Make the best superannuation choice
With around 200,000 members, and close to K8 billion in funds under management, Nambawan Super is Papua New Guinea’s biggest and highest-performing superannuation fund.
And we believe that super is for everyone, whether you are a private sector organisation, a small to medium enterprise, or a Government department or agency.
When you join Nambawan Super you become a member of our family. Our business practices are founded on principles of good governance, and ensuring the best outcomes for our members is at the centre of everything we do.
Also, being the biggest super fund in PNG allows us to explore and utilise funding and investment opportunities that benefit our members.
A newly established Employer Relations team is on hand for all employers.
PNG laws on superannuation
Under the Superannuation (General Provisions) Act 2000, and Superannuation (Amendment) Regulation 2004, it is mandatory for companies and individuals that fall under the following categories to contribute to a superannuation fund:
- companies that employ or engage more than 15 people;
- individuals who work more than 3 months, and are employed by a company that employs more than 15 people.
Sections 76 and 77 of the Act state that employers who meet the criteria above must pay 8.4% based on each employee’s gross salary, to a nominated superannuation fund, on behalf of each employee.
In addition to this, they must deduct and facilitate payment of 6% from each employee’s gross salary to the same fund.
Payment must be made within 14 days of the calendar month.
The Bank of PNG penalises any employers who are not complying with the regulations stated above. Penalties are a fine of up to K500,000 or a term of imprisonment not exceeding 5 years, or both a fine and imprisonment.
Companies employing less than 15 people, or individuals working for a company that employs less than 15 people can contribute voluntarily to a superannuation fund. The rates of 8.4% employer contribution, and 6% employee contribution apply.
It is easy to for Employers to join Nambawan Super
There are just 6-steps to follow, and our Business Development team is available to assist all new employers to learn more about superannuation and support you through the joining process.
- Complete Employer Registration Form
- Complete Member Registration Form
- Complete the Authorised Signatory Form
- Include all employees’ names and contribution amounts on the Remittance listing
- Deposit total amount on remittance listing to the nominated bank accountAccount Name: NSL Contributions & Related Receipts Account
Account Number: 1000585944
Bank: Bank South Pacific Ltd
Branch: Port Moresby Branch # 294
Type: BSP Cheque Account
- Lodge or submit all documents to your nearest Nambawan Super Office. Or email your completed documents to firstname.lastname@example.org
Benefits for our members include:
- Access to over 150 discount partners national wide
- Annual member engagement program, where members can attend informative seminars and participate in our member financial literacy training program
- Access to 100% of their own contribution through the Housing Advance facility, to help buy, build or renovate a home.
- The opportunity to make additional voluntary contributions, giving your employees’ retirement savings a real boost.
- Access to Nambawan Retirement Savings Account, which helps members use their savings wisely after retirement.
- We offer easy and convenient access to account information via our Toll Free Call Centre, Mobile Smart App, SuperText SMS, Online Member Portal or over the counter at one of our many 21 branches across PNG.
- Co-located in Nambawan Super branches is Nambawan Savings and Loans Society. This gives members a one-stop shop option to access products to help them meet their short and medium-term savings needs.
National network to support Employers and Members
Nambawan Super has branches all over the country. We are located in:
- Port Moresby
- Mt Hagen
For more information email email@example.com or call 1599