NAMBAWAN Super has successfully completed the cleanup of Public
Employees Association Superannuation Fund (PEASF) in its capacity as the
fund’s new trustee and is now in a position to process member
entitlements, The National reports.
The PEASF was a voluntary superannuation fund established in 1989 but encountered financial difficulties in the early 2000s.
It was placed under statutory management in June 2006 by the regulator, the Bank of Papua New Guinea.
Subsequently, in May 2010, Nambawan Super was appointed trustee.
“It has taken Nambawan Super 18 months as it undertook the enormous task
of fixing up the troubled Fund,” Nambawan Super acting managing
director Paul Yangen said yesterday.
“This involved mainly the updating of all accounting and member records in preparation for the final payout of member balances.
“This exercise has now been completed.”
Yangen, on behalf of the trustee, declared a 70% interest on all PEASF accounts based on their current balances.
“This interest declaration represents a significant achievement by
Nambawan Super in preserving and protecting the savings balance of the
fund and we hope that it helps restore members’ confidence in
prudently-managed superannuation as a way of achieving worthwhile
long-term savings”, he said.
Yangen thanked all PEASF members for their patience and understanding duringthis exercise.
He also extended the trustee’s appreciation to the BPNG for its assistance, help and guidance.
“The records are now at a point where we can start processing claims,” he said.
“However, members are asked to refer to the questionnaires and
‘frequently asked questions’ they will have received to work out the
best options for their individual situations,” Yangen said.