Nambawan Super members’ have saved more than K170 million through voluntary contributions.
Nambawan Super Chairman Anthony Smaré revealed this during the announcement of its 2019 financial results stating that over the last 7 years, as the Fund improved its management and its performance, and as the connection and trust between the Fund and its members increased, voluntary contributions saving had increased K160 million from K14 million at the start of 2013 to K174 million at the close of 2019, which was an increase of 1,200%.
“Almost 40,000 members recognise the benefits of superannuation and put their trust in Nambawan Super, in the knowledge there is no other better, safer or simpler investment opportunity available to everyday Papua New Guinean’s than investing in their super,” Mr Smaré said.
“Even in tough times economic climate of the past 5 or so years our members’ savings for their future have grown,
“Members are responding to our message that even a K20 per fortnight voluntary savings over 30 years in Nambawan Super at our long term rate of investment return can mean an extra K65,000 in your retirement account when you retire.
“This is a big reward for a small sacrifice over a sustained period. That is the power of compound interest when you are a member of a Fund that performs as well as Nambawan Super.”
Mr Smaré said superannuation savings are one of the few things our members can rely on for their long-term financial wellbeing when they no longer have access to a regular fortnightly income.”
“I encourage members to increase your employee Voluntary Contribution.”
Mr Smaré said in PNG, there is no welfare safety net, and that it was very important that working people plan and save towards a comfortable and financially secure retirement.
“At Nambawan Super we developed a Superannuation Calculator which is available on our website so our members can see how making additional contributions, and saving for longer periods of time, make a big difference to your superannuation balance.
Members need to complete a form that they submit to their employers to start fortnightly deductions that are contributed to their Nambawan Super account.
He said members who are interested can visit any NSL branch, call the contact centre or visit the NSL website for more information or to get a copy of the forms.