What is Choice Super?
Nambawan Super has retirement savings solutions for everyone, including for micro and SME owners with less than 15 employees, landowners, farmers or fishermen, expatriates and those in the informal sector.
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You can invest in your retirement by opening a Choice Super account, our newest product under the Nambawan Super brand, developed to facilitate your voluntary contributions to super.
What are the benefits?
When you open a Choice Super account, you’ll automatically become a Nambawan Super member, and receive the same benefits as regular members.
This includes discounts of up to 30% every time you shop through our Discount Partner Program, access your contributions for Housing Advance, and even Retirement Savings Accounts – so when you finish working, your super savings can pay you a modest income.
How do I open a Choice Super account?
To activate your account, you can use your Choice Super deposit book to make payments at any of BSP’s branches across the country. Members can also use Bank South Pacific’s mobile banking on *131# or MiBank’s MiCash or MiWallet on *678# to make payments to their Choice Super Account.
To activate your account you will also need to make a minimum contribution of K20. The minimum contribution can be paid into your Choice Super Account anytime within one month. You may wish to do a lump sum deposit at any time to grow your savings quicker.
Open your Choice Super Account at MiBank
You can open a MiCash account with MiBank today to make your Choice Super contributions much easier. Your MiBank teller can make this possible for you, by ensuring this preference is captured on your forms, when you open your MiCash account.
How to make payments?
The voluntary nature of this account, means can manage your own payments easily on a monthly basis, even from the comfort of your home. While we provide a range of options, we do not accept cash payments.
Pay using MiBank
You can use MiCash by dialing *678# to make your Choice Super contributions on your mobile phone.
Download the flyer with instructions to guide you.
Pay using BSP Mobile Banking
You can also make contributions using your mobile phone if you are registered to Bank South Pacific’s (BSP) mobile banking system.
Pay at any BSP branch nationwide
Using your Choice Super deposit book, you can make payments at any of BSP’s branches across the country.
Set up a payroll deduction with your employer
If your Employer is not contributing to super, you can talk to your payroll officer about setting up a payroll deduction each fortnight, so that you don’t have to worry about managing your super payments
Free Call 180 1599 or email CallCentre@nambawansuper.com.pg if you’ve any queries or would like us to assist you with the process.
What happens to the contributions?
All the contributions received from members are managed by Nambawan Super Ltd and invested by our investment experts. Interest is paid monthly and annually into member accounts based on earnings from investments.
How much is the member entitled to?
The net benefit a Member is entitled to is the total contributions plus interest. Less withdrawal fee of K20.00 and tax on any interest earned.
Contributions you made to your Choice Super account are not taxed on exit.
If I sign up, am I subject to the Superannuation Act?
YES. When you sign up, access to the funds you save is subject to the same guidelines that apply to accessing compulsory super contributors under the Superannuation Act. As a member, you’re encouraged to contribute regularly to build your savings for a comfortable retirement.
When can a member withdraw their savings?
Any withdrawals are guided by the Superannuation Act 2002, as your Choice Super Account is not like a regular bank account. The Act states that members are entitled to withdraw their savings on grounds of unemployment, retirement, permanent disability, death or permanent emigration.
Get in touch with us about Choice Super
Speak to our Partnership Team now!
Phone: 180 1599
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