PNG Post-Courier

PORT MORESBY, Papua New Guinea (Feb. 18, 2008) - Super news from one of the two giant superannuation funds in Papua New Guinea: a huge 37 percent dividend for the members. That is the sort of news that workers delight to wake up to.

For those who work in the private sector, the announcement by the National Superannuation Fund Limited, commonly known as Nasfund, is a great morale-booster. Many in the fund remember vividly their stock in the superannuation being slashed to make up for the profligate management in the old days.

It was a tremendous jolt to many Papua New Guineans, unused to the ups and downs of finance and unprotected from the "cowboys’’ of those times.

Today’s news from Nasfund will gladden the members’ hearts and continue to restore their faith in the management of the fund. In the past few years, this success story under the current management and board has become a consistent vein of good news.

While we are at it, it is equally true at the public sector superannuation fund, Nambawan Super, where the team headed by CEO Leon Buskens has also been raking up huge points with the members.

It seems that the reorganization of the superannuation industry and legislation in recent years has led to a gigantic blossoming of "super" options and prospects.

We are seeing the two majors spreading their investments into gilt-edged stocks and into major developments in the country.

Both companies have announced their intentions to make big changes to neglected real estate and we look forward to their moves to regenerate these areas.

Certainly these will be welcomed from the point of view of nationalistic promotion but also for the prospects of major improvements to the investment portfolios of their companies.

Their profits will go straight into the pockets of many thousands of Papua New Guineans, the workers of the nation.

It will give these people the right to a meaningful nest egg in retirement or a graceful pension in their latter years.

This was not the outlook for Nasfund members when they had to swallow a 15 percent cut in their entitlements as a commission of inquiry unveiled a litany of poor and questionable investments in their names.

We welcome the superb performance by these two funds, in particular the current announcement from Nasfund, and look forward to similarly good news for the public servants.

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