News

Monday 21 October, 2019

NASFUND to Enforce One Member, One Account

NASFUND to Enforce One Member, One Account

NASFUND is pleased to inform its members and employers that it is working to enforce
one account per member.
This will address the following issues:
• Multiple accounts created which requires member effort to merge accounts.
• Contribution allocation issues because member accounts are locked down to
respective employers.
•  Extra administrative workload by NASFUND to merge multiple accounts or fix
contribution allocation issues.
• Extra administrative work for employers in completing writing identification
letters for former employees for the purpose of merging multiple accounts.
The data configuration changes, will model NASFUND member accounts to be similar
to  how  bank  accounts  work.  For  instance,  one  worker  can  move  from  employer  to
employer but will still have one bank account to receive salary payments.
In planning for these changes, NASFUND will be conducting employer workshops in
Port Moresby which makes  up 60% of employer-base, Lae which makes up 10% of
employer-base and rest of the provincial centres which make up rest of the 30% of the
total NASFUND employers.
NASFUND CEO Ian Tarutia said, “As a progressive Trustee of worker savings and
data with higher fiduciary duties and responsibilities than ordinary business entities, we
work solely for the best interests of our employers, members and their beneficiaries.
Everything we do to generate financial returns and operational efficiencies, we do that
in the best interests of our members at all times.”
“On behalf of the Fund,  I request full cooperation from employers and  members to
facilitate  employer  payroll  upgrades  and  compliance  with  new  business  rules  once
enforceable first quarter of 2020.”
 

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