Nabilah S
In an effort to enhance the security for its members, the Papua New Guinea National Superannuation Fund Ltd (Nasfund) has introduced updates to its e-withdrawal system, as stated by a top executive.
Anne Wilson, the Chief Officer for Member and Employer Services, emphasized that the e-Withdrawals service, which was launched last year, now incorporates improved security features to protect member transactions.
Withdrawal applications are now subject to categorization and will be approved solely for certain specified reasons including unemployment, housing needs, emigration, or for members who are living abroad. Any other requests for withdrawals must be submitted in person at the closest Nasfund branch.
Updated Personal Information Requirements: Members are encouraged to regularly verify that their details on the Member Data Update Form (MDUF) are accurate and up to date in the system throughout their employment. This action is especially important during periods when members are unemployed and wish to access their funds.
Email Authentication: For security and authenticity, the email address used for fund withdrawal requests must be the same as the one registered in the Nasfund system and on the member’s MDUF. Any discrepancies will necessitate a visit to a branch for in-person withdrawal requests.
Wilson highlighted the importance of these updates in enhancing the security and efficiency of member transactions. “Through improvements to our e-withdrawal procedures, we aim to streamline operations and maximize security for our members,” she explained.
Nasfund strongly encourages all members to follow these protocols to ensure effective processing of withdrawals and to maintain the integrity of member protection.
Founded in May 2002, Nasfund, the successor to the National Provident Fund (NPF), remains the largest private sector superannuation fund in Papua New Guinea, providing a pivotal role in the retirement savings landscape for numerous citizens throughout the country.
