Government owes K100 million in delayed rental payments to Nambawan Super

The government currently owes K100 million in delayed rental payments to the country's largest superannuation fund, Nambawan Super.

Chief Executive Officer of Nambawan Super, Paul Sayer, revealed this to members in Madang Province at the opening of the newly relocated and upgraded office this week.

Mr Sayer said this was one of the many challenges that Nambawan Super continues to face whilst trying to effectively serve its 235, 000 members across the country.

He stated, "As part of our broader responsibility, we also work closely with the State. However; part of the challenges we have with the State is waiting to receive what we call unfunded state shares and state rental arrears."

CEO Sayer further stated that one of the hardest things to do is telling our members that we are still waiting for funds to be received for their retirement benefits.

"We certainly take that responsibility very carefully and we are certainly committed to see the state have these funds paid across to Nambawan Super so that we can ensure that our members receive those funds," he said.

Mr Sayer said it is important that Nambawan Super takes on those challenges and to stand firm in making sure that our members are recognised for the interests they should be receiving by not having those funds available to them at that important point of time.

Reflecting on the 50 years of Independence, the CEO said, "We are also reminded of the hard work, resilience and sacrifices of our people, more importantly our members. For 50 years, Papua New Guinea have had our staff, and importantly, our members carry this country forward. Nambawan Super started by working alongside all of those people to protect and grow their savings.

Together with more than our 235, 000 members, we stand proud as Papua New Guinea's largest and longest serving and most trusted superannuation fund. Superannuation is a long- term investment, but our commitment remains the same- to be for the long term delivering sustainable investments that build businesses, create jobs, and contribute to the prosperity of the nation for always safeguarding the retirement benefits of our members. As we celebrate 50 years, Nambawan Super has been around for 63 years, looking at how we are working together with everyone else in the country. We are certainly proud of what we have done in those past 50 years and what our members have done to improve the country."

To members in Madang and other centres, Sayer said this branch is for you. It is a symbol of our commitment to securing our members' future.

He also thanked the state and their partners for working with them.

The results and challenges have built stronger foundations for superannuation in PNG.

However, in saying that the CEO also pointed out there are other things that they need to continue working on in a hurry to make sure they improve on their members' outcome.

To the members who were present to witness the opening, Mr Sayer urged them to make use of the services and to continue to prioritize saving for their future.