NASFUND explains the delay in Monthly reimbursements for its members
By Peter Larry/ PNGFM
Recently certain members of NASFUND raised complains that they had waited more than a couple of months to have their normal monthly reimbursements of their life savings paid out to them due to management issues and were very confused.
NASFUND’s Chief Executive Officer Ian Tarutia stated that the problem was that NASFUND’s licensed fund administrator Aon Hewitt recently migrated to a new administration system to manage member’s funds which is necessary due to the age of the previous system which limited its ability to provide upgraded services and functionality to members.
He said the full cut-over to the new system took place in early March after NASFUND announced its 2015 crediting rate and transferred the interest into members’ accounts.
"With a database of over 515,000 members the transfer process has taken longer than anticipated, as the transfers and transactions were scrutinized for accuracy."
"This required, at various intervals, for certain types of transactions to be put on hold, including partial (monthly) payments," said Mr Tarutia.
This was a requirement placed on NASFUND by Aon Hewitt’s project management team to ensure the integrity of the transactions.
Tarutia says NASFUND is conscious of the impact that the delays have had on members expecting these payments and would like to assure members that we are working long and hard with Aon Hewitt to bring the payments up to date.
"NASFUND sincerely apologizes for inconvenience caused to our members."