Nambawan Super Limited (NSL) would like to correct misleading information published in a recent front-page article regarding a person claiming to be the rightful beneficiary of a late Member and to provide some clarity around the process which beneficiaries are required to follow to access a deceased Member’s retirement savings.
The person featured in the front page story is, in fact, not a nominated beneficiary of the late Member, as incorrectly stated in the article. The late Member had nominated another person as the rightful beneficiary.
NSL has been in contact with the correct, designated beneficiary and is following the standard process governed by the Superannuation (General Provisions) Act 2000 to progress the payment of the late Member’s entitlements to the nominated beneficiary. As per this process, the withdrawal application was concluded and payment was made to the correct nominated beneficiary after all additional documents and requirements were provided to NSL.
The headline of this article was also incorrect in implying that the Authorised Superannuation Funds of PNG operate on a “no next of kin, no payment” basis. This is not the case. Where a deceased Member has not nominated any beneficiaries or if there is conflicting information left by the late Member or the family of the late Member, the process is lengthier as NSL is required to conduct an investigation. This is an important verification process and ensures that genuine family members’ and beneficiaries’ interests are protected.
The unlisted beneficiaries must provide proof of identification and proof of relationship to the late Member. Any additional requirements will be communicated to the unlisted beneficiaries on a case-by-case basis depending on their specific circumstances.
Interviews are also conducted as a requirement for the verification process and all this information is then reviewed by NSL before a decision is reached and entitlements are then processed and released.
For cases where the beneficiaries are listed, the following standard documentation is required:
- Completed Separation Authority Form;
- Copy of late Member’s Valid ID (e.g.: driver’s license, work ID, or passport);
- Statutory Declaration Form confirming the beneficiaries’ identity, date of birth, and their relationship to the deceased member;
- Nominated Beneficiaries over 18 years of age must have an active bank account and provide copies of their latest bank statement with a valid form of ID; and
- Demise Letter from Employer.
If all required documents are submitted without errors and the beneficiaries are readily available to be interviewed, the entire process takes between three to five days to complete, with payments made to the beneficiaries’ accounts without delay.
The Fund strongly encourages Members to protect their loved ones by ensuring that they review and update their list of beneficiaries at least once a year. It takes only a moment of their time and ensures a smooth and quick process for those they leave behind.
If left undone, however, this can have a profoundly negative impact on families, as they now not only have to deal with the grief and loss of their loved one but also the stress of having to deal with a process that is longer and more strenuous than it needed to be.
NSL seeks to make the process simple, however, the failure to nominate beneficiaries makes it difficult for all parties. We are obligated to protect our Members’ funds and we take this role very seriously because unfortunately, there are many people trying to access funds that don’t rightfully belong to them.
As a Trustee, NSL works to ensure that we abide by the principles of good corporate governance and operate with no other purpose, other than to serve the interests of our Members, by growing and protecting their savings and entitlements.
Our Members are able to check their current listed beneficiaries by logging into our online member portal through our website or the Nambawan Super App. They can also call or email our Call Centre team, or visit us at their nearest Branch.
Members can update their details by filling out a “Member Detail Update Form” (MDUF), have it endorsed and stamped by their authorised designated human resource signatory, and lodge it at their nearest Branch or via email to our Call Centre team. The MDUFs can be downloaded directly from the NSL website, requested via email or from our Call Centre agents, or picked up from any of our 23 Branches nationwide.