1.6 Where are superannuation savings held?
There are a number of ways that an employer or an individual can arrange for the provision of superannuation.
1.6.1 National Superannuation Fund Ltd (NASFund)
NASFund is the superannuation fund for mainly the private sector in Papua New Guinea. That is, it is the fund for employees who do not work in the military, or for the Government.
NASFund started life as the National Provident Fund in 1982, and was re-named the National Superannuation Fund (NASFund) in 2002. It is an accumulation fund.
| NOTE :If Samson works in the private sector, he will probably become a member of NASFund. |
1.6.2 Nambawan Super Ltd
Nambawan Super is the superannuation fund for employees of the Papua New Guinea public service. This fund started out as the Papua and New Guinea Retirement Benefit in 1960. This was a pension scheme set up for officers of the Public Service, but did not include married women unless they were the head of their family. When women married, they were expected to resign from the Public Service.
The Papua and New Guinea Retirement Benefit fund became the Public Officers Superannuation Fund (POSF) in 1971. In 1988 it allowed married women to stay in employment and continue to contribute to the fund. In 2000, POSF was authorised to operate under the new compulsory superannuation legislation, and in 2007 POSF was re-named Nambawan Super Fund. It is an accumulation fund.
| NOTE : If Samson works for the government, he will become a member of Nambawan Super. |
1.6.3 Comrade Trustees Services Ltd (CTSL) Formerly Defence Force Retirement Benefit Fund (DFRBF)
The Defence Force Retirement Benefits Act introduced the Defence Force Retirement Benefits fund (DFRBF) in 1975. This was a pension fund providing retirement benefits to members of the Papua New Guinea defence forces and their dependents. In 1992 it became managed under Comrade Trustees Services Ltd, and now follows compulsory superannuation legislation.
| NOTE :If Samson works in the military, he will become a member of NASFund. |
1.6.4 Aon Master Trust PNG
This fund is a retail corporate master trust, and was established in 1992. This fund allows companies to outsource the running of their company funds, and make regular payments on behalf of employees. Employees are offered investment choices, and access to financial advisers.
Individuals can also join these funds to make voluntary contributions. These are suitable for:
- Self-employed people
- Employees of employers who do not contribute to any other fund.
This fund is an accumulation fund and this fund offers investment choice unlike other offerings PNG.
1.6.5 Retirement Savings Accounts (RSAs)
Retirement Savings Accounts (RSAs) are superannuation accounts that allow you to keep your money invested in superannuation after you have reached retirement age. Money can be rolled over into these accounts instead of being paid out as a lump sum. This allows members to stay invested, enjoy continued tax savings, and therefore make their savings last longer.