You cannot withdraw your funds from nasfund. You will have to transfer your Funds from nasfund to your current contributing Superfund (Nambawan Super).
You will have to go through the same process as withdrawing your FUNDs. You must provide all documents as required for withdrawal, however on the full withdrawal application form, you will mark the box where it states ‘ transfer ’ .
Note: You must already be a contributing member to the superfund that you would want to transfer your funds to.
Please go to your nearest Nambawan Super branch and ask an officer to assist with the process to transfer your funds.
It is not ok to have more than ONE account. You must immediately Merge all your accounts to your original account number. A member must always have ONE account no matter how many companies he/she has worked for.
Email: email@example.com for assistance.
There are several factors that may lead to a member having more than (1) one account.
- The member never advised his employer of his/her old membership number when he/she joined the company.
- The payroll officer didn’t fill the correct form to state a member has an existing account creating a new account under the new employer.
- The system automatically creates a new account if the member may have also changed names but hasn’t advised the fund through their payroll or HR officers.
It is very important to advise your payroll officer of your membership number as soon as you join a new company or employment.
No, you have to advise your payroll to create a new account because you have already exited that account.
The FUND encourages all employers to remit members contributions at the 15th day of each calendar month.
Your Funds are secured, but there are factors that contribute to contributions that are not updated on time.
Factors may include the following;
- Your employer has not remitted your contributions on time.
- Your employer may have remitted your contributions but they may not have advised the account officers of the FUND on deposits and the contributions may be sitting under the un-allocated trust fund.
- To correctly identify contributions and allocate accordingly, the FUND must then confirm with employers when the bank provides statements to correctly allocate the contributions which may lead to prolonging updates.
- Your employer may have remitted your contributions on time but the officers concerned have not updated your contributions because of un-clean schedules.
- A schedule is a form that includes every contributing member’s account details. If a schedule is incomplete the system automatically rejects the whole file and gets the account portfolio officers to send back to employers to provide ‘clean’ schedules. If this schedule is not returned immediately can cause the delay of updating contributions on time.
The online balance is updated weekly. However, sometimes it can be a week or two behind. For an updated statement, please email: firstname.lastname@example.org.
Also note that your balance is updated once a month. Even if your pay office deducts your pay fortnightly, your contributions are sent on the 15th day of the next calendar month, for example; your July payment will be received in August and etc, do not check your balance weekly because your contributions are updated on a monthly basis.
You can email or fax your application to the nearest nasfund branch or email: email@example.com and copy the nearest Branch for further advice. Go to www.nasfund.com.pg to look up the contact of the nearest branch. Ensure that the copies sent are clear and visible for screening processes.
Partial withdrawal is for members who are still out of employment after 3months and are facing financial hardships. The FUND will pay you your most recent fortnightly gross salary, but on a monthly basis. Your Gross salary will be taken from your employer reference that is a required document when lodging your application.
If a member is un-employed after 3 months and is facing financial hardship, he/she is eligible for a partial withdrawal. If the member has still not found employment after 12months. He/she is eligible for full withdrawal.
Members must have on hand the following documents to lodge a clean application for faster processing of funds.
- Withdrawal form (SF21)
- 3 months Bank statement
- Nomination Form (SF2)
- SF6 Form (monthly return of members who have left service).
- Identification Card or letter from the most recent employer.
- Letter of references from past employer(s).
If all documents are in order, the process will take 2 – 3 weeks to process if it was lodged in Port Moresby and 3 – 4 weeks if the application is lodged outside of Port Moresby.
You will only claim funds if you are a nominated beneficiary. Documents required to claim funds include; every nominee must provide the following documents when lodging an application.
- Withdrawal Application by nominee(s) (SF22).
- Bank Statement of nominees.
- Death Certificate.
- Warrant of burial.
- letter of confirmation from pastor/priest or village counsellor.
- Employment reference(s).
- Identification (ID or birth certificate) of nominees.
No, your funds are purposely for ‘Retirement’ you are not allowed to withdraw until you have reached retirement age or if are eligible to withdraw under other ‘approved withdrawal status’ such as; emigration, disability, death or un-employment.
If all documents are in order it will take 2 – 3 weeks for files lodged in Port Moresby and 3 -4 weeks if lodged outside of Port Moresby.
Your balance in your account is made up of three components;
- Employer component;
- Employee component (member portion);
- Interest added by the FUND.
The Employer component is not entitled to you until all those contributing employers you have worked with confirm/approve through the required employer references for the FUND to action accordingly.
The FUND will ask for any form of document or Identification while working with that employer, this could include a previous work reference; ID Card, letter of employment confirmation or a bank statement to identify history of salary from that employment, if there is no other document to verify, the FUND will go through identification weighting assessment to make a decision.
You can request for your statement by emailing your membership number, date of birth and current employer to firstname.lastname@example.org or you can go to www.nasfund.com.pg and check your balance online.
A member is required to write a consent letter to advise the fund to release the rest of his balance when he/she has reached the 12months period. He/She is also asked to provide a 3month bank statement. Member must lodge the consent letter and balance statement at the branch where application was lodged.
There is a Digicel and Bmobile service where you can check your balance using your mobile phones.
You can TYPE*627*membership number*D.O.B# SEND. (Date of birth in format ddmmyyyy)