Nambawan Super

Nambawan Super announced K89m Profit

The result has allowed NLS to declare a 1% interest to be credited to member accounts.

Nambawan Super Limited Board Chairman, Reg Monagi, said the extraordinary difficult economic conditions, worsened by the COVID-19 global pandemic, heavily impacted values and returns for many of the funds key investments in the PNG economy.

Monagi said while the 2020 result will be disappointing for members the primary cause was the reduced value of the some of the funds well-established PNG Investments.

Nambawan Super celebrates the strength of its women

Chief Executive Officer Paul Sayer said the occasion provided the opportunity to reflect on the achievements and contributions of women who continue to positively impact and grow the Fund for members in Papua New Guinea.

“A significant finding of ours has been that our female members are excellent savers – on average they have higher balances than their male counterparts.”

Financial assistance for super fund members

The proposed assistance was announced on Tuesday by the ASFs namely, National Superannuation Fund (NASFUND), Nambawan Super, Comrade Trustee Services (CTSL), and Aon Master Trust (AOM).

This follows consultation with Bank of PNG to support the Government’s announcement to enable financial assistance for affected members.

In a joint statement, the ASF’s announced the relief measure for members in the wake of the COVID-19 pandemic.

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.

Treasurer meets with Nambawan Super

Abel stated that the recent National Court decision on the liability to Nambawan Superannuation Fund is part of the debt that accrued before 2009 from unfunded state superannuation contribution for public servants.

“The Government has been paying all fortnightly contribution since then and gradually paying down the inherited debt through budget appropriations such as the K150 million in this year’s budget,” he said.

State to pay over K110m outstanding contribution

The figure is subject to confirmation by Nambawan Super’s lawyer, Mek Tumul, to the Waigani National Court on the latest outstanding figure and interest component that the state is expected to pay to contributors. 

This is good news for about 1,667 retired members of Nambawan Super who have been waiting for the State’s component of their retirement money since 2015.

Inter-generational scheme for your children

NSL Board Chairman, Anthony Smare, announced the potential service which they hope to roll out in the future.

Smare said this during the announcement of Paul Sayer as NSL Chief Executive Officer.

“Instead of you just contributing for yourself and taking your money and go, some of that money is actually giving your children a start and some of their money is given to your grandchildren.

Paraka Lawyers locked out of office

They were locked after Nambawan Super took out restraining orders against Paul Paraka Lawyers on Monday from having access to the property they used over the years.

A substantial amount of outstanding rental, amounting to K5 million, is claimed to be owed by the law firm to Nambawan Super.

Principal Paraka went to the National Court on Wednesday with an application asking the court to set aside the orders issued on Monday.

Public Servants still waiting for State to pay NSL contribution

The National Government as the employer of all public servants still owes the superfund K63million of unpaid employer contributions.    

According to the CEO, the National Government only paid K75 million of the outstanding balance this year.  

“We will be able to pay the members when we receive the money, the reality is we haven’t received all the money that we are owed,” Tunstall told members during its members conference today.

Public Servant’s State NSL contribution still outstanding

But discussion between Nambawan Super Ltd (NSL) and the State had been on-going since December 2015.

NSL chief manager member service Charlie Gilichibi said: “We (NSL) are having ongoing weekly discussion with government officials and there are indications that things will come good this year.

“In terms of fortnightly contribution from the State we do not have an issue with that.

“It is only the exiting members that have an issue, because we only pay 100 percent of what we have in the account but what is owed to them from the state we do not pay.