Monday 13 January, 2020

Record Contributions for 2019

Record Contributions for 2019

National Superannuation Fund (NASFUND) has reported a busy and productive year in 2019 with its highlights being a record year in contributions of more than K561 million.
“ 2019 was a busy and productive year for NASFUND,” said chief executive officer Ian Tarutia.
“ Several key initiatives in our member services area were introduced which will continue this year while good growth was achieved from our investment portfolio, membership base, contribution receipts, and new employer registration.
“ 2019 will be a better year than 2018 and when the board releases the 2019 audited accounts and final operational results in early March, I am sure members will be pleased.
“ For the first time, we achieved a record of K561.5 million in contribution receipts from employers, compared to K519 million in 2018.”
Mr. Tarutia said the fund managed withdrawals down to K385 million (as of Nov 30, 2019) compared to K437 million paid in 2018 which means lesser members are withdrawing and retaining their savings within the fund longer.
“ we registered 43,632 members compared to 24,337 registered in 2018, “ he said.
“ Our total member base is 582,302 compared to 555,133 in 2018. Returns from the investment portfolio are better than 2018 and better than what we budgeted for in 2019.
Mr. Tarutia said that the results showed confidence in superannuation, especially with NASFUND, as it continues to grow and flourish.
“ It is always important for members to remember, their superannuation savings are there for the long-term and returns to members from investments are subject to market fluctuations from time to time.
“ Growth of member balances happens over an extended period through new contributions and the magic of compound interest, hence the benefit of retaining savings with the Fund until retirement,” he said.
Mr. Tarutia said that the fund is optimistic about the prospects for the country this year and will be more active in working with its key stakeholders to seek investment opportunities and projects that bring value to its members.

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