The Trustee Board approved the financial statements, reporting a record Net Profit After Tax of K1.08 billion and a Net Asset Value now exceeding K9.45 billion. 

In recognition of this exceptional outcome, Board Chairman Mr. Christopher Elphick announced that the Board has approved an interest crediting rate of 13% for 2025. “This means more than K1 billion will be credited to our members’ accounts this weekend - the highest distribution in Nasfund’s history. It is a clear demonstration of our continued commitment to strengthening the long-term financial wellbeing of our members.

Crossing the K9.45 billion Net Asset Value mark represents a major milestone for Nasfund. Strong membership growth, disciplined cost management, and solid investment performance collectively contributed to a year of outstanding progress. Notably, the Fund has surpassed K1 billion in profit after tax, reflecting both operational efficiency and sustained portfolio strength. 

Membership and employer participation continued to rise in 2025, with a net increase of 28,340 members, bringing total membership to 744,213, and 87 new employers joining the Fund, lifting the total employer base to 2,978. Over the five-year period from 2021 to 2025, the Fund achieved an average annual return of 8.91%, outperforming the national CPI average of 3.56%. This means members’ retirement savings grew, on average, 5.35% above inflation over the period. 

Nasfund enters the final year of its current three-year strategy cycle, which prioritizes: 

• Governance and trust, keeping the highest standards of transparency, accountability, and stewardship to protect members’ retirement savings and confidence in the Fund.
• Portfolio optimization, anchored by consistent and disciplined investment decisions 
• Growth and penetration, reflected in rising membership and employer numbers 
• Superannuation education and inclusion, developed in collaboration with stakeholders to strengthen superannuation literacy nationwide 
• Ways of working, through improved governance, engagement, and service delivery 
• Data governance and optimization, enabling personalized services through improved member insights 

Key Financial Highlights for FY2025 

• Cash income: K554 million (Budget: K544 million | FY24: K499 million) 
• Valuation gain: K580 million (FY24: K487 million) 
• Foreign currency gain: K141.6 million (FY24: K5.7 million loss) 
• Operating expenses: K88 million (FY24: K75 million) 
• Net profit after tax: K1.08 billion (FY24: K899.68 million) 
• Net assets: K9.45 billion (FY24: K8.12 billion) 
• Contributions received: K856 million (↑8% from FY24: K793 million) 
• Member benefit payments: K611 million (FY24: K591 million) 

• Interest credited: K1.1 billion (FY24: K839 million), including K17 million credited to members who exited during 2025 

  Nasfund's Chief Finance Officer, Ms. Debbie Oli said, “The gross return across the portfolio was 15%, from which 1.5% was absorbed by expenses and 0.74% by taxes, resulting in the 13% crediting rate. Portfolio performance was supported by interest income, valuation movements, dividend income and property rentals, which collectively remained consistent with 2024.”

  Key contributors included: 

• BSP Financial Group: 3.4% 
• Credit Corporation: 1.6% 

• Offshore equities: 3.3% 

  Together these sources contributed 8.3% to the gross crediting rate. 

  A major shift from 2024 results came from offshore investments, where the Fund recorded an FX gain of K142 million (1.7% of the gross crediting rate), compared to a K5.7 million loss in 2024. This improvement was supported by the uplift in FX availability for offshore investment in 2025. Nasfund’s offshore portfolio increased from K1.39 billion to K2.1 billion, with international investments now representing 21.8% of NAV, within prudential limits and below the Board approved ceiling of 25%. The devaluation of PNG’s currency also supported foreign currency gains, though these will reduce if the Kina strengthens. 

  Operating expenses remain tightly managed.

  Of total expenses: 

• 36% are fixed costs (Fund Administration fees, Investment Manager fees, Bank of PNG regulatory charges) 
• 35% relates to staff costs 

• 28% are controllable expenses 

  Nasfund’s Chief Executive Officer, Mr. Rajeev Sharma says, “This fiscal discipline ensures more of the Fund’s earnings are returned directly to members.” Mr. Sharma went on to explain that Nasfund’s Total Expense Ratio (TER), calculated as Total Expenses ÷ Average Net Assets, remains the lowest among PNG super funds, ranging from 1.01% to 1.15% between 2021 and 2025. While TER differences may appear small, their long-term impact is significant a fund operating at 1.10% TER spends 18.5% less than a fund operating at 1.35%, allowing more earnings to compound into member balances. 

  Member Services, Digital Transformation & Strategic Initiatives 

  Nasfund processed 72,268 benefit payment claims in 2025, totaling K611 million, compared to 78,008 benefit payment claims totaling K591 million in 2024. Over the last five years, the Fund has paid K2.87 billion across 407,821 claims, demonstrating robust liquidity. 

  Digital transformation continued through: 

• Launch of the Superannuation Calculator 
• Deployment of the Nasfund Chatbot 
• Release of multiple superannuation education videos 

• Deployment of an award-winning AI Powered Vendor Invoice Management Automation Solution (2025 Innovation PNG Awards – Large Business category) 

  Key partnerships strengthened through: 

• A MoU with BSP Financial Group to streamline member experience 
• Investment in MiBank to expand services to rural and informal communities 
• Growth of the Membership Discount Program (MDP) to more than 180 partners 

• Expansion of Employer to Employer (E2E) partnerships to more than 20 partners

  Nasfund also reopened its flagship Boroko Service Centre in 2025, with plans underway to reopen a permanent branch in Wewak, East Sepik Province. Meanwhile, the Funds e-Branch continues to enhance digital accessibility and efficiency. 

  System Challenges and Advocacy Priorities 

  The Fund continues to advocate for improvements across PNG’s superannuation framework, including: 

• Removing the 15employee threshold for compulsory superannuation coverage 
• Reviewing PNG’s regional high tax rate on superannuation funds 
• Assessing contribution adequacy, unchanged since 2002 
• Reexamining unemployment withdrawal provisions to minimize long-term erosion of balances 

• Adoption and implementation of the 2022/23 Superannuation and Life Insurance Review recommendations.

  Nasfund also highlighted concerns regarding the gender gap in superannuation: 

• Women make up 193,000+ members, but balances decline significantly with age 

• By retirement, women’s average balance is just K7,000, over 60% lower than men 

  The Fund is promoting voluntary contributions, flexible savings options such as Eda Supa, and enhanced financial education to help close this gap. 

  Operationally, Nasfund reduced its unallocated contributions from K66 million to K48 million in 2025, including reducing aged items from K28 million to K19 million, reflecting improved employer compliance and internal processes. However, 427 employers (14%) remain in default, impacting members’ interest in earnings due to delayed contribution remittances.

  CEO Sharma added that while FATF grey listing does not alter Nasfund’s financial reporting requirements, it can influence how international institutions assess Papua New Guinea’s overall risk profile. He explained that any material impact on Nasfund would arise only if global credit rating agencies or correspondent banking partners revise their assessments of PNG, which could lead to increased compliance obligations, slower crossborder transactions, or higher transaction costs.

  He noted that global analysis shows grey listing typically increases a country’s risk premium and heightens scrutiny from international financial institutions, underscoring the importance of maintaining strong governance and transparent processes across the superannuation sector. 

  Outlook 

  Papua New Guinea’s economic outlook remains cautious. While the non‑resource sector has continued to record consistent growth of around 4% per year, supporting broader economic resilience, overall national performance is still heavily influenced by developments in the extractive sector. Nasfund typically benefits when major resource projects are fully operational, through stronger rental income, higher contribution flows, and greater market stability.

  Whilst we have witnessed good result from overseas investments and depreciation of Kina in FY 2025, we should be aware that international events, like current conflict in middle east, grey listing and change in foreign exchange rates against PGK can have adverse impact on valuations and profitability in coming years.

  In his closing remarks, CEO Rajeev Sharma reiterated that Nasfund’s purpose remains unwavering: to protect and grow the retirement savings of its members. He emphasized that behind every account is a worker, a family, and a future that relies on the decisions the Fund makes today.

  “As we move forward, our focus remains on disciplined investment, responsible cost management, stronger partnerships, and continued innovation that enhances the experience for our members and employers. The progress achieved in 2025 demonstrates what is possible when strong governance, strategic thinking, and a commitment to our members come together. At Nasfund, we are steadfast in one goal ensuring every member is ready for tomorrow.”

  Nasfund Chairman, Mr. Christopher Elphick, acknowledged the stewardship of the Board and extended his sincerest appreciation to former Chair, Ms. Tamzin Wardley, for her leadership. He also recognized the oversight of the Bank of Papua New Guinea and expressed gratitude to employers and members for their continued confidence and trust in the Fund.

  In closing, Mr. Elphick thanked CEO Sharma, the executive team, and staff nationwide for their dedication and commitment in delivering these strong results.

Of Nasfund’s more than 733,000 members, over 193,000 are women equating to 26% of the Fund,
and collectively holding K2.2 billion, or 28% of total member balances.
But beneath these headline figures lies a clear story, women’s superannuation falls behind over
time.

In the early working years, women make up 27% of members aged 18–35. By age 36–50, that drops
to 21%. It further dips to 17% between 51–60 years of age, and by 61+, only 14% of members are
women. Female balance percentages start at 36% at age 18–35, at 36 to 50 years of age it falls to
31%, then 23%, and finally 17% in the 61+ group. Women hold an average of K5,000 at ages 18–
35, rising to K27,000 at ages 51–60 but this drops sharply to K7,000 at 61+. Men show higher
averages at every stage.

Across industries, women are more represented in finance, education, and hospitality, but remain
significantly under-represented in labour-intensive fields such as mining.
Nasfund Chief Executive Officer, Mr. Rajeev Sharma, says the patterns are clear:
“As a Fund, we recognize that many women experience periods away from paid work to care
for families, and this naturally affects how much they can contribute over time. Our role now
is to make superannuation simpler, more accessible, and more supportive, so every woman
has a real chance to build long-term security in retirement.”

The data underscores a simple truth, when contribution years are interrupted, retirement
outcomes suffer. Women especially those who step in and out of the workforce are more exposed
to this.

To close this gap and support equitable retirement outcomes, Nasfund calls for action.
Employers are encouraged to:
• Pledge support for women’s long-term retirement outcomes.
• Enable employer voluntary contributions above the mandatory 8.4%, up to a 15%
employer-paid cap, to help boost women’s balances.
• Encourage staff to take part in long-term saving through consistent contributions.
• Book a Nasfund Super Education Session for their teams to strengthen superannuation
understanding.

Members are encouraged to:
• Make Voluntary Contributions (VCs) to grow long-term savings
• Visit the Nasfund website and use the Superannuation Calculator to understand how
savings can grow over time.

Women who step out of formal employment can still build meaningful retirement savings through
Eda Supa, making small, regular contributions that benefit from long-term compounding.

Nasfund remains committed to working with employers, industry partners, and members to
strengthen financial awareness, support female participation, and contribute to more equitable
retirement outcomes for women across Papua New Guinea.

Nasfund is preparing to deliver its first multi-location Employer Conference, scheduled for 25th March 2026. This annual event will be streamed live from a central location and simultaneously delivered across the Southern, Momase, Highlands, and New Guinea Islands regions. It will mark the first time employers nationwide participate in a unified, real-time conference experience.

Announcing the initiative, Nasfund CEO Mr. Rajeev Sharma said the new approach reflects the Fund’s commitment to modernising engagement with employers and strengthening national consistency in superannuation education.

“This conference represents a new standard for how we connect with employers across Papua New Guinea. By streaming one conference to multiple regions on the same day, we ensure every employer receives the same information and support as well as allow them to see and appreciate common experiences with other employers in other regions.” Rajeev Sharma, CEO, Nasfund.

Mr. Sharma also reaffirmed another important date: the Annual Crediting Rate Announcement will take place on 12th March 2026, when Nasfund will reveal the interest earned by members for the 2025 financial year.

These two major events occurring just weeks apart and highlight Nasfund’s focus on transparency, digital innovation, and strengthening superannuation outcomes for both employers and members. The Employer Conference will address key areas including contribution compliance, employer obligations, digital services, and tools to support workforce retirement readiness.

Nasfund is encouraging members and employers to follow the Fund’s social media channels for instant updates, livestream links, and further announcements. Those who prefer traditional media can also expect full coverage through mainstream news outlets.

The Chief Executive Officer of Nasfund, Rajeev Sharma in welcoming Rogea said, “On behalf of Nasfund, we are pleased to announce the appointment of Alex Rogea as General Manager – Talent & Culture joining our Executive Management Team who understands well Nasfund’s vision and mission in delivering superannuation value for our members.”

Alex Rogea is a Papua New Guinean from Hiri District, Central Province with extensive years of experience in People & Culture, Talent & Development, Corporate Affairs, Governance and Management across Regulated Financial Institutions, Mining, Consulting and Government in PNG including international secondment exposures outside of PNG, blending local knowledge with international experiences.

Before joining Nasfund, Rogea held various senior leadership roles with Moni Plus, Newmont Mining Corporation, Deloitte Touche Tohmatsu, BSP Financial Group Ltd and PNG ICCC.

Rogea holds a Bachelor’s Degree in Arts from University of Papua New Guinea and Master in Business Administration from Divine Word University. He also underwent Executive Leadership training at Melbourne Business School, Australia.

Rogea is a Member of the PNG HR Institute, Australian HR Institute and PNG Institute of Directors.

Apart from his role, Rogea is actively involved in helping churches, charity and community work.

In accepting his appointment, Rogea added, “I am privileged and honored to join Nasfund, PNG’s leading superannuation fund and to drive the mission of Nasfund into the long-term future. My responsibilities will include leading, innovating and continuously improving the Talent & Culture Function, reinforcing governance and contributing to servicing our members. I am humbled with such a noble profession contributing to a bright retirement future for our contributors current and future in PNG so that our people can be “Ready for tomorrow.”

Nasfund signed on the 23rd of February a Memorandum of Understanding with the Department of Information and Communications Technology (DICT) to integrate SevisPass (Digital ID) and SevisWallet (Digital Wallet) into its member services. This partnership marks a significant step in strengthening Know Your Customer (KYC) processes and advancing digital transformation in Papua New Guinea’s largest superannuation fund.

Nasfund Chief Executive Officer, Rajeev Sharma, said,
"For our members, this partnership means faster onboarding, safer authentication, and easier access to services through digital platforms. We are excited to embark on this innovative journey for the good of our members and acknowledge the great strides taken by Secretary Matainaho and his team."

Department of ICT Secretary, Steven Matainaho in a recent online statement announcing this MoU highlighted the broader national impact, noting that SevisPass and SevisWallet are “the single most important enablers for economic growth, social inclusion, and national security in Papua New Guinea,”

Through this partnership, Nasfund reaffirms its commitment to innovation, member security, and supporting national efforts to expand digital financial services.

The Chief Executive Officer of the National Superannuation Fund (Nasfund), Mr. Rajeev Sharma, today announced the appointment of Mr. Elphick as Chairman of the Nasfund Board of Directors, effective on 1st January 2026.

Mr. Sharma said, “On behalf of the Fund, I am pleased to announce the appointment of Mr. Elphick as Chairman of the Board. Christopher brings proven leadership, strong governance experience, and a deep understanding of Nasfund’s mission to deliver long-term value for our members. His strategic mindset and investment expertise will be invaluable as we continue advancing our priorities and strengthening member outcomes.”

Mr. Elphick joined the Nasfund Board on October 1, 2022, as an Independent Director. He has since chaired the Investment Committee and served on the Remuneration and Nominations Committee.

He brings extensive experience in business, management, and governance. Mr. Elphick holds a Bachelor of Science (BSc) in Business Management from the University of Surrey (UK), majoring in Marketing and Management, and is an alumnus of the United World College of South East Asia.

As a proud graduate of the Nasfund Trainee Directors Program (2014 cohort), he has maintained a long-standing relationship with the Fund and a strong appreciation of its mandate.

Beyond his role at Nasfund, Mr. Elphick serves as Executive Director of Tohouwa (PNG) Limited (FairPrice), outgoing Chairman of the Nasfund Contributors Savings & Loans Society (ncsl), and Director of Transparency International PNG, among other roles.

In acknowledging Ms. Wardley’s contribution, Mr. Elphick said, “I want to acknowledge the outstanding leadership of my predecessor, Ms. Tamzin Wardley. Her vision and dedication have reaffirmed Nasfund as a trusted and innovative superannuation provider.”

Reflecting on his appointment, Mr. Elphick added, “It is an honor to lead Nasfund at this pivotal time. Having begun my journey as a trainee director, I am humbled to now chair the Board of an organization that plays a critical role in securing the retirement future of all contributors in Papua New Guinea. My focus will be on strengthening governance, driving sustainable investment strategies, and enhancing member services through innovation and based on the Nasfund values.

With a strong Board and an exceptional management team led by CEO Mr. Sharma, we are ready for tomorrow.”

As an extension of the Membership Discount Program (MDP), the E2E Program provides businesses with access to exclusive discounts from partner organizations in health, hospitality, hardware, ICT, office supplies, and more. The program offers great value particularly for small and medium enterprises (SMEs).

Nasfund Chief Executive Officer Rajeev Sharma says the E2E Discount Program is one of the simplest ways the Fund can support employers who play a critical role in the superannuation ecosystem.

“Our employers contribute significantly to the wellbeing of their staff, and they deserve value in return. The E2E Discount Program is completely free, and as a registered Nasfund employer, your ID card is ready. Come and collect it, this is your benefit, and we want you to use it.” Mr. Sharma said

Mr. Sharma emphasized that the Fund remains committed to helping businesses operate more efficiently, especially in current economic conditions.

“For many SMEs, even small savings can make a real difference. We have built strong partnerships with reputable companies to support all our employers in this regard.

Nasfund employers can contact mcr@nasfund.com.pg to collect their free employer E2E ID card today or call the Fund on 31313000 for assistance.

Port Moresby