BY KEITH JACKSON

THE NATIONAL superannuation fund, Nasfund, responsible for the retirement savings of 300,000 Papua New Guineans, continues to be one of the best performing operations in PNG.

Nasfund CEO Ian Tarutia [left] has announced an after tax profit of K205 million for 2009 and credited K213 million to members’ accounts after excellent gains in the fund’s investments.

As a result members’ savings have been boosted by 15%. Last year, members received 8% after a record 37% in 2007, 10% in 2006 and 29% in 2005.

“The international environment remains uncertain at this point and there is potential for a double dip recession,” Mr Tarutia said, but indicated potential results that would exceed this year’s forecast 9.5% inflation rate in PNG.

Mr Tarutia said Nasfund was pleased with the results, and said the management expenditure ratio had fallen to 1.12%, down 0.13% from 2008.

“So, as we are growing, we are becoming more efficient in the use of assets in administering the organisation,” he said.

Nasfund paid K126 million to 56,000 members during the year, while inflows were K233 million.

Gains in equity portfolios especially in New Britain Palm Oil, Lihir Gold and Oil Search, as well as currency gains contributed K127 million.