Joining Nambawan Super
Nambawan Super Limited is a Superannuation Fund that provides opportunity for people working in the public service and the private sector (companies), in Papua New Guinea to ensure their own future financial security when they retire.
Superannuation funds exist all over the world and are generally termed as contributory pension schemes. They are designed to encourage savings. Employers participate too by subsidizing contributions made by employees.
Your Fund assists you in providing for the future security of yourself and your family. When you retire, or if you become permanently disabled, you can be confident you will still receive an income from your superannuation savings. When you die, your family, as beneficiaries will be taken care of.
It is particularly important for Papua New Guineans to be members of such schemes, because the country does not have a government-funded social welfare system that takes care of people when they no longer work.
Rights to commencement of Membership
From 1st January 2003 contributions to the Fund are required in respect of all employees whether casual, permanently attached or unattached after 3 months of employment. Previously this period was 12 months and excluded casual and probationary staff. Now contributions are required in respect of all employees.
Who says that I have to join the fund?
It is a requirement of an Act of Parliament, the Superannuation (General Provisions) Act 2000, to ensure a form of future security for members of the public service as well as those in the private sector.