Home Members Superannuation Products
Products

What is the Retirement Savings Account (RSA)?

The Retirement Savings Account (RSA) is an account that is created within the Superannuation Fund to assist members make their retirement benefits last well into their retirement.
It is a savings account that is professionally managed by the Fund investment Manger together with all fund investments. They ensure that your money continues to grow by making prudent investments.

Why you should open an RSA?

While the concept of having funds professionally managed after retirement is not too well established in PNG, we have established the RSA because of the alarming rate at which people who retire use their benefits.All too commonly people collect their benefits in a lump sum only to find that due to spending,family commitments and other demands, their funds are exhausted within a very short period.
Who is Eligible to open a Retirement Savings Account?

To be eligible to open an RSA account, you must be eligible to withdraw yuor superannuation which in turn means you must have ceased employment after reaching the retirement age of 55-years or 25-years of service(except in the case of Police,CIS, Fire Service, whose retirement age is 50-years or 20-years service).

Where a member has not reached the retirement age ceases employment, and has not secured new employment, if she/he can demonstrate to the satisfaction of the trustee a period of 12-months continous unemployment, they may be eligible to open an RSA at the end of that 12-months period.

RSA For more information on the Retirement Savings Account.
please contact our RSA Counselling Officer on
Ph: 309 5252 or email: This e-mail 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 amy not be aware that you can actually increase the level of contributions you make to your superannuation savings through Voluntary Contributions.

But if you are aware of this you may not fully understand the procedure invloved in making the additional deductions with your employer.Voluntary contributions over time can make a significant difference to the amount that you have avaiable at your retirement throught the power of compound interest.

How do you benefit?

The benefit you will get by voluntarily increasing your contribution rate is the significant increase on your retirement savings. In addition, if you are also planning to own a house, then you should seriously consider this option to increase your personal savings to boost your housing advance eligibility amount as 100% of the employee's contribution is now allowed for housing.

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.

EMPLOYEE EMPLOYER TOTAL
MANDATORY 6.00% 8.40% 14.40%
VOLUNTARY 9.00% 6.60% 15.60%
MAXIMUM 15.00% 15.00% 30.00%

 

To access form, click on the required noted below:

For more information on the Retirement Savings Account.
please contact our RSA Counselling Officer on
Ph: 309 5252 or email: This e-mail 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
 
Housing Advance

What is the housing Advance Scheme?

The Superannuation legislation restricts members from accessing their benefits before retirement. However, one exception is the Housing Advance.The Housing Advance is one of the benefits provided to Nambawan Super members to enable them to purchase existing homes or construct new homes.

The Housing Advance Scheme falls under two main categories;

1) Building on Customary Land
2) Purchasing/Building on state Land

Renovations or improvements are an exception provided the application falls within the rules and regulations of the scheme. To be eligible for a housing advance you must have contributed to NSL or any Authorised Superannuation Fund for at least Five (5) Years.

The house must also be the Principle Residence of the member. This means that the member must live in the house that the housing advance has paid for.
The amount avaiable to a member is 100% of the members contribution only. This total is only the employees 6% contributions and does not include employers contributions or any interest.

For more information on the Housing Advance Scheme.
please contact our Housing Officer Mr. on
Ph: 309 5270 or email: @nambawansuper.com.pg

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