Nambawan Super Limited (NSL) has seen an increase in the number of Members across its Voluntary Contributions, Choice Super, and Retirement Savings Account (RSA) products in 2024. This was reported by Nambawan Super’s Chief Executive Officer, Mr. Paul Sayer, during the 2024 Financial Results Announcement media conference held on Monday, 24 March 2025.

These numbers have contributed to a 3.3% growth in membership, bringing the Fund’s total number of Members to 235,888 in 2024. The Fund also announced that their Net Asset Value (NAV) had grown by K1.34 billion to now total K11.2 billion, with another record-high Net Profit After Tax (NPAT) declared of K1.1 billion. 

This Net Profit After Tax translates to an interest rate of 10.5% for 2024. NSL Members were pleased to hear at the announcement on Monday, that their accounts had already been credited, with interest applied to their balances as of 31 December 2024. The Board made the decision for Member accounts to be credited over the weekend, ahead of the official announcement, so as to minimise disruptions to Branch operations and service to Members. 

During the Financial Results Announcement, Mr. Sayer highlighted the following Member outcomes in 2024:

• An additional 1,997 Members commenced Voluntary Contributions, representing a 6% increase compared to 2023; 
• Choice Super membership increased by 8%, adding 1,649 new Members;
• 129 retiring Members established Retirement Savings Accounts;
• A total of K55 million in State Share Benefits was paid out to over 1,100 Members;
• A total of K115 million in Housing Advance was paid out to support over 5,000 Members purchase, build or improve their homes;
• A total of K703 million was paid out to Members and or Member Beneficiaries, through exits such as; resignation, retirement, Death Benefit Payments, Transfers, Unemployment Benefits, Housing Advances and RSA Withdrawals; and

Mr. Sayer stated, “We understand that saving for retirement is challenging, particularly during these hard times. I’d like to acknowledge the dedication of our Members who remain steadfast in their goal of achieving a comfortable and financially secure retirement, while balancing the financial pressures of today.”

“Despite these challenges, our Members continue to persevere, trusting that their superannuation savings will grow stronger under our prudent management.”

“I encourage more Members to save and utilise the Voluntary Contribution product to maximise the interest earned on their savings over the long term. An extra K10 every fortnight can add thousands to your superannuation, through the power of compound interest,” he added.

Whilst providing the update on NSL’s Choice Super product, Mr. Sayer also stressed that the Fund remains focused on ensuring that every working Papua New Guinean has access to the benefits of a financially secure retirement. 

“Many Papua New Guineans work in the informal sector or small and medium-sized enterprises (SMEs), often missing out on essential financial services including the safety net and benefits that superannuation provides. However, this doesn't have to be the case, thanks to Nambawan Super's Choice Super product.”

“Choice Super members receive the same membership benefits as all other Nambawan Super Limited Members.”

For the 2% of Members that transferred to an RSA account in 2024, Mr. Sayer said it was encouraging to see retirees, who have worked hard for many years, continue to recognise the importance of carefully managing their funds even during retirement.

“This product is designed for retiring Members who have additional funds they do not need to use immediately, and wish to keep their money invested with the Fund to continue growing.”

Nambawan Super also welcomed the implementation of several tax relief measures announced earlier this year; the full exemption of the 2% tax on superannuation entitlements after 15 continuous years, and the application of tax only on the interest earned portion of Retirement Savings Accounts.

“We look forward to continuing to work with the Government and other financial institutions to help reshape the financial sector for the benefit of our Members and all hardworking Papua New Guineans.”

He took the opportunity to remind Members that superannuation is a long-term investment.

“At Nambawan Super, we invest for the long term while riding the waves as they go up and down.”

“Looking at short periods of time, for example one year to another, you will see a lot of volatility and can get disheartened. However, it’s important to remember that your superannuation is a ‘long term’ investment. As an ‘investor’ you must take a long-term approach and outlook.”

“The average interest rate is 10% over the past 25 years. To achieve this success, we’ve worked harder in tougher years to minimise losses and seized every opportunity to recover, grow and be profitable in good years.”

In closing, he stated; “I would like to reassure our Members, that your superannuation savings are safe, secure and protected with Nambawan Super, and that while you work hard to look after your family today, we are working hard to protect and grow your savings so that you can retire financially secure and comfortable in the future.” 

“Nambawan Super is extremely proud that amidst all the challenges faced in 2024, we remain able to promptly process and payout Members Benefit Payments from their superannuation contributions and the employer contributions that have been received by the Fund. Regardless of the challenges and the economic environment, Members who are considering retirement in 2025 can rest assured that your funds will be made available to you, including your interest earned, and the employer portion received by NSL, once you are ready to exit.”