Anthony Smare

Nambawan Super Chairman Anthony Smaré term ends

Mr Reg Monagi has been voted the new Chairman of PNG’s oldest and largest Super Fund by the Nambawan Super Board of Director.

Mr Smaré’s term as Chairperson of Nambawan Super ended in line with prudential standards that state the Chair of Nambawan Super can only formally hold office for 6 years.

“I was appointed a director of the Fund in 2012, and in 2013, I was appointed acting Chairman when Sir Nagora Bogan stepped down as chair before being formally appointed in 2014.” Mr Smaré said.

NSL eyes affordable housing for members

NSL Board Chairman, Anthony Smare, said the fund can now proceed with this plans following successful victories in legal disputes over ownership of the land.

Nambwan Super owns 360 hectares of land at 9 mile.

Since 1990 the fund has been locked in legal disputes over ownership.

“The fund has not been able to develop it since 1990, because since that time the fund has been battling people within government, who have been trying to take the titles off the fund. So we have been locked in court cases all this time.

Nambawan Super announces record profit

This is despite challenging conditions experienced last year.

Nambawan Super Board Chairman, Anthony Smare, said the fund generated income of K703 million for 2019.

After tax, the fund recorded its highest ever profit of K504 million.

“This enables us to declare a 7% crediting rate, which will be processed and paid to members accounts, including Retirement Savings Accounts, over the next few days so that it is reflected in members balances by next week,” said Smare.

Nambawan Super launches new look logo and campaign

The rebranding also aims to engage members and the wider public about the role of the fund, its purpose in nation building, and celebrate its members.

The new logo, retaining a simple Kumul design as well as the national colors, reaffirms the values of the fund and that is being a super fund for everyone.

In its new campaign the fund has enlisted its members as Ambassadors to drive the funds new message.

Big difference if money flows in-country: Smare

Nambawan Super Limited (NSL) Chairman, Anthony Smare, in a brief response to his 2019 outlook, said many of the project signings have been delayed due to negotiations on the benefits that may be derived from them.

He said NSL was also looking at opportunities where major resource projects are expected to begin.

“If they spend money in country, then we see the benefits. If they don’t spend the money, we don’t see the benefits.

NSL against super healthcare scheme

NSL Board Chairman, Anthony Smare, says members must decide if they want to sign up for such a scheme, but warned it will have a significant impact on their savings.

He made the suggestion following a recent statement by Public Services Minister, Elias Kapavore, who called for a look into the proposed scheme.

During the announcement of NSL’s 2018 financial performance, Smare said the suggestion made recently to make it mandatory for public servants super contributions to pay for this health insurance was concerning.

State satisfies K146m commitment: Nambawan Super

This was made in the 2018 Supplementary Budget with a K46 million payment.

Chairman Anthony Smaré acknowledged the State had honoured its commitment to their former employees by making this third payment and bringing the total received in January 2019 to K146 million.

Since July 2018, the State has remitted K297m in payments, settling the outstanding amounts they owed to more than 6,100 retired public servants.

State pays NSL K95 million

NSL Chairman, Anthony Smare, is now calling on the retirees to see them so they can settle the outstanding payments.

NSL has begun the process of allocating payments to members who exited in 2016.

“Obviously the government has been impacted by an earthquake, low commodity prices, but we’re seeing a flicker of light with the economy. There are some good things starting to happen and it’s also translating into the unfunded.

“The Government has paid us in the last two months, K95 million,” said Smare.

Investment to deliver returns to members

And members have expressed excitement over the property development.

CEO Anthony Smare said within five years members would realise the benefits from the property investment.

“The K300 million or so that this project is valued today, I’m confident to say will double in the next five years. And that’s a great investment for NCD, and it’s a great investment for the fund,” said Smare.

Options on unfunded super continue

NSL board chairman, Anthony Smare, said one of the long term options is securing assets in State Owned Enterprises.

Smare said their current immediate concern is securing the court ordered payment of K230 million for over 5,000 members who exited the public service since March 2016.

Smare and CEO Paul Sayer said one of the options to settle the unfunded K230 million is a Government bond.