"Continuous Improvement - A must to achieve a world class super for PNG workers,” says Nambawan Super

When the Mekere Government introduced the Superannuation General Provisions Act (the Act) in 2000, the umbrella legislation covering the operations of all super funds in Papua New Guinea, there was certainly no expectation that this law would be set in stone forever. 

Rather, as with all laws, the Government’s expectation would have been that as new industry, economic and market developments emerged over time, the Act would be reviewed and amended. Continuous improvement would be required to enhance the superannuation system and allow it to continue delivering appropriate benefits to members. 

The intention behind the original Act was to entrench prudent and responsible practices within the superannuation industry and other financial institutions, so as to protect the rights and entitlements of PNG workers. To this end a number of major reforms were introduced. 

Nambawan Super takes initiative to amend super act

A Task Force Committee is likely to be established to review the Superannuation General Provisions Act 2000, the umbrella legislation covering the operations of all super funds in Papua New Guinea.

The SGPA legislation was introduced by the Mekere Government over 10 years ago resulting in major reforms in the superannuation industry and other financial institutions.

Nambawan Super is in the forefront of lobbying to enact key changes to the Act to improve operational arrangements aiming to achieve more benefits for members especially in light of the economic boom expected from the PNG LNG projects.

Pay yourself first...

Taken from Money Matters column in Nambawan Super's September edition of TokTok Supa newsletter

" Money experts generally agree that setting a reasonable budget, and sticking to it, can be really helpful in saving money to build long-term financial security. But even with the best intentions, sometimes it can be hard to find enough money left over from our pay after taking out the mortgage or rent, regular living expenses and the unexpected costs that crop up from time to time. Here’s a tried and true method to help you make saving a habit.

Pay yourself first...There is no ‘right’ answer for how much to save. The amount will depend on your personal circumstances. You might decide to choose a percentage of your salary (“I’m going to save 10% of my salary every month.”). Or you could decide on a particular Kina amount (“I’m going to save K100 every month”.) 

Decide how much you want to save from your pay. Often we don’t miss what we don’t have. So if you can set up a direct deposit into your savings account or voluntary super contributions  , or if your employer can make the deposit directly from your pay, it will probably make it easier to maintain a healthy savings habit.

An Engan teacher's struggle to make a difference

“Noah Kason is my name. I have served the Education department as a teacher for 24 years and currently I am the Head Teacher of Malaumanda Community School. Malamaunda is located in the central mountain ranges which divide the two “wan wara” provinces – Enga to the south and East Sepik to the north. The school is located in the gold-rich district of Laigap.

I am assisted by two teachers in the school – Mr Simon Robert is the senior teacher and Mr Peter Kopem is the assistant teacher. We are all from Wapenamanda District, Enga. Our strong ambition is to educate less fortunate young people in this remote part of Papua New Guinea so that they can become teachers and community health workers and can go back and serve their own people”.

Gazelle International now open for business

Visit Gazelle International hotel on – www.gazelleinternationalhotel.com

Nambawan Super has majority shareholding of the Gazelle International hotel in partnership with Lamana Development Ltd and East New Britain provincial government. In the foreground of the picture above are the Queens Emma steps (from her office) which have been retained as an added attraction to this 52-room luxurious hotel overlooking a magnificent golf course green that melts into the blue waters of the Blanche Bay.

The Hotel opened for business on July 20. Above - Club Coe (cocktail bar), the in-place in Kokopo.

Below - Chinos Coffee shop.When next in Kokopo, stay at the Gazelle International - you won't be disappointed!

Nambawan Super takes a stand on PNG LNG

 Below is what the Managing Director of Nambawan Super, Mr Leon Buskens has said in his column - From the MD's Desk - in the July newsletter Toktok Supa

High expectation’s surrounding the LNG Project are bringing PNG plenty of positive forecasts.  Money from the gas could double our economy and over the next four years we will see hundreds of construction jobs created.  All potentially good.  But we also need to think about the potential challenges and risks to our society and economy this influx of money may also bring.

Nambawan Super takes its responsibility of looking after your financial futures very seriously, so we are being proactive.  We want to make sure our people are not seduced by the temptations of instant cash or battered by high inflation, but have access to ways to preserve wealth for their for their long-term benefit and grow it for our future generations.  So we commissioned research to help us understand the impact of the LNG Project better and what it will mean to the investments your Fund makes.

Another landmark development for Nambawan Super

The occasion was marked by cultural performances by this Manus Dance group. The ground breaking was performed by (below) Lands Minister Sir Puka Temu, Chairman of Nambawan Super Sir Nagora Bogan and Mr Kostas Constantinou from Lamana Group of companies.

Nambawan Super has again embarked on a new property development in Port Moresby in order to alleviate office space problems for the National Lands Department.

The development is taking place in Waigani and is being purposely built at the cost of K44 million to accommodate the specific needs of the Department of Lands and Physical Planning in serving the people of Papua New Guinea.

Nambawan Billboard at Jacksons Airport

Nambawan Super has escalated its advertising and brand selling this year including to the Jackson airport. 

About 750,000 people go through Jacksons airport annually but when you consider those people idling around the front of the Domestic terminal and car-parks, you are looking at about 1 million people milling around Jacksons airport potentially reading and looking at signs every year. 

Nambawan Super is tapping into this visibility potential for their Brand by setting up a Billboard at the Domestic Car park.

Two more signs have been set up – (1) A light box at the domestic check-out foyer (2) A banner at the International Arrival (just above the hire car booths)

Anyone passing by the Domestic terminal will agree – “It (the Nambawan Super Billboard) really really stands out!!!

First ever superannuation certificate training conducted in PNG

Over 20 employees in the superannuation industry have recently undergone a three- day specialised training course in superannuation - the first of its kind to be conducted in PNG for the superannuation industry workers.

The course titled ‘ASFA 100 Superannuation - Certificate IV in Financial Services (Superannuation) was conducted by a training expert from the Australian Superannuation industry, Peter Grace who has worked with the industry since 1985.

The course which is offered initially through a three day workshop, will be continued through an online assessment component in which the course participants will be awarded the Australian national qualification – Certificate IV in Financial Services Superannuation, after successfully completing the course. Among the subjects covered were:  The Control of Superannuation, Investments, Tax and Super, Income Streams and Lump Sum Payments.

Nambawan Super Invests in 'Ethics Symposium'

Nambawan Super has donated K10, 000.00 towards the staging of the “Ethics Symposium” at the Divine Word University in Madang later this year.

The donation was made at a ceremony attended by 72 Business, Management & Accounting students at the Madang campus.

This will be the fourth year for the symposium to be staged and is the first time such a large donation has been made towards assisting with the event.

Nambawan Super Managing Director, Mr Leon Buskens expressed the need for young people such as graduates from Divine Word University to be mindful of ethical issues as they embrace the challenges that will be brought on by multi-million kina projects like the PNG LNG, Ramu Nickel and the Pacific Marine Industrial Zone (PMIZ).

Nambawan Super Thanks the State for settling contribution arrears

THE State (Government) paid up the K40 million outstanding in employer contributions to Nambawan Super today (Fri -23 April).

Managing Director of Nambawan Super Mr Leon Buskens thanked the staff of the Treasury department, especially Secretary Simon Tosali, who have diligently met a commitment made last week in dealing with the issue of contribution arrears.

The State had earlier paid K65 million which included penalty interest and reimbursement. The K65 million represented what Nambawan Super had already paid out, on behalf of the State, to members who had left employment.

Gazelle International Hotel set to begin operations in July

The countdown is on at Kokopo in East New Britain with the Gazelle International Hotel scheduled to begin operations in early July. 

Papua New Guinea’s latest International Hotel is nearing completion. Final stages of construction will be completed within the next weeks, leaving painting and fitting of furnishings to finish off this massive project.

Developed by the Lamana Group of Companies, the Hotel is being operated by Gazelle international Hotel Limited, in a tripartite ownership by Nambawan Super,  Airways Hotel and the East New Britain Provincial Government.

The construction phase has employed in excess of 200 people over the past 18 months and ongoing operations as Gazelle International Hotel will see 100 team members employed.

Mike and Jane Garvey, both Kiwis, will manage the Hotel. 

Mr Garvey said, “We have started recruiting in anticipation of an intensive training program. An Internationally renowned trainer will be dedicating hours to ensure team members deliver service and standards appropriate for such a beautiful property and location. The response to advertisements placed was overwhelming. 3000 applications were received with 700 coming from East New Britain Province alone. 

State to settle another K40 million to Nambawan Super as employer contribution arrears

  



THE State (Government) is expected to pay another K40 million outstanding of  employer contributions to Nambawan Super fund this week.

Managing Director of Nambawan Super Leon Buskens said that the State had paid K65 million which included penalty interest, and another K40 million would be paid to Nambawan Super.  The K65m represented what Nambawan Super had already paid out on behalf of the State to members that had left employment with the public sector.

Holiday Inn to undergo a Multi-million Kina Makeover

Members of the largest superannuation fund in the country, Nambawan Super will benefit from a K200 million investment to expand the Holiday Inn in Port Moresby.

Nambawan Super is the major shareholder with 54 per cent of the Kumul Hotel group which owns Holiday Inn and Crowne Plaza. Last week Kumul Hotel group signed a contract with Canam Construction company of New Zealand to begin work this year.

The hotel expansion comes at a time when the LNG projects are set to begin with the demand for accommodation in the nation’s capital expected to rise.

Nambawan Super Declares a Solid Profit for 2009

10% interest Crediting Rate for members and Increases its Reserves.

By any measure, 2009 was a difficult year for business and investment.  The global financial crisis (GFC) battered a wide range of industry sectors around the world, tightening the global flow of money and putting intense pressure on investment markets.

To some extent, the Papua New Guinea economy was sheltered from the worst of the GFC’s impact.  A number of the Fund’s investments thrived during the year, against the worldwide downward trend that saw billions wiped from share market capitalisations.

Nambawan Super wins land case at Malolo Estate

Nambawan Super has won a court case over ownership of large portions of land at Malolo Estate, near Port Moresby which were being claimed by a local company to build a mini soccer stadium.

The National Court has declared Nambawan Super’s ownership of the land stating it has clear titles of the land described as Sections 144, Allotments 137 to 162 Boroko, Section 149, Allotments 1 to 19 Boroko, Section 150, Allotment 1 to 59 Boroko and Section 151, Allotment 1 to 36, 37 to 53 Boroko.

Nambawan Super to fight land lease

Papua New Guinea's largest superannuation fund, Nambawan Super was last Friday granted leave to appeal before the National Court against the decision of the Lands Minister to forfeit a State lease  it owned for 99 years.

The leave was granted pursuant to Section 142(2) of the Land Act 1996 for the plaintiff (Nambawan Super) to lodge an appeal in the National Court within 14 days.

Nambawan Super contributes to Housing industry review

 

  

In light of housing industry review conducted by the Independent Consumer and Competition Commission (ICCC) to gather views and find solutions to the current housing crisis in the country, Nambawan Super has come forward with its comments to the Commission calling on relevant authorities to consider among others, the establishment of a National Housing Policy.

Nambawan Super is one of the biggest owner and developer of properties in the National Capital District (Port Moresby).

Managing Director, Leon Buskens said there was an obvious lack of an overarching ‘National Housing Policy’ to holistically address the housing needs of the country and this has resulted in state of condition that we are in today.

Mr Buskens said while some employers and institutions like Nambawan Super are working on being part of the housing solution through relatively small housing roll out programs, more can be achieved through a collaborative and sustained platform such as the National Housing Policy framework.