The Association of Superannuation Funds of Papua New Guinea (ASFPNG) had recently appointed its new Executive Officer Mr. Vera Raga on 3rd May 2021 to oversee the secretariate and subsequently appointed its executives during its Special Executive Meeting on the 4th June 2021.
Mr. Ian Tarutia from National Superannuation Fund (Nasfund) maintained the position of President while Mr. Vere Arava from Nambawan Super Limited (NSL) was appointed as the Vice President whereas Mr. Charlie Gilichibi from Comrade Trustee Services Limited (CTSL) was appointed as the Treasurer and Ms. Rebecca Moyokeda from Aon Master Trust (AON) was appointed as the Secretary under its rules.
The position fortwo ordinary members is vacant and will be filled soon at its next planned meeting.
The ASFPNG will ensure it meets with all its statutory obligations including auditing its financial statements for year 2020. This is a priority.
The ASFPNG was incorporated in 2002 and amongst its many objects in its charter, it is obligated to ensure it represents its members in any review on policy and law concerning the superannuation industry.
The ASFPNG was instrumental in the inception of the Superannuation (General Provisions) Act 2000 and also engaged in other prior reviews and is preparing to participate in the review of the same Act-the Superannuation (General Provisions) Act 2000 and the Life
Insurance Act 2000.
The “Superannuation and Life Insurance Review” was set by the Bank of Papua New Guinea and the Department of Treasury as approved by the Treasurer Hon. Ian Ling Stuckey, MP on 19th August 2020.
The review is a key deliverable under the Financial Sector Development Strategy (FSDS) 2018-2030.
The review which commenced on the 1st February 2021 is undertaken by the Superannuation and Life Insurance Review Committee (SLIRC) in accordance with its terms of reference which have been circulated to the superannuation and life industries.
The ASFPNG in collaboration with its members will participate actively in the relevant Superannuation Review and will be consulting with its members regarding its submission to the SLIRC.
The ASFPNG in the meantime is waiting on the SLIRC to give its detailed discussion papers.