News in briefEDA SUPA Account has seen a growing interest among small business vendors in Vanimo. The Voluntary superannua-tion Account proves to be a good sav-ings account for the locals who want to save for the long term.

VOICE PROMPT SERVICE USE YOUR MOBILE PHONE GO ONLINE www.nasfund.com.pg

NASFUND brings SUPER services to Enga

Members of NASFUND in Enga Province can now be able to access superannuation services and information at the new office in Wabag Town that was officially opened yesterday. The new branch makes the FUND’s total number of fully operating branches to 16 with three service centres throughout the country. Representing the Enga Provincial Govern-ment, Mr Joe Nayaepe thanked NASFUND for bringing the service to Wabag. He said that a lot of developments have been happening and seeing such services coming into the province is welcoming especially in contributing positively to people’s liveli-hoods. NASFUND’s Chief Operating Officer, War-wick Vele said that the branch opening was part of its strategic extension and investment plans to Provinces that were experiencing high developments, growing membership and to continue its purpose to ensure Papua New Guineans were financially included in services that can change mindsets to save for the long term. The new branch is managed Philip Pung who brings with him 17 years of experience in the financial Industry.He is assisted by a client service officer, Geno Muspak a graduate who is a trained community relations personnel. In a brief report into the first two weeks of operation, the branch has so far assisted over a hundred walk ins, collected 16 Text-bal applications, assisted with six withdraw-al applications,13 merging applications, 10 housing advance applications collected 20 ID cards and opened two new EDA SUPA Accounts. Enga Province, currently has 12 active con-tributing employers, with more than 2500 members in total with Barrick Niugini has the highest contributing employer with more than 2000 contributing employees.

Wabag Branch Officer in Charge, Philip Pung (standing) with Client service of-ficer, Geno Muspak who have already kicked off operations and served over 200 walk ins in its first two weeks since the launching. Both officers said that they were looking foward in ensuring the people of Wabag and Enga Province as a whole can access information about the importance of Superannuation.

David Kaik who represented the big-gest contributing employer, Barrick during the opening ceremony said that he was delighted to represent the 2000 employees knowing that the branch was now at the door step of mem-bers. He said that, the set up was a relief knowing that services were now at their reach, saving cost, time and importantly safety for their employees.

Pictured is Leumi Lulli, operations team leader receiving the first EDA SUPA member to be registered at the Wabag Branch. Luther Makelyo was at opening of the branch. The next day he came in opened an EDA SUPA account after hearing the benefits. He is self-employed and owns a small security firm in town with less than 15 guards who is planning to also register his staff soon.

Meet the Wabag team Barrick says thank you First EDA SUPA member

Pictures showing the turn out of invited guests, contributing employers, members and the public in front of the Nasfund Wabag Branch.

NASFUND caught up with some of our EDA SUPA members recently to share their stories.

SAMSON Waikwaru is a small vendor of store goods at his home in Vanimo. Mr Waikwaru became a member of EDA SUPA in 2014 which he also was able to join the Nasfund Contributor’s Savings and Loans Society (NCSL). Mr Waikwaru who is seated in the middle of the above picture is one person who has experienced the benefits of being a member has been vocal about the savings product to all his cus-tomers that stop by his stall. As shown in the picture above, he ensures there are posters on his stall for passersby to read and be informed about the benefits of becoming a superannuation contributor/member. Through his experience, he has assisted 11 individu-al to open EDA SUPA accounts. Mr. Waikwaru said that, he will continue to pass the message around to ensure more people must be aware about services that can assist individuals like him.

EVERYONE has a story to tell. For Andrew Gabriel, his story is one that most parents endure by leaving his family in Aitape and to find means of earning an income in Vanimo. Andrew bakes and sells scones on a daily basis to financially support his family, during his daily sales runs, he heard about the EDA SUPA savings account that led him to the Vanimo branch where he opened an account. Vanimo branch officer in Charge, Airi Kaipu said that his story is one that relates to others who want to save but need proper advice and information to be guided by. Andrew said that, he is aware that the savings ac-count is for the long term and will ensure he deposits a portion of his sales on a monthly basis to ensure he does not miss out on the returns of interest when the FUND pays to members annually.

EDA SUPA Member Andrew Gabriel (Bakes and sells scones in Vanimo Town).

EDA SUPA Member Samson Waikwaru(Small business vendor of assorted goods in Vanimo).

EDA SUPA MembersMr and Mrs Varagau(Sell meri blouses and use a mini solar mobile charger to help charge mobile phones for a fee).

The EDA SUPA product is also a great product for couples to sign up for. Abel and Beverlyn Varagu are satisfied EDA SUPA and NCSL members in Vanimo. They opened their EDA SUPA accounts in 2013, Mr Varagu made sure he made deposited monthly to their EDA SUPA and NCSL accounts. They sell meri blouse, mini solar panels and charge phones for the public using their mobile solar charger to earn an in-come. They have also been promoting EDA SUPA savings account in Waromo village. Both have said that they have never regretted the decision to open accounts knowing that they have a long term savings account that will assist them when they reach old age.

There is a growing trend of work-ing age populations for most Pa-cific countries, including PNG, however not all are covered in superannuation and contributing for their future benefit. In fact PNG has the lowest cover-age percentage of less than 10 per cent (superannuation contribu-tors to population size) while Fiji has the highest coverage of around 60 per cent. This is placing additional pressure

on families to support older per-sons and the unemployed when times are hard. For the Funds, the challenge is to be sustainable, especially where pensions are provided or as in PNG’s case, early access to retire-ment funds are allowed by law be-fore retirement. CEO Ian Tarutia, stressed that we must be cognizant of our primary role as a Savings Scheme for re-tirement, after active working life.

We are not a bank, however under the current law, this is how we are operating at the moment. We are a superannuation fund providing banking services. Secondly, we need to expand the coverage of superannuation to a greater segment of our working population so it eases the burden of the small minority struggling to cover the majority of our people. Our laws need to be reviewed.”

Talking Super

CEOIan Tarutia,OBE

withSUPERANNUATION TRENDS IN THE PACIFICSuperannuation / Provident Fund Schemes in the Pacific are focusing on strengthening their pension systems (life after work) and health coverage for members. This was the theme of a 3 day conference recently held in Suva, Fiji from the 2 – 4 November 2016 and attended to by CEO’s of Superannuation / Provident Funds, Reserve Banks as regulators and the Asian Development Bank.

CEO Ian Tarutia was a panelist in Session 2a of the Conference that explored the differences between bank regulation and retirement fund regulation, as well as discussing the regulatory implications of provident funds providing financial services, such as loans to members, in addition to retirement products.

We must be cognizant of our primary role as a Savings Scheme for retirement, after active working life. We are not a bank, however under the current law, this is how we are operating at the moment. We are a super-annuation fund providing banking services.

“

”CEO - Ian Tarutia

The Wabag branch is the FUND’s 16th fully Operating Branch along with 3 service centres. A total of 19 member chambers.

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Toll Free: 1800 673 Bmobile: 7676 6000 Digicel: 7373 3000 www.nasfund.com.pg

SUPER SMART

For more information visit www.nasfund.com.pg

RETIREMENT isn’t something most people think about at a young age – in fact most of us avoid thinking about getting old. For this reason, superannuation was set up to prepare for the inevitable – aging.

However, although the idea of retiring with loads of money is appealing to most of us, superannuation is very often overlooked.

From our first job to our final job, most of us simply sign the superannuation paperwork on our first day of work and never give it another thought – but it is one of the most important savings plans of your life.

KNOW YOUR SUPERFUND 1. NASFUND can assist you with a WILL.Under the Wills, Probate and Administrative Act Chapter 291 (“The Act”) governs the disposition of property by Will. NAS-FUND can assist a member to fill a WILL KIT. The Will Kit does not include your superannuation savings. This relates to all other property (estate) except superannuation.

2. Member can increase employee portion.

The net benefit a member is entitled is the total of; * Employee contributions (6%) * Employer contributions (8.4%)* Plus interest * Less K20 exit fee and * Tax – calculated on the employer contributions (8.4%) & interest

The marginal tax rate will depend on your pay range. Refer table below regarding this:

The Superannuation tax is designed to favour long term savings. If a member withdraws after contributing for a short period of time, the higher the rate of tax is calculated on his/her balance, the longer a member saves with the FUND, the less rate of tax applies. (See tax table above for clarification)

Division set to host strategicWorkshop

Members who are interested to find out more about this, can contact the business development team via bus-dev@nasfund.com.pg or call 1800673.

The Superannuation (General Provisions) Act in accordance to section 77 on Contributions by employee subsection (2) mem-bers can increase his/her contribution from the mandated 6% to the rate prescribed by the member. For members who would want to quickly grow their superan-nuation savings for the purpose of retiring soon, or wanting to buy a house by increasing their housing eligibility can be able to do so by filling a SF11A.This additional contribution under subsections (1) and (3) shall be deducted directly form the employee’s pay by the employer at the time of payment and paid by the employer to Nasfund.

3. How much is a member entitled to?

Years ofMembership

< 5 years > 5 years to < 9 years

> 9 years to< 15 years

> 15 years

Rate of Tax Marginal Rate of Tax

Lesser of 15% or the marginal tax rate

Lesser of 8% or the Marginal tax rate

2% tax

4. What is the marginal tax rate?

Pay Range Marginal Tax Rate

0 – 10,000 0%

10,001 – 18,000 22%

18,001 – 33,000 30%

33,001 – 70,000 35%

70,001 – 250,000 40%

250,001 + 42%

EMPLOYER REMINDERSREMITTING Contributions

(1) An employer shall remit its employer contributions to the ASF within 14 days of the end of each calendar month. (2) Where an employer deducts employee contribu-tions from pay, the employer shall remit those contributions to the ASF within 14 days of the date of deduction. (3) An entity,who fails to comply with this section, is guilty of an offence.

Failing to remit Contributions.

Where an employer defaults in making any contribu-tions required under Subsection 79 of the Superan-nuations (General Provisions), the licensed trustee of the relevant ASF may, by written notice, require the employer to make payment of the outstanding contri-butions together with penal interest at the prescribed rate set out in the regulations from the date on which payment was due until the date of actual payment.

Employer not to reduce wages, etc.

An employer shall not, by reason of its liability to pay mandatory contributions under this Act or its election to make voluntary contributions, reduce, di-rectly or indirectly, the wages salary or other remu-neration or benefits to which an employee is entitled under a contract of employment or any other law.

UPDATE NOMINEE DETAILS Annually

Employers must ensure that every contributing employee completes an SF2 Nomination Form. In the untimely death of a member, the FUND will be able to legally and rightfully distribute the member’s funds according to his/her wishes. Re-member, death has no timing. It is a MUST that every employee updates this form on an annual/yearly basis.

DIFFERENTDEPARTMENTS COMBINED

Where an employer consists of different depart-ments or has branches, whether situated in the same place or in different places, all the depart-ments and branches shall be treated as a single employer for the purposes of this Act.

MEMBERREMINDERSHousing Advance scheme

A member is eligible after (5) years of mem-bership. * Use maximum of 100% of employee com-ponent (less accrued interest).* Purchase; construct or renovate a princi-pal place of residence on a State owned or customary land.

How can the H/A assist you?

A member is required to fill in the following form and have it signed and authorised by par-ties stated.

(1) To construct a principal place of residence (state or customary land)(2) To purchase a house or a Land (applies only to State owned land)(3) Use as Equity to obtain a housing loan from a recognized financial institution. (pur-chasing properties on settlements is not al-lowed)(4) For renovation or purchase of white goods for existing property. (does not apply to rent-ed properties or properties owned by other members of your family)

Member is to increase contribution rate by a further 2%. It is a separate deduction from the compulsory 6% contribution. Further advances are subject to full repayment of first advance. Members can chose to increase their contribu-tion rates through written advice to their payroll officers.

WHEN TO CONTACT YOUR NEAREST BRANCH

Working but not contributing

IF you are working for an organization that employs more than 15 staff, but not contribut-ing to a superannuation fund, it is important to call in to your nearest NASFUND branch and advise our officers. Remember it is a require-ment under LAW that a company employing 15 staff or more must contribute to an Ap-proved Superannuation Fund.

Want our team to visit you?

As a member, you must be INFORMED about your Superannuation FUND. You must be able to understand the benefits that you can access as a contributing member. Our team can visit your company to provide information and speak to you about how your monthly deductions are being invested and safeguarded by the FUND. This can be requested through your pay office.

Your balance does not change.

IF you do not see any changes in your BAL-ANCE but you have deductions showing on your pay slip after a month, please consult your pay office. If your pay office has con-firmed that they have been remitting con-tributions to NASFUND, please visit your nearest branch or send an email to help@nasfund.com.pg for verification and assis-tance.

Want to voluntarily save for the long term.

IF you have left employment and still want to continue your superannuation savings, we can assist by transferring your Superan-nuation savings to an EDA SUPA voluntary savings account. All benefits will apply as when you were contributing while employed. You can email our EDA SUPA team through: maisi@nasfund.com.pg/help@nasfund.com.pg

Want our members to notice your business.

If you want your business to be noticed by more than 500,000 of our members you can be part of the Membership Discount Program. Email:bus-dev@nasfund.com.pg

RELOCATION

An employer must always consult the FUND before relocation, change of management or etc. Employ-ers are strongly advised to contact your closest Nasfund branch or accounts manager.

Constructing or renovating on customary land

Housing Advance repayment.

THE Corporate Services Division (CSD) is set to host its annual strategic workshop at the end of this month.

This year’s workshop will be the biggest com-pared to the past 3 years with 50 participants comprising the FUND’s 16 branch officers in charge, their 2IC’s, selected key officers from the employer services, operation, call centre and the business development sections.

This year’s workshop theme ‘Consolidating in a challenging environment to restore confidence’ is aimed to remind participants that practicing good ethics, managing a good team, and man-aging resources strategically during the current economic challenges must be maintained at all times for the best interest of our members.

The two - day workshop that has been strat-egised by the CSD Management is to revisit the division’s current strategies through group and panel discussions that can provide the manage-ment to formulate its 2017 division plan.

The workshop will provide participants to sit through 5 different sessions that will be facilitated by the FUND’s in-house team leaders, managers from other divisions including; marketing, Legal, withdrawals, finance, human capital, properties, risk and compliance and the Bank of PNG.

A new inclusion to the workshop will be from the Public Prosecutor’s office and Kina Securities.

The sessions will highlight important processes that are sometimes overlooked , also to update participants of information that is relevant to their roles.

Day two of the workshop will include a session by the Nasfund Contributor’s Savings and Loans team who are im-portant partners to the FUND’s mem-bers in providing short term financial loans and savings services.

The conference will be hosted from the 25th - 26th of November at the Gateway hotel.

The Corporate Services Division is the biggest division of the FUND that manages key functions that contrib-utes to the core pillars of the FUND’s overall performance.

Toll Free: 1800 673 Bmobile: 7676 6000 Digicel: 7373 3000 www.nasfund.com.pg

News in briefEducating members about the impor-tance of having a superannuation sav-ings account has been an ongoing exer-cise rolled out by the branches and the business development section.

Team visit 72 employers in Lae, Morobe Province.

THE Business development team and its Lae branch team visited 72 employers during a recent awareness exercise.The team’s visitation covered 72 contributing em-ployers who spoke to 5,379 members. Lae Province, which is known to be the Industrial hub of the country is the second largest branch where ongoing awareness is vital. Members must be aware of the services available such as the Membership discount program, which saw the team collect 625 images to process new membership ID cards.Members who have membership ID cards are en-couraged to make use of the membership discount program. The exercise saw a great outcome and feedback ses-sions for improved future awareness to the province.

Presentation conducted to employees of Westpac Lae branch.

Toll Free: 1800 673 Bmobile: 7676 6000 Digicel: 7373 3000 www.nasfund.com.pg

Employers encouraged to be key partnersBUILDING an effective business partner-ship and communication is key to providing the best superannuation services to company employers and members.

This was the message highlighted to 25 personnel representing 19 contributing es-tablishments and a new business in Tabubil recently.

The employer luncheon carried out was a reminder to employers to be wary of the ap-propriate processes and forms to assist with smooth flow of contributions to avoid in-convenience in updating members contribu-tions.

With the challenging economic trends, the FUND is encouraging employers to work closely with the NASFUND team responsible in updating members contributions to assist in any issues that could affect processes.

PICTURED Employer services and business development manager, Michael Pokanau and Tabubil Officer in charge, Miriam Nalo going through a presentation on the processes of contributions.

Contact our Team

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20%

12.5%

25% 15%

10%

5%

Contact our Team

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Back

Life is really simple, but we insist on making it complicated“ ”

When life give you lemons MAKE lemonade

Many professionals realise later in their working life that, they are meant to do other jobs than what courses they graduated from. Richard Manijembi is one of the many who joined the FUND as an IT officer turned approvals officer supervising the Momase portfo-lio with the Operations division.

“ From that time onwards, I made up my mind to take up studies in the field that I am currently working in to en-hance my skills, he said.

After three years, Richard recently graduated with a Di-ploma in business management from the International Training Institute (ITI).

He said that having to juggle work and studies needs disci-pline and a very good employer to push you on.

He said that, to be able to achieve what you want you need to prepare and work to-wards your goal.

“I actually saved up using my Nasfund Contributors Savings and Loans to put aside money to pay for my tuition,”he said.

And it was worth it.

I wouldn’t have done it without the understanding and support from my manag-ers and the FUND as a whole who helped me fund a por-tion of my studies aswell.

When asked on where he sees himself in the next five years, he said that he can’t see working anywhere else than building his career in Nas-fund. I see how NASFUND empowers staff in their ca-reers and I want to work in an organisation that can em-power its human resource’, he said. “Working in an organi-sation such as NASFUND is a privilege to be able to en-hance my skills in business management and I’m looking forward in working towards a degree.”

“I saw myself enjoying the work that was del-egated to me when I was asked to move to the records section,”he said.

Straight from Port Moresby Technical school and equipped with a diploma in Information technology (IT) and electronics, he joined the IT division but later on realised his abil-ity to assist the withdrawals team in assessing and certifying members applications.

Richard was later moved into the operations division because of his ability to learn and perform diligently well in assessing and certi-fying applications.

NASFUND is committed in empowering staff like Richard Manjiembi in achieving their career goals through taking up studies in Business Management.

It is the only national violence prevention campaign and it is unique in that it basically aims to raise awareness among men and boys about the roles they can play to prevent violence against women. The campaign calls for men and boys to speak out, swear-ing never to committee, cause or remain silent about violence against women. The campaign falls on white ribbon day (25 Nov) each year, when men and women are called to wear a white ribbon or wristband as a vision symbol of the commitment or pledge.

domestic violence against women & Children

NASFUND

STOP

NASFUND through its ongoing support to this cause houses the office of the Coalition for Change PNG Inc at its head office at BSP Haus, Konedobu.

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