Choice Super

Written: 16 July 2021

Nambawan Super launched its Choice Super campaign for 2021 today, celebrating the growth and success of Choice Super, a product that has made retirement savings possible for anyone outside formal employment.

Since 2014, Nambawan Super’s Choice Super membership has reached over 18,000 people living and working across the country, as micro or SME owners with less than 15 employees, landowners, farmers or fishermen, casual labourers and expatriates.

Nambawan Super CEO Paul Sayer said: “We are pleased to see Choice Super reaching those who can now take charge of their retirement savings by putting away a minimum of K20 each month or even a lump sum deposit, which will rapidly grow their savings through the power of compound interest.”

Choice Super provides a pathway for those who were previously disadvantaged when superannuation could only be facilitated by employers for formal sector employees following three months of their continuous service.”

“We now have higher numbers of members in National Capital District, followed by East Sepik and East New Britain provinces, and member balances ranging from K100 to K500,000 which is helping these workers save toward retirement.”

Choice Super members enjoy the same benefits and privileges as Nambawan Super members including the opportunity to save and withdraw a portion of your super for a home and access member discounts from 160+ retail outlets.

In addition, Choice Super members can also join Nambawan Savings and Loan Society that gives access to finance for short term needs, whilst they’re saving for retirement through Choice Super.

“The voluntary nature of Choice Super has made it easier for members to take charge of their retirement savings by managing their own contributions through a BSP (Bank South Pacific) or MiBank branch or by using BSP or MiBank mobile banking,” he added.

“I’d encourage anyone who isn’t benefiting from mandatory super to open a Choice Super Account today, as it will surely take care of your tomorrow while you’re working for today,” said Mr Sayer.

Nambawan Super hopes that by providing a Superannuation solution to smaller businesses, they will do the right thing and start remitting some super contributions for freelance workers and employees.

“We want micro businesses to grow to become businesses that will provide good employment opportunities for Papua New Guineans,” Sayer said.  

Choice Super also provides a method for employers running micro to small sized enterprises to remit voluntary super for their staff, whether that is an amount the employee/freelancer or employer chooses.

This encourages the retirement savings culture for staff or suppliers of smaller enterprises, who then have the same benefits of having super as workers in larger business who are receiving the regulated super contributions.

Mr Sayer said: “Micro and Small businesses can still be saving for retirement, and if they plan to grow, should be factoring in the cost of super to cost of running their business long term.”

“To open a Choice Super account, simply fill in the New Member Registration Form and send it back to us with your ID photo at your nearest Branch or through email. You will need to remit K20 to activate the account,” he added.

Choice Super Champion Rhonda Anakapu said: “Choice Super provides a cost-effective way for you to save money, even though you don’t have a regular income. There are no charges to your account and savings, like what you would see with a commercial bank.”

“You can deposit into your Choice Super account and you don’t have to touch it so that your money grows with interest,” she said.

Mr Sayer said: “We want everyone in Papua New Guinea to have retirement savings no matter who you are or where you work, and you can do this now by opening a Choice Super Account.”

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