Papua New Guinea
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Super fund pays K402 million in benefits

The Nambawan Super Limited (NSL) has paid K402 million in entitlements to beneficiaries in the last five years, said chief executive officer Paul Sayer.

Mr Sayer told this paper that that this was paid to around 5,000 beneficiaries which equates to K80.4 million paid each year.

Over the last five years, the fund has paid K402 million in entitlements to around 5,000 beneficiaries which equates to an average of K80.4 million paid to beneficiaries each year.

“Just last year, NSL paid K105 million to over 1000 beneficiaries as a portion of our record high K1 billion benefit payouts, which is the highest any PNG superannuation fund has ever paid to its members,” Mr Sayer said.

He also emphasised that it is important to note that as the trustee for our members under the Superannuation (General Provisions) Act 2000, Nambawan Super Limited (NSL) is tasked with protecting the savings of our members from fraudulent transactions.

“As such, there are a number of stringent requirements that need to be met.

“This is in order for us to ensure that we are distributing a late member’s entitlements to the correct beneficiaries in the event of their passing,” Mr Sayer said.

“In line with this, we aim to provide timely and quality services to all our Members and their beneficiaries regardless of their location or circumstance.

“As such we encourage any of the beneficiaries or any members experiencing challenges to talk with our friendly branch staff or our Call Centre agents who are more than willing to assist with navigating our processes and requirements.

“We do not charge any fees for our services including providing additional support to members and their beneficiaries.”