Nambawan Super employers have been asked to prepare their teams for lower than usual returns for their super savings as COVID-19 impacts investment performance.
Chief Executive Officer, Paul Sayer, when speaking at the Fund’s first national virtual employer conference told members that whilst Covid-19 will impact returns, Super was a long-term investment, and that year to year there will be ups and downs.
“When markets are low it’s often a good time to invest so you can get the benefit of market rebounds – so save more in voluntary contributions this year could deliver high returns short term when the market stabilizes and increases,” said Mr Sayer.
Mr Sayer also touched on the Fund’s commitment to preparing a Member Housing Strategy so that more members can retire with Super and a House.
“We are working innovative approaches that will help more members get into the Housing Market – but for it to work, members also need to help themselves – they need to save for equity,” he said.
“Do that in super, with a Voluntary Contribution or do it outside of super with someone like Nambawan Savings and Loans society – but start now and put a little extra away to help buy or build a home.”
Mr Sayer also highlighted the importance of Employers to the Fund’s ongoing focus on improving Member Data Quality and new technology being rolled out to streamline data sharing between the Employer and the Fund.
“Employers are the key to keeping member data up-to-date – as they are the ones who verify the Member Detail Update Forms and communicate with the Fund regularly regarding contribution remittance.
“Good personal data records protect members from possible fraud and help us manage investments prudently – to ensure we have the right amount of cash available to pay benefits when members retire,
“Our new Nambawan Employer Pay portal will be an important step forward to simplify contribution remittance for Employers around PNG,” Mr Sayer said
This year, for the first time the Fund hosted its annual employer conference through a video live stream that was able to be viewed by employer groups and members around the country.
In the past, the annual conference was held in Port Moresby and employers had to fly in to attend. This year the virtual employer conference streamed live to more than 200 Employer Representatives in streaming hubs located in Port Moresby, Lae, Mt Hagen, Goroka, and Kokopo, and more than 100 Employers and Members tuned in to the Live Stream via Zoom and Facebook.
In the coming week, the Video will be made available online at nambawansuper.com.pg/employerconference
Media Contacts:
Raymond Palangat
Communications Manager
+672 70903278
