Nambawan Super’s Annual Employer Conference 2022 attracted nearly 400 Employer representatives from across the country marking the first time Nambawan Super had hosted a significant face-to-face event, since the pandemic was declared in 2020.
Nambawan Super’s Chairman Reg Monagi, remarked that the conference this year successfully connected Employers with the Fund, enabling them to understand and provide feedback on the Fund’s new initiatives, upcoming challenges and opportunities available for both Employers and Members.
“Since the onset of the Coronavirus Pandemic, we have had limited face-to-face interactions. But as a Fund, we recognise how valuable these are, and are thankful that it is now possible to welcome our Employers in person”, Mr. Monagi said.
“Meeting face-to-face with our Employer representatives from the Government, Non-Government, private and civil sectors had enabled us to gain more insights and have the quality conversations we needed to have for the benefit of all our Members,” Mr. Monagi said.
“As we return to normal, we plan to continue to offer a hybrid of digital and in-person services. Whilst not everyone can access our services digital, for those who can it saves time and improves their access to the Fund”, he added.
Mr. Monagi opened the Conference with an overview of the Fund’s performance in 2021, stating that the results were pleasing after what was a very tough year for the Fund in 2020.
“In 2021, we saw great improvements in returns from many of our investments as the global and local markets started recovering from the tough economic climates brought on by the Pandemic,” he said.
“Last year, the Fund achieved a net profit of K526 million which resulted in the growth of its net assets to K8.8 billion and a declaration of a 6.5% crediting rate for our more than 214,000 Nambawan Super members.”
“Another major factor in the Fund’s growth can be directly attributed to our employers as they contributed an incredible K935 million on behalf of their staff, our members. The Fund also made benefit payments totalling K778 million, through Retirement Savings accounts, unemployment benefits, Housing Advances and Lump Sum payments on exit,” he added.
The conference also saw several senior Nambawan Super Limited (NSL) representatives present on initiatives that the Fund is undertaking to improve member and employer services as well as to continue generating good returns for members.
These initiatives include the upgrading of NSL Branches with construction of the new Daru, Kiunga and Wabag Branches set to commence this year; as well as the refinement and roll-out of the Nambawan Employer Pay system to improve the efficiency of employer remittances; and support for Superannuation and Tax reforms in the Country to better protect the members savings.
Nambawan Super also informed attendees, that the Fund was strongly focussed on adapting its operational and investment approaches to counter the slowing of global growth, which is likely to continue into 2023.
Mr Monagi explained that the Fund is expecting to encounter a number of challenges in 2022 and in the future, however, the Fund is always actively looking at effective ways to counteract these challenges to deliver the best possible results for their over 214,000 members.
“Global markets have been volatile as they react to the Ukraine-Russia conflict and resulting fuel and now food shortages. Globally inflation is on rising quickly – meaning the cost of living is increasing,” he stated.
“Locally there are also several unfavourable conditions in our local PNG market. One of the major challenges that the Fund has already encountered, is that of the State imposed Market Concentration Levy on BSP Financial Group, which is now currently before the courts.”
“Despite these challenges, which are already affecting Funds in PNG and Australia, we are working effortlessly to maximize benefits for our Members,” he added.
Delivering for members
Mr Monagi, encouraged members to remember that superannuation is a long term investment and year-to-year there will always be ups and downs but members should be assured that Nambawan Super has always been PNG’s most consistent Fund over the long term and has always delivered good results for its members.
“As a profit-to-members fund, generating returns for our members is our highest priority and we are proud to have continuously provided these services for the last 60 years, establishing Nambawan Super as the most consistent superannuation fund in PNG”, he said.
“On behalf of the NSL Board, Management and Staff I would also like to extend our deepest thanks to all of you our stakeholders, employers and most importantly to our members past and present for supporting the Fund throughout our 60 years of service to the people of PNG,” he concluded.