Members of Papua New Guinea’s leading superannuation fund, NasFund, will be pleased to receive an interest of 6.5% on their superannuation savings this weekend.
The superfund announced its audited results for the year 2021 on Thursday (March 10), stating a Net Asset Value of K5.9billion and a Net Profit of K363million by December 31, 2021.
NasFund Chairman, Charles Vee said the superfund demonstrated strong resilience under current economic circumstances to attain positive results.
Over this coming weekend, the superfund will be allocating K363million into 623,000 member accounts.
Vee expressed satisfaction in informing NasFund members that the fund continued to meet investment targets of achieving returns above CPI over a rolling five year period, which on average is 5.7% compared to CPI average of 4.7% over the same time. Adding, that over the last 5 years, NasFund had paid K2.3billion in superannuation entitlements to members.
Some of the fund’s main highlights for the year 2021 include:
· Cash income of K423 million compared to budget of K407 million.
· Valuation income of K72 million against loss of K58 million in 2020.
· Expenses of K64.5 million compared to budget of K72 million.
· Net profit after tax of K363.3 million.
· Total Assets of K6.03 billion.
· Net Assets of K5.94 billion.
· Employer receipts of K589 million compared to K574 million received in 2020.
· Increase in member withdrawals of K586 million compared to K469 million paid in 2020.
· 52, 625 new members registered resulting in a 3% increase in total membership to 622,938 members.
· 137 new employers registered resulting in a 4.8% increase in total employer base to 2700 employers.
· 961 shop floor presentations compared to 240 conducted in 2020.
· 80% vaccinated workforce.
· Successful retention of two employers after issuance of a Sect 85 transfer notice initiated by another fund.
· Opening of a service center in Maprik, East Sepik Province.
· Opening of a service center in Porgera, Enga Province.
· Participation in the Superannuation and Life Insurance Review workshops conducted throughout the country by Bank of PNG.
· Increase in targeted economic sector engagements through MOUs with specific Special Economic Zone sectors and identified provincial governments.
· Launch of Cellmoni in partnership with Digicel for convenient contribution by members.
Vee said the fund will continue to enhance member services while seeking opportunities to grow membership and new investments.
He added that member accounts increase over a longer period of time through the effect of compound interest and a dedication to investing in assets provide secure long-term returns.
Comments are closed.