Are you getting ready to retire?
Choose to retire in style with Nambawan’s Retirement Savings Account (RSA).
With Nambawan’s RSA you get regular payments, while the money you’re not using remains invested and continues to grow.
What is the Retirement Savings Account?
The RSA is an account created within Nambawan Super Fund specifically for retirement benefits. It is managed by the same professionals as the Super Fund and earns the same rate of interest as the Fund.
It allows you to preserve your retirement savings so you have access to funds for a secure and comfortable lifestyle after you retire. It removes the temptation to spend your retirement savings in one lump sum, which could leave you with nothing to support you for the rest of your life.
Why you should open an RSA
When you have decided you want to retire, one of the best ways to do this is by opening an RSA. Learn more about how some members are using an RSA to retire comfortably, even after they are no longer earning an income.
Meet RSA Champion Mr Hau’ofa Sailasa
This retired career public servant is doing what he loves the most today with his Nambawan Super RSA – gone fishing!
Read more about how you too, can save more while you work, and enjoy a comfortable retirement! You don’t have to be tied down with little to no finance, even after you’ve stopped working.
| Less tax | Tax is normally charged when you withdraw your retirement savings. You will not have to pay this tax on benefits transferred to an RSA provided you meet the conditions of this account. In addition, you will not pay income tax earned from your savings, which means more money for your retirement years. |
| Flexible Payments | You decide how you want your funds to be paid to you. You can choose to be paid fortnightly, bi-annually (every 6 months); or both. |
| Investment Power | These funds form part of the investments by the largest and best-performing Superannuation Fund in PNG. Your funds will be invested in a safe and secure investment portfolio managed by Nambawan Super. The investments will earn interest that is credited annually to your account. |
| Support | Retirement Financial Counselling is available to members at any time to ensure the best choices are made and to help members live comfortably in retirement. |
Understanding Tax and your Super
While RSA can be an effective way to help fund and secure a comfortable lifestyle, understanding the tax rules, could provide you the benefit of significant tax savings.
Talk to us on 1800 1599 or email: CallCentre@nambawansuper.com.pg to see how it could work for you!
| Balance | Tax |
|
Less than K10,000 |
100% can be withdrawn in a calendar year, tax free |
| K10,000 but less than K20,000 | 50% of balance can be withdrawn in a calendar year, tax free |
| K20,000 but less than K100,000 | 30% of balance can be withdrawn in a calendar year, tax free |
| K100,000 to K250,000 | 20% of balance can be withdrawn in a calendar year, tax free |
Important note: Any withdrawal over the annual prescribed amount will be taxed at 30 percent.
Learn more about Tax on Super.
Why you should open an RSA?
Significant tax savings
- You choose how you want your funds paid to you
- Prudent professional funds management
- Financial guidance and advice
- Access to the Member Benefit program
- You choose who receives your benefits in the event of your death
- Who is Eligible to open a Retirement Savings Account?
- Any member who has reached the retirement age of 55 years;
- Members who have not yet reached retirement age but who have ceased employment and not secured new employment within a 12 month period;
- Unemployed for more than 12 months on medical grounds or due to termination of employment on other grounds.
- Existing members of other authorised superannuation funds.
- Beneficiaries of deceased contributing members/RSA members are also eligible to open a RSA.
- The minimum amount you can save is K10,000 and the maximum amount is K250,000.
Other Features
- If you withdraw your benefits as a lump sum upon retirement, it will be taxed, but there is no tax payable for the amount you transfer into the RSA account
- You also continue to receive the same interest on your money after 12 months as other contributing members
- If you transfer K10,000 or more into a RSA account you are eligible for the Gold Card Membership program, offering you access to NSL’s discount program from selected retail outlets
