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January 2013

Members Online Statement

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Retirement Savings Account

What is the Retirement Savings Account (RSA)?

The RSA is an account created within Nambawan Super Fund specifically for retirement benefits. It is managed by the same professionals as the Super Fund and earns the same rate of interest as the Fund.

It allows you to preserve your retirement savings so you have access to funds for a secure and comfortable lifestyle after you retire. It removes the temptation to spend your retirement savings in one lump sum, which could leave you with nothing to support you for the rest of your life.

Why you should open an RSA?

√ Significant tax savings

√ You choose how you want your funds paid to you

√ Prudent professional funds management

√ Financial guidance and advice

√ Access to the Member Benefit program

√ You choose who receives your benefits in the event of your death

Who is Eligible to open a Retirement Savings Account?

reached retirement age of 55 years (50 years for Police, CIS and the Fire Service members) or having completed 25 years of service (20 years for Police, CIS and the Fire Service members);
Members who have not yet reached retirement age but who have ceased employment and not secured new employment within a 12 month period;
Existing members of other authorised superannuation funds.
Beneficiarie s of deceased contributing members/RSA members are also eligible to open a RSA.

For more information on the Retirement Savings Account

please contact our RSA Counselling Officer on
Ph: 309 5252 or email: This email address is being protected from spambots. You need JavaScript enabled to view it.

You can also contact any of our regional offices listed below for more information

CLICK HERE FOR MORE INFORMATION

Voluntary Contributions

Making a Difference

As a Member of Nambawan Super you are entitled to boost your super account by making Voluntary Contributions.

The best way to save for a secure retirement, your super grows in a tax-friendly environment over the long term. And unlike normal bank accounts or term deposits, there are restrictions on withdrawing money from your super account, which helps you maintain a disciplined savings habit.

How do you benefit?

You can increase your retirement benefit in a tax-friendly way. This means you are likely to achieve a better return through super than if you invested directly into the same assets.

Also, since 100% of employee’s contributions are allowed for housing purposes, the more personal contributions you have made, the more you may be able to withdraw if you are

eligible for a Housing Advance.

Contribution Options
Listed in the table below are the mandatory and allowable Voluntary Contributions based on the provisions of the Internal Revenue Commission Tax Act of PNG.

Housing Advance

What is the housing Advance Scheme?

The main aim of superannuation is to ensure people save for a financially secure lifestyle in retirement. Because of this, there are restrictions on withdrawing money from your super account.

However, the Papua New Guinea super laws recognise the need for appropriate housing in our society. They provide a way for people to access some of their super savings before retirement – the Housing Advance.

Principle Residence

The advance can only be used to finance your principal residence. This is defined as the house that you live in and go to work from, or that you will live in after you retire.

If you meet the eligibility requirements and are granted a Housing Advance, you can use it to purchase an existing house, construct a new house or undertake renovations, extensions or improvements.