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Nasfund Reiterates Legislative Reform Priorities to Strengthen Member Retirement Outcomes

17th July 2026

Legislative reform is needed to improve superannuation balances and strengthen the long-term financial security of Papua New Guineans, Nasfund said. 

Speaking at the Finance in Resources & Energy session during 2026 PNG CORE Resources Week, Nasfund Chief Executive Officer Rajeev Sharma outlined four areas for consideration under a review of the Superannuation (General Provisions) Act 2000. He outlined four specific areas for consideration under a review of the Superannuation (General Provisions) Act 2000.

Chief Executive Officer, Rajeev Sharma, said, "Legislative change is required to increase superannuation balances for individuals, so that every member has a decent retirement fund when he or she needs it. This is about the long-term financial security of working Papua New Guineans."

The four areas Sharma identified were: 

  1. Extending universal superannuation coverage to employees in organizations employing less than 15 staff; 
  2. Increasing the employer contribution rate above the current 8.4%; 
  3. Restricting early access to unemployment benefits so that withdrawals are limited to a member's own contributions rather than the full account balance; and 
  4. Reducing the current 25% tax rate applied to superannuation income.

Sharma said the proposals have already been put forward on behalf of superannuation members and remain important policy considerations for improving superannuation balances over time. He said the fund continues to engage with Government, regulators and industry stakeholders and looks forward to feedback and action on the recommendations.

Sharma's comments were part of a broader address on the role of superannuation funds in supporting long-term financial security for members while contributing to national economic development.

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