PNG's Nasfund Implements Enhanced Security Measures for E-Withdrawals

 In a bid to bolster member security, Papua New Guinea National Superannuation Fund Ltd (Nasfund) has rolled out updates to its e-withdrawal system, according to a senior executive.

Anne Wilson, Chief Officer for Member and Employer Services, highlighted that the e-Withdrawals service, introduced last year, now features enhanced security measures to safeguard member transactions.

Chief Executive Officer, Rajeev Sharma & Board Director Florence Willie during the launching of the Fund’s e-Branch in October, 2023.

Key changes include:

Categorization of Withdrawal Applications: Withdrawal requests will now be categorized and accepted only for specific reasons such as unemployment, housing, emigration, or for members residing overseas. Other withdrawal requests must be processed in person at the nearest Nasfund branch.

Updated Personal Bio Data: Members are urged to ensure that their personal information, as listed in the Member Data Update Form (MDUF), remains current in the system throughout their employment tenure. This step is crucial, particularly during periods of unemployment when members opt to withdraw their funds.

Email Verification: To ensure authenticity and security, the email address used for withdrawal requests must match the one registered in Nasfund's system and on the member’s MDUF. Any disparities will require members to visit a branch to submit their withdrawal request in person.

Wilson emphasized the significance of these changes in fortifying member transactions and protecting their interests. "By refining our e-withdrawal processes, we aim to provide smoother transactions while ensuring the utmost security for our members," she stated.

Nasfund urges all members to adhere to these guidelines to facilitate efficient withdrawal processing and uphold member protection.

Established in May 2002 as the successor entity to the National Provident Fund (NPF), Nasfund stands as the largest private sector superannuation fund in Papua New Guinea, serving as a cornerstone of retirement savings for countless individuals across the nation.

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