By MATTHEW VARI
Sunday, March 20, 2016 (Sunday Chronicle, PNG)
Nambawan Super has is still in talks with the National Government for its unfunded component.
Fund CEO Gary Tunstall said that meetings with treasury and finance department are ongoing.
“The government still owes us K133 million for unfunded payments and we are asking the government to pay those funds,” Mr Tunstall said.
“We will be meeting with the treasury department this afternoon to discuss that further. They are working on it and hopefully we can get that rectified soon.”
“We need K160 million this year to make sure that our members are funded for the unfunded component.”
The unfunded components refers to what the State owes to members as part of its contributions to their fortnightly superannuation payments, which amounted to over K2 billion for a 17 year period between 1991-2008 announced in January this year.
“What we actually provide for those who are retiring this year is all the funds that they have in their account.”
“So if they have made their own contributions we provide that plus interest. If the government has made contributions we provide all the funds we have in their account that the government has contributed.”
“If they are part of the unfunded component then they do not get that amount until the government pays us.”
Ha added that advice is being provided on a monthly basis to Government for how much is paid out to the members concerned
“And we are seeking remittances from government to fund that.”
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