PORT MORESBY, October 18, 2018: Nambawan Super Fund has received a total of K165 million since December 2017 from the State to settle outstanding contributions owed to exited public service members. Presently the amount owing is K145 million (this amount covers June 2017 – September 2018 exited members).
Mr Anthony Smaré , Chairman of Nambawan Super said “It is positive progress that the State has been able to make significant progress payments of K165 million which has allowed the Fund to settle those members who exited in December 2015 and now we are in the process of paying out all 2016 affected members. With more recent payments by the State, Nambawan Super is now calling for all those members who were paid by the Fund between 1 January 2017 and 31 May 2017 to also come forward to validate their details so their payments can be made if they have not already done so.”
“All payments to affected members will include interest to the date of payment. We are appealing to those affected members to contact our call centre or visit our nearest Nambawan Super branch so we can arrange their outstanding payments.”
“Nambawan Super have been working with the State to develop a program where the State continues with the regular payments so that Nambawan Super can settle all of the remaining 2017 and 2018 affected members as soon as possible. Until such further funds are released from the State we will not be able to continue to make further payments to those affected members post May 2017. Pursuant to the recent court order in relation to this debt, we are hoping that the State will use any further issue of Government Inscribed Stocks this year and the proceeds of the recent US$500 million bond to settle in full the unfunded exit arrears in the 2018 calendar year”.
“Once the arrears are settled, we ask that the State make a commitment to set aside an appropriate amount in each future year’s budget for the ongoing requirements of Public Servants who will retire in that year so that this delay in payment of member entitlements does not arise again.”
The Fund’s Trustee Directors and Nambawan Super’s Management Team, are committed to resolving the unfunded liability issue in full, in due course so that the current unfunded members who continue to serve the State can plan their retirement with certainty and can retire with dignity having faithfully served the State.
In Port Moresby
Nambawan Super Limited
Ms Stella Bita
+675 309 5293
+675 309 5236