Disclaimer

The results obtained from these calculators are for general purposes only to illustrate the effect of compound interest and are not intended as a substitute for professional financial advice. Before making any financial decisions on the basis of these results, you will need to consult with an independent financial planner or accountant as well as consider whether the advice is suitable to meet your personal financial objectives and circumstances.

The actual performance of any investments will depend on future economic conditions, investment management, fees and taxation. Past performance is no guarantee of future performance and as a result of this, all the results are hypothetical and are NOT GUARANTEED.

Nambawan Super specifically disclaims any liability for any direct, indirect, incidental, consequential or special damages arising out of or in any way connected with the access to or use of these calculators. To the extent permitted by law, under no circumstances will Nambawan Super be liable for any loss or damage caused by a user's reliance on the information by using these calculators.

Assumptions

Projected super balance at retirement:

The projected total super balance takes into account your starting balance, employee and employer contributions, any additional voluntary contributions as well as interest earned between now and your retirement.

Retirement age:

We have assumed a default retirement age of 65. This can be adjusted in the calculator.

Working life:

The calculator assumes that you will have a continuous working life with no breaks up to your retirement age.

Interest rate:

The default investment returns have been set at 6.0%. This is based on the Nambawan Super 10-year average interest rate.

Employee contributions:

PNG Superannuation laws dictate that 6% is the mandatory minimum contribution for employees to make. Employees may choose to contribute more than the minimum.

Employer contributions:

PNG Superannuation laws dictate that 8.4% is the mandatory minimum contribution that employers have to make. Employers may choose to contribute more than the minimum.

ID Categories

PHOTO ID

  • Nambawan Super Fund membership ID (for Nambawan Super, Choice Super or RSA Members)
  • Valid passport
  • Valid driver’s licence
  • National Identification (NID) card plus the government issued birth certificate (for 18 years and above)
  • Valid seaman’s book (for merchant shipping workers)
  • Membership ID card from an Authorized Superannuation Fund (ASF) in PNG (for Death Benefit Applicants.
  • Employment ID card from applicant/beneficiary’s current, established and reputable employer.
  • Valid school ID card from applicant/beneficiary’s established and reputable learning institution (for students)

NON-PHOTO ID

  • Government issued birth certificate (for minors aged from 0 - 17 years) with Photo ID (any of the above) of parent or guardian.
  • Health book or card issued by an established and recognised hospital, clinic, or health provider (for minors aged from 0 - 17 years) with Photo ID (from Category A) of parent or guardian.
  • Government issued marriage certificate.
  • Citizenship certificate (for naturalised or dual citizenship).
  • Government issued taxpayer identification (TIN) certificate.
  • Government issued work permit (for non-citizen Members).
  • Valid tourist, work or diplomatic visa (for non-PNG citizens issued by a recognised diplomatic mission).
  • The Member's employment records of next of kin or beneficiaries (for unlisted beneficiary applicants).
  • Confirmation letter from the Principal/Registrar of the applicant/beneficiary's learning institution confirming that the applicant/beneficiary is a student (for students).
  • Confirmation letter from the applicant/beneficiary's employer confirming that the applicant/beneficiary is a current employee.
  • Reference letter from applicant/beneficiary's referee who is;
    • A Bank's employee with managerial position
    • A District Court Magistrate
    • An Appointed Judge of the National and Supreme Courts of PNG
    • A notable citizen of good standing in society who knows the applicant/beneficiary/deceased Member for more than three (3) years
    • A current registered Senior Practicing Lawyer
    • Registered Medical Practitioner
    • Registered Dentist
    • Registered Pharmacist
    • Registered Physician
    • Certified Practicing Accountant.

(Applicable only when Death Benefit Applications lodged through NSL employee)

  • Vouch Internal Memorandum from a current NSL employee who knows the applicant/beneficiary and the deceased Member for more than 5 years.

Instruction:

  • Applicant/beneficiary must always present the original identification document at the counter or a copy certified by a lawyer. This applies to both listed/unlisted beneficiary applications.

  • Applicant/beneficiary is required to present any of the following ID combinations;
    1. Two (2) photo IDs in Category A; or
    2. One (1) Photo ID and one (1) Non-Photo ID in Category A, and one (1) in Category B; or
    3. One (1) Photo ID in Category A and three (3) IDs in Category B.
  • If the applicant/beneficiary is unable to provide the above ID combinations, he/she can provide one of the following;
    1. Two (2) IDs in Category C - the letter should state the referee's personal and employment details, profession or job position, contact details, how long has he/she known the applicant/beneficiary/deceased Member and under what circumstances or relationship.
    2. Referee to provide a certified copy of two (2) Photo IDs in Category A.
    3. NSL will conduct interview with the referee and a Record of Interview will be signed.
  • If an NSL Employee personally knows the applicant/beneficiary as well as the deceased Member and death benefit application has been lodged through employee;
    1. The employee must provide a Memorandum in Category D - the Memorandum should state the employee's personal and employment details, profession or job position, contact details, how long has he known the applicant/beneficiary/deceased Member and under what circumstances or relationship.
    2. Employee must provide two (2) Photo IDs in Category A.
    3. NSL will conduct interview with the employee and a Record of Interview will be signed.
Got a question