THE private sector worker’s superannuation fund, Nasfund, has told its contributors not to expect “something flash” in 2011, The National reports. There has been a downturn in business for the superannuation industry as a result of several factors, not the least of which is the appreciation in the value of the kina against most currencies driven by the LNG project.
Chief executive officer, Ian Tarutia said any interest credited to contributors would be in “single digit” figures.
Nasfund is meeting its auditors this week and the full audit committee will meet on April 26 after which the financial results for 2011 will be announced.
Nasfund’s sister public sector workers’ fund, Nambawan Super earlier this month announced drastic cuts in profit from K263 million in 2010 to K24 million last year.
Tarutia attributed the downturn to a number of factors including the appreciation of the kina, to the property market peaking and a static shares market.
He also said that this was normal for investment cycle which fluctuated all the time.
Tarutia also said the financial results were late this year because the fund has had to sort out the controversial K125 million sovereign loan to the Kokopo district.
It is expected the balance sheet will also be adversely impacted by the loan.
Chief executive officer, Ian Tarutia said any interest credited to contributors would be in “single digit” figures.
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| Ian Tarutia...'don't expect something flash' |
Nasfund is meeting its auditors this week and the full audit committee will meet on April 26 after which the financial results for 2011 will be announced.
Nasfund’s sister public sector workers’ fund, Nambawan Super earlier this month announced drastic cuts in profit from K263 million in 2010 to K24 million last year.
Tarutia attributed the downturn to a number of factors including the appreciation of the kina, to the property market peaking and a static shares market.
He also said that this was normal for investment cycle which fluctuated all the time.
Tarutia also said the financial results were late this year because the fund has had to sort out the controversial K125 million sovereign loan to the Kokopo district.
It is expected the balance sheet will also be adversely impacted by the loan.
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