Tuesday May 9, 2017 in Port Moresby.

According to performance indicators for last year, the company recorded a drop in Net Profit from K5.6 million in 2015 to K4 million in 2016, as well as a slump in Net Assets to K14.4 million from K15.9 million in 2015.

Despite this, the firm was able to generate a healthy K14.9 million in Total Revenue from K12.5 million.

Tarutia calls for universal coverage

President of the Association of Superannuation Funds of  Papua New Guinea (ASFPNG) and National Superannuation Fund CEO, Ian Tarutia, said this recently.

Tarutia said the current legislation only allows business who employ more than 15 people to contribute to superannuation.

He said this should be changed so that anyone earning any form of income and paying tax must contribute superannuation for retirement years down the line.

NASFUND holds minute silence for late leaders

NASFUND CEO, Ian Tarutia, paid respect to the late Governor General, Grand Chief Sir Michael Ogio, former Chief Secretary, Sir Manasupe Zurenuoc, radio personality, Roger Hau’ofa, as well as a close personal friend.

He said their passing were worthy of mention given their immense contribution to the country.

Tarutia also dedicated the conference to the late Hau’ofa adding that NASFUND was supporter of his “Talk-Back” program on FM 100.

The CEO said Roger was a strong advocate against corruption.