Prime Minister Hon. James Marape today affirmed his Government’s commitment to strengthening Papua New Guinea’s Superannuation Sector as a cornerstone of long-term Economic empowerment, during a significant visit to the National Superannuation Fund (Nasfund) Head Office in Port Moresby.
In a forward-looking address to the Board, Management, and Staff of Nasfund, Prime Minister Marape emphasized that Superannuation must evolve beyond Retirement Savings into a powerful tool for building intergenerational wealth, housing security, and SME-driven economic participation for Papua New Guineans.
The Prime Minister made it clear that his visit was not to interfere with the independence of the Fund, but to strengthen collaboration between Government and Superannuation institutions.
“I am not here to take over or interfere. I am here to support and empower you, and to ensure Government works with you to maximize benefits for our people,” Prime Minister Marape stated.
Super Funds as the foundation of people-centred Economic Growth
Prime Minister Marape described Superannuation Funds like Nasfund as essential pillars that safeguard the dignity of Papua New Guinea’s workforce.
“You provide a safety net for our Workers and give them a decent send-off into Retirement. You give them a bridge through life’s challenges and a foundation for the future,” he said.
He commended Nasfund’s strong governance, prudent investment strategy, and disciplined management, noting that its continued performance demonstrates the capability of Papua New Guinean institutions to deliver world-class results even in a challenging economic environment.
Shifting from Savings to Wealth Creation
A key focus of the Prime Minister’s address was the transformation of Superannuation Savings into perpetual, family- based Wealth systems. He highlighted a common challenge where Retirement Payouts are quickly depleted, leaving retirees vulnerable, and called for Structural Reforms to ensure Savings create lasting value.
“How do we make Superannuation become intergenerational Wealth — not just money that is consumed, but Wealth that is transferred to the next generation?” he posed. Prime Minister Marape stressed that Wealth must be preserved through structured investments rather than short-term consumption.
Housing as a National Wealth Strategy
The Prime Minister identified Housing as the most practical and impactful pathway to Wealth Creation for ordinary citizens.
He outlined a vision where every working Papua New Guinean is linked to Land and Housing through Superannuation- supported frameworks.
“If every Member is linked to Land and Housing, we are not just saving money — we are building billions of Kina in National Wealth for families and future generations,” he said.
The Government is now actively exploring partnerships with Super Funds to unlock Land access and integrate Housing into Retirement planning.
Linking Retirement Savings to SME Growth
Prime Minister Marape also proposed integrating Superannuation Withdrawals with Small and Medium Enterprise (SME) development, ensuring Retirees remain economically active.
“When Members withdraw their funds, how do we link them into SME opportunities so that their money continues to work for them?” he stated.
This approach aligns with the Government’s broader strategy of expanding the Non-Resource Sector and empowering grassroots economic participation.
Tax Reforms to support Retirees
The Prime Minister revealed that the Government is considering Policy Reforms to reduce or remove Tax burdens on Retirees, particularly Pensioners, while ensuring safeguards are in place to protect Savings.
“We are looking at the possibility of removing Tax for Pensioners, but in a way that ensures their funds are invested into Housing or SME pathways — not wasted,” he explained.
A strong future for PNG’s Economy and Workforce
Prime Minister Marape linked the role of Superannuation Funds to the country’s broader Economic Outlook, highlighting upcoming major Resource and Infrastructure Projects that will drive growth over the next decade.
He stressed that as Papua New Guinea enters a new phase of Economic Expansion, institutions like Nasfund must play a central role in ensuring that growth translates into real benefits for citizens.
“As our Economy grows, institutions like Nasfund will anchor the strength and vitality of our nation. Your success is the people’s success,” he said.
Government committed to partnership, not control
Prime Minister Marape concluded by reaffirming the Government’s respect for the independence of Superannuation institutions while offering strong partnership support.
“You know what is best for our Workers. Tell us how Government can support, and we will align Policy to help you go further,” he said.