When can I access my funds?
When can I access my funds?
Funds can be accessed upon reaching the retirement age of 55, facing permanent unemployment (after 3 months), or in cases of permanent disability. Partial withdrawals for housing advances are also permitted under Section 90.
What is the mandatory contribution rate?
Currently, the mandatory contribution rate is 6% for employees and 8.4% for employers of the employee's gross salary.
How do I nominate a beneficiary?
You must complete the Standard Beneficiary Nomination Form (Form NB-04) and submit it to your Authorised Superannuation Fund (ASF). This should be updated whenever your family circumstances change.
What happens if my employer doesn't pay?
Under the Act, employers are liable for penalty interest on late payments. You can report non-compliance anonymously through the 'Resources' tab or directly to the Bank of PNG.
Is my superannuation taxed?
Employer contributions are generally taxed at a concessional rate of 15%. Benefits withdrawn upon retirement may have tax implications depending on the lump sum amount and years of service.
Still have questions?
Our support team can help clarify specific clauses of the Act.