Monday 29 June, 2015
NASFUND meet with banks to strengthen existing processes in Mt Hagen
National Superannuation Fund Limited (NASFUND Ltd) and representatives of Commercial banks in Mount Hagen met recently to discuss and strengthen existing arrangements that provided members to abide with the banks processes during withdrawal processes.
The meet was the first to bring together representatives from the commercial banks in Mount Hagen initiated by the newly appointed branch officer, Mr. Nathan Namiangu.
The meet was attended by Bank South Pacific, ANZ and Westpac branch managers and senior operation staff.
During the meeting, representatives of the commercial banks stated that they would maintain the arrangement of opening bank accounts for members who were eligible for withdrawing their superannuation through opening of new bank accounts and also in assisting nominated beneficiaries to open bank accounts when claiming deceased member’s funds.
The meeting ensured that all parties were aware of the processes ensuring that those wanting to open accounts had valid Identification cards, a standard letter from the FUND with clear verification of signatures from the officers of the Fund in Mount Hagen.
Members wanting to request for bank statements will also involve a K10 fee for both BSP and ANZ while for Westpac will incur a K5 fee.
The team also agreed upon an initial deposit of K20, a screen print of the account can be printed and issued to the member as evidence of the new account with an in-active account.
For members requesting three months bank statement as part of the withdrawal processes, the banks will insert two (2) months statement to a page for cost saving and easy access to information required to assist NASFUND members when enquiring.
The meeting was a success in strengthening the relationship between all parties to ensure members of the FUND were assisted accordingly and on a timely basis.
Photo caption: Representatives from the 3 major banks with the NASFUND team taking a group photo.
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