Although things have picked up from the devastating impacts of the COVID- 19 pandemic, there are still challenges that Nambawan Super Limited (NSL) must overcome to ensure it delivers to its members and their contributions.
Speaking at the recent 2022 Nambawan Super Employers Conference, the NSL Board Chairman Mr. Reg Monagi told the members and their employers that this year has its own challenges as the year progresses compared to 2021 when things picked up and looked good for NSL returns on investments that translated into some good outcome for members’ contributions.
“Last year the fund achieved a net surplus of five hundred and twenty-six million, which resulted in the growth of its net assets to eight- point- eight billion and a declaration of six and a half percent crediting rate to more than two hundred and fourteen thousand Nambawan Super members,” said the chairman.
He added that in 2021 the fund made benefit payments totaling K778 million through retirement savings accounts, unemployment benefits, housing advances, and payments on members’ exit from the workforce.
“Despite the improved results, 2021 has not been without its challenges. The NSL board and management have worked tirelessly to overcome the challenges of the coronavirus pandemic to deliver these good returns for our members and we are pleased with the overall performance of the fund in 2021.”
However, Mr. Monagi admits that 2022 has its own challenges brought about by global and domestic events.
“2022 is delivering new challenges, global markets have been volatile as they react to the Ukraine and Russia conflict and resulting fuel and now food shortage and global inflation is rising quickly, meaning the cost of living is increasing,” Mr. Monagi further elaborated.
He said domestically there are several unfavorable conditions in the local market that are adding to this and one major challenge the fund has already encountered is that of the state-imposed Market Concentration Levy on the BSP Financial Group.
“With these challenges in mind we aim to remain diligent, focusing on delivering to our members and working to build better futures over the term,” he said.
Mr. Monagi said this is because NSL has increased its member assets in the past decade and continues to work around challenges to deliver to them and will continue to do so.
The Nambawan Super Employer Conference was held at the Stanley Hotel in Port Moresby on Friday 24th June and was attended by NSL members, and their employers and saw speeches and presentations given by NSL management, including by the Chief Executive Officer Mr. Paul Sayer.