fbpx

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?

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
Nambawan Super Chairman Anthony Smaré term ends

Nambawan Super Chairman Anthony Smaré term ends

Today Nambawan Super chairman Mr Anthony Smaré announced he has stepped down as Chairman of Nambawan Super upon the conclusion of his formal 6-year term as Chairman of the Fund. Mr Reg Monagi has been voted the new Chairman of PNG’s oldest and largest Super Fund by...

Members urged to sign up for online services

Members urged to sign up for online services

Nambawan Super is encouraging members to utilise the online services during the State of Emergency period.  Whilst most Nambawan Super branches have remained open during the State of Emergency, limits are now in place on the number of members that can be in a Branch...