PNG Nasfund warns companies - Solomon Star News

PNG Nasfund warns companies

15 March 2014

Companies whose members are actively contributing to Papua New Guinea's Superannuation Fund - Nasfund have been warned that failure to remit contributions on time will result in legal action being taken against them.

This is one of several measures that the fund is undertaking in its bid to safeguard members’ interests.
The warning issued by the fund’s manager of employer services and business development Siri Koae this week at the regional employers conference which was held at Crowne Plaza Hotel in Port Moresby.
Koae said more than 70 companies to date had been deducting workers contributions but had not been remitting.
He said under the measures that had been taken by the fund, two letters serving as reminders would be issued to them and failure to adhere to them would result in one of demand.
Failure to adhere to the letter of demand would then result in the extreme and that being legal action.
He said it was the fund’s hope they would not have to resort to this measure.
“We represent the interest of the workers,” he said.
Koae also urged employers to take time to ensure that workers – while filling out their contribution forms – nominate their beneficiaries.
He said that would ensure smooth processing of entitlements, particularly in instances when the worker unexpectedly passes on.
Koae said the fund had an experience where a contributor, an academic, had passed on but when processing payments which had been requested by his relatives, it was found he had not nominated any beneficiaries.
He said that had resulted in a lot of problems, including with the public curators office.
“We want NASFUND to be a one stop shop,” he said.
Chief executive officer Ian Tarutia said the fund had been susceptible to fraud but measures had since been put in place to minimize that.
Tarutia referred to a story in this paper (The National) where a contributor raised concerns over her funds going missing. He said the matter had been resolved and the member’s funds recovered.
The firm now had the most stringent measures in place and outsources the administration of its funds to Aion, a reputable company, to mitigate opportunities for fraud to happen, Tarutia said.
There were nine cases reported to date, two had been referred to the courts, while those of its staff who had been identified to have colluded had been sacked, he said.