Thursday 19 February, 2015

NASFUND hosts first Employer Luncheon for 2015

NASFUND hosts first Employer Luncheon for 2015

NASFUND has confirmed its position as the preferred superannuation provider in the country with an overall growth in membership from 461,085 in 2013 to 488,346 at the end of 2014.

The registration of 172 new employer groups drove the number of new members to 52,673 despite the winding down of the LNG construction phase and other events which saw the departure of 139 employer groups and an associated exit of members from the FUND.

The increase in the number of members actively contributing to superannuation is the result of a number of ongoing efforts including the pursuit of defaulting companies with outstanding contributions, some of which go back two to three years. The FUND’s Employer Services Division has also worked closely with companies registered but not contributing to commence contributions as quickly as possible. The strategic approach taken by the Division and spread through the FUND’s branch network includes the hosting of Employer luncheons, site visitations and the establishment of close working relationships between the FUND’s portfolio officers and the payroll officers of contributing companies.

Yesterday, the FUND hosted its first employer luncheon for the year with 15 employer payroll officers in attendance. These representatives were taken through:

  • A review of the Registration and Contribution processes;
  • An explanation of the usage of the Statutory Forms required to update and maintain members’ accounts;
  • A reminder of the critical role payroll officers play to in ensuring members accounts’ are correctly identified and updated, and the impact this has on members when it comes time for them to withdraw their funds

These engagements will be on-going to ensure that members’ details are accurate and up to date, and that their funds are secure and distributed only to the rightful owner.

[Photo caption: Payroll officers from various contributing Employers listening attentively during the luncheon]

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