What is the Retirement Savings Account?
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.
Why you should open an RSA?
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.
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.
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.
What is Voluntary Superannuation?
What is Choice Super?
Choice Super is the new product developed under the Nambawan Super Brand. This product is developed to facilitate Voluntary Superannuation Services targeting the informal sector market.
Who can join?
Employees of companies employing below 15 people
How much can I contribute?
Minimum contribution is K20.00 and can be paid into your Choice Super Account anytime within one month. You may wish to do a lumpsum deposit at anytime to grow your savings quicker. Due to voluntary nature of the account, payment is made by the individual through alternative arrangement by direct deposit or cheque payment at any of the Nambawan Super Branch Offices.
If I sign up, am I subject to the Superannuation Act?
The answer is YES. A person who sign up to open a Choice Super Account must be aware that this savings is subject to the normal rules and regulations that govern the Superannuation Industry. This means that once you sign up, you are encouraged to contribute regularly. You are not able to withdraw anytime at will. Remember, this is not a bank account. This is a superannuation account that you have elected to open to cater for your retirement or for future needs. Therefore access to funds is subject to the same guidelines that apply to compulsory contributors.
What happens to the contributions?
Contributions received from members are managed by Nambawan Super Ltd and is invested. Interest is paid annually into members accounts.
How much is the member entitled to?
The net benefit a Member entitled to is the total contributions plus interest. Less withdrawal fee of K20.00 and tax on any interest earned.
When can a member withdraw their savings?
Under the Superannuation Act 2002, members are entitled to withdraw their savings on ground of unemployment, retirement, permanent disability, death or permanent emigration.
What type of Benefits are available?
The services and benefits that are accorded to compulsory contributors are also applicable to Choice Super members.How do I join Choice Super?
Simply fill in a Choice Super Member Registration Form and send it back to us with your first contributions through any of our branch office or do direct deposit and provide deposit slips to Nambawan Super Head Office. We will not accept cash payments.
Housing Advance Scheme
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. This allowed for members to access 100% of their own contribution for Housing Advance before retirement.
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.
Upon presentation of your NSL Membership Identification (ID) Card, you are able to receive a discount from participating alliances.
It is a short term savings facility that was established to assists Nambawan Super and Choice Super members to save regularly and get loan whenever they are in need or for urgent financial committments.
Nambawan Super Members now have instant and secure mobile phone access to their super account balance.
1. Systems Efficiency
Automation of processes (payroll)
Extension of system capabilities (savings & loans)
Direct reach to NSL services (online & mobile)
Bmobile & Digicel: Dial *661*MemberNumber*PIN#
Convenience in communication:
(Bmobile: 1599 | Digicel: 1599 | Telikom: 1599
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