Papua New Guinea
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K119.3m paid to deceased Nasfund member beneficiaries

BY DALE LUMA

National Superannuation Fund (Nasfund) has paid a cumulative total of K119.3 million in the last five years to beneficiaries of deceased members, says chief executive officer Rajeev Sharma.

This was from a gross withdrawal of K547.3 million.

Mr Sharma said in 2022 alone, K35.9 million was paid, approximately 656 transactions.

He also highlighted that the superannuation industry is highly regulated. “Our policies and procedures are derived from the Superannuation Act which governs all superfunds (trustees), fund administrators, investment managers and stakeholders,”Mr Sharma said.

“In the fiscal year 2022, from the total gross withdrawal of K547.3million, Nasfund paid K35.9million and 656 transactions as beneficiary payments. “And in the last five years, Nasfund paid a cumulative total of K119.3million to beneficiaries of deceased members.”

Mr Sharma also highlighted that there are challenges faced in the process but to stay relevant with evolving business, the use of technology is the way forward.

“To stay relevant with the evolving business that we are in today, I believe the use of technology is way forward in easing some of these ongoing issues,”Mr Sharma said.

“An example is to create a federation for digital ID within the financial sector similarly from an operation perspective to that of the Credit Data Bureau (CDB) in mitigating false pretense and fraud.

Like other countries have Tax File Number as primary identity document, which currently is lacking in PNG.”