As Papua New Guinea (PNG) commemorates 50 years of independence, the National Superannuation Fund (Nasfund) reflects on an inspiring journey of resilience, growth, and transformation. Since its formal establishment in 1982, Nasfund has played a pivotal role in securing retirement futures for over 722,000 members, managing K9 billion in assets, and shaping Papua New Guinea’s financial landscape through decades of evolving challenges and opportunities.
Foundations and Early Growth
Nasfund traces its origins to the early 1980s when PNG became an independent nation, and the need for a robust superannuation industry became apparent. The necessity to secure retirement savings and wealth accumulation for Papua New Guineans was realized, culminating in the establishment of the National Provident Fund (NPF) in 1982 to serve private sector workers.
From its inception, Nasfund has been shaped by robust governance, visionary leadership, and strategic innovation. Rajeev Sharma, Chief Executive Officer of Nasfund, emphasizes the fund’s mission: “As Papua New Guinea celebrates 50 years of independence, Nasfund reflects on a shared journey of resilience, growth, and transformation.”
Institutional and Governance Strengthening (2000–2009)
In the early 2000s, Nasfund underwent a transformation, transitioning to a defined contribution scheme aligned with global best practices. This period saw significant strides in transparency and governance. The fund introduced member statements, annual reporting, and achieved landmark financial milestones including K8.1 billion net asset value and K849 million net profit after tax.
Credit to the leadership and strategic investments, Nasfund gained K839 million in member accounts at a competitive interest rate of 11.75%, strengthening its position as PNG’s largest superannuation fund.
Expansion and Innovation (2010–2019)
The next decade marked Nasfund’s expansion and innovation phase. It grew its membership base to over 500,000 and introduced novel financial solutions to address PNG’s unique demographics:
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Launching TextBal (SMS balance checks) for wider accessibility.
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Introducing Eda Supa, a non-compulsory savings product for informal sector workers, SMEs, and non-citizens.
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Establishing Employer Awards to encourage responsible compliance and practices.
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Investing strategically in commercial real estate and equities.
Nasfund also adopted technological innovations, launching its Customer Relationship Management (CRM) system, integrating helpdesk software for smoother service delivery, and rolling out Employer-to-Employer Discount Programs.
Resilience Amid Challenges (2020–2024)
The COVID-19 pandemic posed unprecedented challenges, yet Nasfund demonstrated resilience:
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Hosted PNG’s first nationwide Employer Conference online.
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Implemented an electronic branch enabling claim processing via email.
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Enhanced digital services with WhatsApp ticketing and Qmatic queuing systems.
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Released superannuation education content in English and Tok Pisin.
Despite pandemic pressures, Nasfund maintained steady financial growth and operational innovation, reflecting a commitment to member service and financial sustainability.
Financial Growth and Returns
The fund’s growth trajectory is underscored by impressive financial performance. Net asset value surged from K223.8 million in 2000 to over K9 billion in 2025, demonstrating an average crediting rate surpassing inflation across rolling periods:
| Period | Crediting Rate % (Average) | Consumer Price Index (CPI) % |
|---|---|---|
| 5 Year | 7.21% | 4.96% |
| 10 Year | 6.51% | 5.06% |
| 15 Year | 7.44% | 5.04% |
| 20 Year | 10.53% | 5.25% |
Nasfund’s average interest crediting rate over 10 years has consistently exceeded inflation, safeguarding members’ savings’ real value.
Commitment to Inclusive Growth and Education
Nasfund extends its reach beyond formal sectors to serve informal workers, non-citizens, and small businesses, aiming to foster broader financial inclusion. The Eda Supa initiative exemplifies this commitment by providing optional savings products outside mandatory superannuation.
Education remains central to Nasfund’s mission. The fund actively works to embed superannuation education into PNG’s national curriculum to build awareness from a young age.
Infrastructure and Long-Term Vision
Nasfund supports PNG’s development through strategic investments in infrastructure and assets designed for long-term growth, emphasizing sustainability.
In 2025, as PNG celebrates its Golden Jubilee of independence, Nasfund stands as a pillar of financial security, innovation, and resilience for Papua New Guineans.
Rajeev Sharma, Nasfund CEO, concludes, “On behalf of the board, management, and staff, we wish all members, employers, and stakeholders a Happy 50th Independence Anniversary! We hope you have a Supa day!”
PNG’s Milestones in Superannuation Industry
A timeline highlighting Papua New Guinea’s superannuation journey underscores Nasfund’s evolution and PNG’s financial sector development:
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1980-81: Initiation of the National Provident Fund to serve private sector workers.
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1982: Establishment of the National Provident Fund.
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2000: Superannuation legislation passed; NPF renamed Nasfund.
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2020: Nasfund corporate rebranding and technological advancements.
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2025: Celebration of 50 years of independence and continued growth.
Nasfund’s transformative journey reflects PNG’s broader story of growth and resilience over five decades, positioning it as a cornerstone in safeguarding the country’s economic future.
