What is Superannuation?
Superannuation, or Super as it is sometimes referred to as, is a Retirement Benefit Fund funded by you and your employer throughout your working life on a monthly or fortnightly basis.
As you work and earn a salary part of that salary is put into your Super account by your employer, and you can also contribute to your account over and above this as well. This way, through the years and through investment of your funds, you will build up a nice nest egg for your retirement.
Now there is obviously a lot more to it than that but that is the principal idea.
How do I know that my money is safe?
In order for your funds to be well protected and to grow over the years the Bank of PNG has issued a number of guidelines to which the Super Fund have to comply. In addition, the Government of PNG has passed several laws, such as the Superannuation Act of 2000, that form the basis of the Super Industry in PNG.
PacSuper (formally named AON Master Trust)- your preferred Superannuation Fund, is one of 4 licensed super funds in PNG and is fully compliant with the Rules & Regulations stipulated in the Act.
- Your Member Details are administered by one of two Licensed Fund Administrators, PacSolutions (formerly AON Solutions). PacSolutions provides the best Admin Team and Systems in PNG to accurately and safely administer your account. From your name to your fund balance, we keep it safe, accessible and up to date
- Your member funds are invested and trusted for safekeeping by a licensed investment manager, namely BSP Capital. For many years BSP Capital has provided healthy returns for our members and they have done so in a conservative way, according to the guidelines set out by the Trust Deed
After having built up your super account with us through employer and employee contributions for many years at a point, such as retirement or, for instance, if you find yourself unemployed, the time comes for you to withdraw from your account. This guarantees you a lifestyle that may otherwise have been difficult to achieve.
That, in a nutshell, is what Superannuation is all about. For more details reach out to our team and we can talk about how we can plan a better retirement for you.
