How does nasfund work?

NASFUND or National Superannuation Fund is a way to save money for your retirement. The money comes from contributions made into your super fund by your employer and, ideally, topped up by your own money. Sometimes the government will add to it through co-contributions and the low income super contribution.

How do I withdraw money from nasfund?

You cannot withdraw your funds from nasfund. You will have to transfer your Funds from nasfund to your current contributing Superfund (Nambawan Super). What is the process to transfer my Funds? You will have to go through the same process as withdrawing your FUNDs.

What is superannuation in Papua New Guinea?

Superannuation is saving for retirement. An Authorized Superannuation Fund (ASF) must have a; Licensed Trustee. Licensed Investment Manager.

What do you mean by superannuation?

Definition of superannuation Superannuation is a compulsory scheme where a person has money paid by their employer to a super fund so they are financially supported when they retire from the workforce.

How do I get a nasfund ID card?

To obtain a NASFUND Membership IdenƟficaƟon Card, visit a branch office near you. The cost of an ID card is K10. Members can now access their NASFUND account on the new NASFUND Member Online Portal. Members have the opƟon to contribute above the minimum prescribed rate of 6% towards their superannuaƟon.

Is superannuation compulsory in PNG?

Contributions to employee superannuation funds Membership is compulsory for PNG citizens who work for more than 59 days in any three-month period and voluntary for non-citizens.

Can I withdraw money from my superannuation?

If your super balance is less than $1,000 you can withdraw up to your remaining balance after tax. There are no special tax rates for a super withdrawal because of severe financial hardship. It is paid and taxed as a normal super lump sum. If you are under 60 years old, this is generally taxed between 17% and 22%.

Is superannuation good or bad?

Superannuation fund benefit is a kind of Pension benefit that employer provides to its employees. Since this does not require any contribution from the employee so generally this gets ignored by them. But it is important to understand Superannuation fund working,rules and taxation to make the best use of it.

How do I check my nasfund balance?

Members can check their NASFUND Balance as follows; (1) If you have already registered your mobile number with the Member Online Service. (a) For TextBal Service – Type *627*membershipnumber*ddmmyyyy# SEND.

Who are the shareholders of the National Superannuation Fund?

The National Superannuation Fund Ltd (nasfund) is owned by seven shareholders. For the Board of Directors, our focus is on our members and our shareholders. Get the maximum return on your investment.

Who is the National Superannuation Fund of Papua New Guinea?

The National Superannuation Fund (NASFUND) of Papua New Guinea (PNG) was established in May 2002, as the successor entity to the National Provident Fund (NPF). It is the largest private sector superannuation fund in PNG. In 2016, NASFUND reported net assets of PGK4.22 billion, representing a 28% growth on 2015.

Who is the Chief Executive Officer of NASFUND?

Compulsory superannuation contributions in PNG were introduced in 1982. Employees are required to contribute a minimum of 6% of their salary to a superannuation fund and employers of over 15 persons are required to contribute 8.4%. The Chief Executive Officer of NASFUND is Ian Tarutia OBE.

Where does the money from superannuation come from?

From membership programs to secure online service portals, we look after you in more ways. Superannuation is a way to save for your retirement. The money comes from contributions made into your super fund by your employer and, ideally, topped up by your own money. As a Member watch your funds grow with positive annual returns.