The unfunded component refers to unpaid employer contributions that Nambawan Super has not yet received from the State. Nambawan Super has not received these amounts from the State.
This unfunded component is expected to be paid out to affected exited members and beneficiaries of late members with accrued interest less tax when paid in full by The State to Nambawan members behalf. In the meantime affected members are encouraged to keep their nominated bank account records active until funds are made available.
Unfortunately, there are a number of exited members, who have left the State’s employment that are waiting to be paid their unfunded component and we sympathise with affected members and the impact this has on their lives.
In 2017 Nambawan on behalf of the exited Members commenced a Court Action to have these amounts recognised in an attempt to compel the State to pay them immediately.
In January 2018 the National Court ruled in NSL’s favour and ordered the State to pay the outstanding contributions for affected members. The State has already started to pay the contributions but in installments.
When Nambawan Super does receive any amounts from the State as instalments, we are paying out waiting members in order that they have been waiting, with those waiting the longest to be paid first.
It should be recognised that Nambawan Super has no right to use other member’s money to meet the State obligations to pay, and Nambawan Super has no obligation to pay a member money in excess of what has been actually accrued in the Fund. It is on this basis that action was taken against the Government.
NSL understands the frustration that many members feel about the delay and advise that NSL is trying to recover these amounts through the processes available to us.
We intend to update members via our web page www.nambawansuper.com.pg when further information is known.
If you have any queries please call 1599 or visit our website for more information.