News

Tuesday 07 April, 2015

NASFUND grows despite challenges

NASFUND grows despite challenges

Story taken from Post Courier (published on page 16 - Wednesday March 25, 2015)

NASFUND chief executive officer (CEO) Ian Tarutia says the superfund has grown from strength to strength over the past five years.

Mr Tarutia said this is despite some ‘pain spots’ which the entity has been experiencing.

In his presentation to the Annual Employers Conference in Port Moresby yesterday, Mr Tarutia said the fund, since 2000 had paid about K1.5 billion to members accounts while also maintaining a healthy balance sheet. He said according to the fund’s trend analysis that profits that had been mad had varied.

The CEO said in 2010 along, the fund paid into members accounts amount to a grand sum of K948 million.

Commenting on the Credit Rate, Mr Tarutia said the board and management continued to achieve over the years has been Consumer Price Index (CPI) plus two – per cent.

Mr Tarutia expreseed pleasure that that average has been paid over the past five years stands at 9.3 per cent; the implications being that there is real growth of two – three per cent on member contributions.

He further stated that membership has grown over the years at a rate of 14 per cent. Mr Tarutia stressed that there has been a slight drop since 2012, however measures are being undertaken to address this to improve.

Another point of concern that had been raised was the rise in the volume of withdrawals. 

Photo caption: CEO, Ian Tarutia addressing Employer representatives at the recent Employer Conference held in Port Moresby.

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