The National Superannuation Fund Limited (Nasfund) has signed a Membership Discount Program (MDP) Agreement with TISA Insurance Group Limited on 9 June 2026, marking the Fund’s first move into the insurance sector under its Membership Discount Program.

The partnership will give Nasfund members access to exclusive savings on a range of insurance products now offered under the newly branded TISA Insurance Group, formerly Capital Insurance Group. Under the agreement, members who deal directly with TISA Insurance can receive a 10% discount on motor vehicles, home, travel, life and funeral insurance.

Nasfund Chief Executive Officer, Rajeev Sharma, said the partnership reflects the Fund’s commitment to delivering value to members beyond retirement savings.

"Our Membership Discount Program is a key part of how we support our members beyond their savings for retirement. This partnership with TISA Insurance marks an important step in expanding the program into essential services like insurance, giving our members more practical benefits and real savings in their day-to-day lives. We are proud to continue growing the MDP to better serve our members."

TISA Insurance Group Limited Group Chief Executive Officer, Jeremy Norton, welcomed the partnership and said it would give Nasfund members greater access to affordable insurance solutions.

He said the collaboration reflects a shared commitment by both organizations to deliver meaningful value, strengthen financial protection, and support the wellbeing of members and their families.

To access the discount, members need only present a valid Nasfund membership card when dealing directly with TISA Insurance.

The addition of insurance to the Membership Discount Program reflects Nasfund’s ongoing focus on offering practical and relevant benefits to members. By expanding the program into essential services, the Fund continues to help members manage everyday costs while strengthening their financial security.

The National Superannuation Fund Limited (Nasfund) has signed a Memorandum of Understanding (MoU) with New Britain Palm Oil Limited (NBPOL) to strengthen and expand access to superannuation for smallholders and oil palm growers through Nasfund’s Eda Supa product.

Building on an existing relationship that has already seen over 1,300 smallholders onboarded under Eda Supa through NBPOL-supported initiatives, the MoU establishes a clear framework for both organisations to deepen their collaboration. The partnership will focus on onboarding additional eligible growers, promoting a stronger savings culture, and improving access to long-term financial security for individuals working across Papua New Guinea’s oil palm value chain. Under the agreement, the parties will work closely to ensure efficient contribution and remittance processes, while also sharing regular progress updates and coordinating outreach efforts to support member education and onboarding.

A key target of the MoU is to onboard an additional 1,000 smallholders or oil palm growers, further extending formal retirement savings opportunities to Papua New Guineans who may not currently be contributing to an authorised superannuation fund. Over time, the partnership also aims to broaden coverage to workers and growers in key growing regions including Alotau, Ramu and Popondetta.

For Nasfund, the MoU reflects its continued commitment to superannuation inclusion and to creating practical pathways for informal and semi-formal income earners to save for retirement. By leveraging NBPOL’s strong presence within rural and agricultural communities, Nasfund is enhancing its reach and supporting broader national efforts to encourage disciplined, long-term savings.

“This MoU represents an important step in broadening access to superannuation for Papua New Guineans who are contributing meaningfully to the economy but may not always have access to structured retirement savings opportunities,” said Rajeev Sharma, Nasfund CEO.

“We have already seen encouraging progress through our existing partnership with more than 1,300 smallholders enrolled under Eda Supa. Through this renewed commitment, we aim to scale that impact even further bringing more growers into the system and helping them build sustainable savings for their future.”

Over the life of the agreement, Nasfund and NBPOL will continue working together to strengthen awareness, improve accessibility, and ensure more Papua New Guineans understand and benefit from consistent retirement savings.

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The Chairman of the National Superannuation Fund, Mr Christopher Elphick, is pleased to announce the appointment of Dr. Albert Mellam to the Board of the National Superannuation Fund as an Independent Director, effective 1 January 2026.

Mr Elphick said the appointment follows the successful completion of a rigorous recruitment exercise and regulatory approval process.

“We are pleased to announce the appointment of Dr. Mellam to the Board. He brings extensive experience in corporate governance, strategic leadership and public policy, supported by a distinguished academic and executive career across both the public and private sectors,” Mr Elphick said.

“Dr. Mellam joins the Board as a member of the Investments Committee, Risk & Compliance Committee and Remuneration & Nominations Committee.

Nasfund’s Chief Executive Officer, Mr Rajeev Sharma, said “Dr. Mellam’s depth of expertise will further strengthen the Fund’s ongoing commitment to prudent governance and long-term sustainability,”.

Mr Elphick in closing, said the appointment reflects the Nasfund Board’s continued focus on strengthening oversight frameworks and safeguarding the interests of members.

“The National Superannuation Fund remains committed to the highest standards of accountability and stewardship, and we are confident that Dr. Mellam’s knowledge, integrity and leadership will make a valuable contribution to the Board and the Fund,” he said.

The National Superannuation Fund this week hosted its CEO’s Business Breakfast in Port Moresby, bringing together captains of industry to discuss the broader impact of superannuation on everyday Papua New Guineans. Chairman Christopher Elphick led the discussion, emphasizing that superannuation is more than a statutory requirement - it is a cornerstone of long‑term financial security, dignity, and resilience for working families.

Mr Elphick highlighted the Fund’s strong 2025 performance, including a Net Profit After Tax of K1.08 billion, a Net Asset Value exceeding K9.45 billion, and a 13% interest crediting rate. As a result, more than K1 billion was credited to members’ accounts - the largest distribution in Nasfund’s history.

He stressed that these outcomes are possible through collaboration between employers, payroll and HR teams, regulators such as the Bank of Papua New Guinea, and the Fund's cost management and investment strategy . Accurate payroll data, timely contribution remittances, and strong compliance were identified as critical to delivering real retirement outcomes for members. Mr Elphick also reaffirmed the Board’s commitment to responsible stewardship, strengthened governance, and active engagement with employers nationwide.

Chief Executive Officer Rajeev Sharma followed with a detailed presentation of the audited results and called on employers to take a more active role in shaping retirement outcomes for their employees. He encouraged employers to consider increasing contributions above the statutory 8.4%, recommending a target of at least 10% to better align with Pacific benchmarks and deliver meaningful long‑term benefits for staff.

Mr Sharma also highlighted the gender gap in retirement savings, noting that women make up 26% of Nasfund’s membership but hold only 28% of total balances. He urged employers to support female employees during unpaid maternity leave as Nasfund does for its own staff - to reduce long‑term disparities and help women retire with greater security.

“Employers have the power to directly improve the lives of their staff by going beyond the statutory minimum,” Mr Sharma said. “Every additional percentage point is a long‑term investment in dignity and comfort for employees in retirement.”

“Supporting women during maternity leave and ensuring timely contributions are not just compliance measures - they are commitments to fairness, inclusion, and the future of our workforce.”

Following the Business Breakfast, the program continued with Nasfund’s Employer Conference Series, delivered across Port Moresby, Mt Hagen, Kokopo, and Lae. This marked the first time the conference featured presenters engaging simultaneously across multiple locations.

Chairman Elphick again addressed participants, specifically acknowledging payroll and HR professionals for their critical role in keeping the superannuation system running smoothly. He outlined the Board’s three‑year focus on simplifying processes, improving digital tools, and strengthening employer support to reduce errors and resolve issues faster.

Mr Sharma also spoke directly to employers on the importance of addressing items highlighted in the Employer Default Summary, noting that delayed contributions reduce members’ interest earnings. He reinforced the need for timely compliance and encouraged employers to partner with Nasfund in promoting superannuation literacy, including education on compound interest, inflation, and the benefits of starting early.

The events reinforced Nasfund’s commitment to working closely with employers to strengthen superannuation outcomes and build long‑term financial security for members across Papua New Guinea.

Image: Chairman Christopher Elphick giving his opening remarks at the Port Moresby Audience.

Image: CEO Rajeev Sharma, presenting the 2025 Financial Highlights to the employer representatives in Port Moresby

The Prime Minister of Papua New Guinea, the Honourable James Marape, MP, today visited the National Superannuation Fund (Nasfund) Head Office in Port Moresby, where he met with the Board, management and staff of the Fund and commended the institution’s role in delivering strong outcomes for Papua New Guineans.

The visit follows Nasfund’s recent announcement of 13 per cent member returns, reflecting continued strong performance built on sound governance, disciplined cost management, balanced investment portfolio and long-term institutional reforms in the superannuation sector.

During his address to staff, the Prime Minister acknowledged the importance of strong national institutions in safeguarding workers’ savings and highlighted the role of policy and regulatory reforms over time in laying the foundation for today’s results.

The Prime Minister noted that earlier reform efforts in the superannuation and financial services sector, including those initiated during the reform era under former Prime Minister Sir Mekere Morauta strengthened accountability, transparency and governance, enabling institutions like Nasfund to operate independently and in the best interests of members.

“These foundations have allowed our national superannuation funds to focus on long-term member outcomes, sound investments and responsible growth,” the Prime Minister said.

Speaking on behalf of Nasfund, Chairman Mr. Christopher Elphick said the Prime Minister’s visit was an important acknowledgement of the responsibility borne by the Fund and the people who serve its members daily.

“Nasfund is entrusted with protecting and growing the retirement savings of more than 700,000 Papua New Guineans,” Mr Elphick said. “This is a responsibility we take very seriously, and today’s visit is a strong encouragement to our Board, management and staff to continue upholding the highest standards of governance and service.”

Mr Elphick said Nasfund’s continued performance reflected collective effort over time, built on robust institutional frameworks and the dedication of its people.

“This Fund stands on strong foundations established through years of reform, oversight and careful stewardship,” he said. “The outcomes we see today are the result of that discipline, combined with the commitment of our staff to act in the best interests of members.”

Chief Executive Officer, Rajeev Sharma said the recently announced 13 per cent returns demonstrated Nasfund’s focus on long-term value creation and disciplined cost management as well as investment decisions.

“Our priority remains to deliver sustainable growth for members while maintaining confidence, transparency and resilience in a changing economic environment,” the CEO said. “We are proud of our team and grateful for the Prime Minister’s engagement with our staff today.”

During the visit, the Prime Minister met with members of the Nasfund Board of Directors, Executive and staff.

Nasfund reaffirmed its commitment to protecting members’ savings, strengthening governance, and contributing to Papua New Guinea’s broader economic development through responsible investment and institutional stability.

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.

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.

At Nasfund, we believe that superannuation should be a source of strength during life’s
most difficult moments. If you or a loved one has left employment due to breast cancer or
another serious illness, here’s what you need to know about accessing your super on
medical grounds.

Can I access my super if I’ve left work due to breast cancer or a similarly serious illness?
Yes, if your condition has led to permanent inability to continue employment, you may be
eligible to withdraw your superannuation savings under medical grounds

What documents do I need?
To apply for withdrawal on medical grounds, members must submit:
- Duly completed Nasfund Withdrawal Form
- A confirmation letter from your last employer may include the reason for separation
from the employer under medical grounds
- Employment certificate(s) from previous employer(s) (if applicable)
- A copy of valid ID (Passport, National ID (NID), Nasfund ID, Drivers License or
Work ID)
- BSP Bank Account Consent form for BSP bank account holders or bank account
statement for members who bank with other banks.
- Medical reports from two separate doctors, including:
o Medical history
o Clinical records

Ensure that your doctors reports are of a progressive nature hence first and second
opinions.
Per Section 90 of the Superannuation General Provisions Act 2000 and relevant
amendments a member may apply for withdrawal on medical grounds if the illness has
rendered the individual unable to continue said employment.

Located at Sect:59 Lot:15, Koani Street, Gordons, Niugini Steel is now offering exclusive discounts to both Nasfund members and registered employers, reinforcing the fund’s commitment to supporting members’ financial wellbeing and business growth.

Savings for Members

Nasfund members can now enjoy a 20% discount on a wide range of essential steel products, including:

· House Stumps

· Fabricated Steel Materials

· Fencing Materials

· Selected Galvanized Round Pipes

· Selected Merchant Steel

Whether you're building a new home or upgrading your property, these discounts provide real savings on quality materials from a reputable local supplier.

Support for Employers through the E2E Program

In addition to member benefits, Niugini Steel is also participating in Nasfund’s Employer-to-Employer (E2E) Discount Program, offering 10% off the following items to all Nasfund-registered employers:

· Fencing Materials

· Structural Steel Materials

· Merchant Steel Materials

· Round Pipes (Mild Steel)

· Fabricated Materials

The E2E Discount Program is a unique Nasfund initiative designed to extend the benefits of our Member Discount Program to the business community. With over 3,000 registered and actively contributing employers, the program provides meaningful cost savings and fosters stronger business-to-business connections.

How does it work? It’s simple. If your business is a registered and contributing Nasfund employer, you’re eligible. Just present your E2E ID card at participating partners like Niugini Steel to access your exclusive discounts for your company’s purchases.

Need an E2E card? Email mcr@nasfund.com.pg to request one for your business.

Speaking on the partnership, Ms. Harrietta, Manager Human Resources at Niugini Steel Corporation Ltd, said, “NSC is fortunate to be partnered and listed among the Housing Advance Suppliers list of PNG’s leading superfund. We hope to rank top among the steel suppliers for Nasfund members and employers. The happiest news is our sales team are at ease knowing that they now have a target market!”

This partnership not only strengthens Niugini Steel’s position in the market but also aligns with Nasfund’s broader mission to support members and employers with practical, everyday benefits. Welcoming Niugini Steel to the program, Nasfund CEO Rajeev Sharma said, “We are pleased to welcome Niugini Steel Corporation Ltd to our growing network of Discount Partners. This collaboration is another step forward in delivering real value to our members and employers, especially in areas like housing and infrastructure where quality and affordability matter most.”

We have received reports of unauthorized persons claiming to represent Nasfund and requesting fees for assistance with member services. We strongly advise members to avoid engaging with such individuals.

Sharing your confidential information with third parties puts your superannuation at serious risk, including:

- Fraudulent withdrawals
- Identity theft
- Delayed or denied claims
- Loss of retirement savings

Nasfund urges all members to deal directly with our team through the following official channels:

- e-Branch – For lodgment of unemployment benefit and housing advance claims only
- Call Center – Dial 1588 for direct assistance or email help@nasfund.com.pg
- Nasfund Chatbot – Available 24/7 for general and quick enquiries on the Nasfund website
- Branch Network – Visit any of our service centers nationwide

“We remain committed to protecting our members’ retirement savings and ensuring secure, transparent service delivery,” said Nasfund Chief Executive Officer, Rajeev Sharma.

If you are approached by anyone claiming to be a Nasfund agent or requesting payment for assistance, please report them immediately to our team.

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