Disclaimer
The results obtained from these calculators are for general purposes only to illustrate the effect of compound interest and are not intended as a substitute for professional financial advice. Before making any financial decisions on the basis of these results, you will need to consult with an independent financial planner or accountant as well as consider whether the advice is suitable to meet your personal financial objectives and circumstances.
The actual performance of any investments will depend on future economic conditions, investment management, fees and taxation. Past performance is no guarantee of future performance and as a result of this, all the results are hypothetical and are NOT GUARANTEED.
Nambawan Super specifically disclaims any liability for any direct, indirect, incidental, consequential or special damages arising out of or in any way connected with the access to or use of these calculators. To the extent permitted by law, under no circumstances will Nambawan Super be liable for any loss or damage caused by a user's reliance on the information by using these calculators.
Assumptions
Projected super balance at retirement:
The projected total super balance takes into account your starting balance, employee and employer contributions, any additional voluntary contributions as well as interest earned between now and your retirement.
Retirement age:
We have assumed a default retirement age of 65. This can be adjusted in the calculator.
Working life:
The calculator assumes that you will have a continuous working life with no breaks up to your retirement age.
Interest rate:
The default investment returns have been set at 6.0%. This is based on the Nambawan Super 10-year average interest rate.
Employee contributions:
PNG Superannuation laws dictate that 6% is the mandatory minimum contribution for employees to make. Employees may choose to contribute more than the minimum.
Employer contributions:
PNG Superannuation laws dictate that 8.4% is the mandatory minimum contribution that employers have to make. Employers may choose to contribute more than the minimum.
Committee Structures
Board Committees have specialised responsibilities and support the Board of Nambawan Super to provide robust oversight of the management of Nambawan Super. Committee Members consist of Directors who report to the full Board. The Membership Committee is the only Committee that consists of both Directors and Member Representatives.
The Board has from time to time established specific ad-hoc Board Committees with specific terms of reference to deliver within a certain timeframe. Members of the Board will be appointed to these ad-hoc Committees as required.
Committee Chair: Richard Sinamoi
The Audit & Risk Committee provides independent review and objective appraisal of the financial and operational activities of Nambawan Super in the legal, risk and compliance space. The Committee provides the Board with information necessary for them to fulfil their responsibilities in making informed financial and operational decisions in the best interest of the Fund and its Members.
Committee Chair: Dame Meg Taylor
The Remuneration and Nomination Committee reviews and makes recommendations regarding NSL's remuneration and performance frameworks, and assesses and recommends the appointment of Directors, CEO and Responsible Persons to ensure the Trustee has the appropriate balance of skills, experience, independence, and diversity to discharge its duties and responsibilities.
Committee Chair: Lutz Heim
The Investment Committee is responsible for ensuring that all investments made by the Fund are within the requirements set by the Bank of PNG and in the best interest of Nambawan Super Members.
Committee Chair: Karen Gibson
The Transformation Committee is responsible for assisting the Board, CEO and Executive Management in all facets of business management, technological and strategic advancements, including assessing environmental and any external influences that have the potential to impact NSL's strategic direction, and recommend appropriate monitoring and evaluation processes and operating ethos.
Committee Chair: Philip Samar
The Membership Committee ensures that the Board, CEO and Executive Management remain responsive to Members' needs and provides an essential consultation forum between the Fund Membership.
It provides a forum for Members to give their views and recommendations on the Fund’s activities and offerings. The Committee discusses and sets guidelines for benefits and advises the Trustee on Members’ information and communication needs.
During the year the Membership Committee discusses and makes determinations on a wide range of issues on behalf of Members, including timely recording of Members’ contributions, reducing the State contribution arrears, benefit payments, Nambawan Savings & Loans Society and Retirement Savings Account issues, Housing Advances, Member communications, group life insurance and proposed superannuation legislative amendments.
The composition of the Committee is key to its ability to represent Fund Members’ interests and give them a strong voice. As well as a Member of the Trustee Board, the Committee also includes representatives of a number of influential PNG unions and large private organisations.
Apart from Board Directors, the committee is comprised of union representatives;
- Maini Ugaia from the PNG Teaching Service Commission,
- Santee Lou Margis from the PNG Energy Workers Union,
- Lowa Tambua from the PNG Police Association,
- Daniel Mollen from the Correctional Services Employees’ Association,
- Fredrick Kebai from the PNG Nurses’ Association,
- Isowa More from the Public Employees Association, and
- Vele Ravu-Gamini from the Department of Personnel Management.
- John Ape from PNG Fire Service
If you'd like to read the various Committee Charters, visit our Resources Page
