News

Tuesday 20 January, 2015

Nill beneficiaries

Nill beneficiaries

A total of 59,515 members of the National Superannuation Fund have yet to update their beneficiary records as reported by the FUND’s December 2014 report. 

The report shows that 59,515 members have nil beneficiaries recorded against their accounts. From this figure; 26,593 are members from NCD, while 32,922 are from other parts of the country with Morobe and Madang standing out with 15,300 and 3,467 members respectively.

The report further shows that a total of 57,384 active members have yet to update their information by completing and submitting an authorised (SF2) Nomination Form.

The FUND continues to regularly promote awareness amongst employers and employees and stresses the importance of ongoing communication. It is vital that that payroll offices ensure that all employees fill in the correct forms and update their information as soon as there is a change in circumstance, and that this is immediately conveyed to the FUND.

The effect of having nil beneficiaries greatly impacts the families of deceased members by requiring them to go through (sometimes) lengthy legal proceedings to re-claim their just entitlements.

In 2014 the FUND referred 186 deceased member entitlements totalling more than K2.157 Million to the Public Curators Office (PCO) due to those members having nil beneficiaries on record.

The FUND has identified that members in the Merchandising, Security, Construction and Manufacturing sectors form the majority of those who fall into this category.

Members are strongly encouraged to complete all information requested on the (SF2) Nomination Form, have it endorsed by their Payroll Officers and forwarded to the nearest NASFUND branch as soon as possible.

Employers are also advised to ensure that all new staff complete this form at time of hiring to ensure that their records are up to date.

For more information please email: registrations@nasfund.com.pg or help@nasfund.com.pg, or call 3131895/804/801/998 for assistance.

[Photo Caption: NASFUND Member updating their personal details at the Goroka Show]

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