The National Superannuation Fund (NASFUND) of Papua New Guinea (PNG) was established in May 2002, as the successor entity to the National Provident Fund (NPF). It is the largest private sector superannuation fund in PNG.[1] In 2016, NASFUND reported net assets of PGK4.22 billion, representing a 28% growth on 2015.[2]
Compulsory superannuation contributions in PNG were introduced in 1982. Employees are required to contribute a minimum of 6% of their salary to a superannuation fund and employers of over 15 persons are required to contribute 8.4%.[3]
The Chief Executive Officer of NASFUND is Ian Tarutia OBE. The Fund is supervised by a board of nine directors, which is chaired by Hulala Tokome. Three of the directors are independent and six are representatives of the seven shareholding bodies:
Employers Federation of PNG;
Manufacturers Council of PNG;
Rural Industries Council of PNG;
Chamber of Mining & Petroleum;
PNG Chamber of Commerce;
PNG Banks & Financial Institutions Workers Union; and
PNG Trade Union Congress.
The investment functions of NASFUND are outsourced to BSP Capital (BCAP), with fund administration managed by Kina Investments and Superannuation Services (KISS).[1]
^ abNASFUND. "About NASFUND". NASFUND.
^NASFUND (2010). "Your Fund – Statistical Information". NASFUND.
^NASFUND. "What is the National Superannuation Fund?" (PDF). NASFUND.
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