Comrade Trustee Services Limited

Employee engagement, and giving a voice to our employees is an activity that we give great priority at Comrade Trustee Services Ltd (CTSL). We have one at the beginning of the year in February and one in November. It's a safe environment to give an opportunity for employees to speak up on what is going well and what is not going too well, and address things.

CTSL Delivers 7.3% for PNGDF Members Comrade Trustee Services Limited (CTSL), the trustee company of the Defence Force Retirement Benefits Fund (DFRBF), is pleased to announce its financial performance and crediting rate for the 2023 financial year. Chair of the CTSL Board of Directors, Michelle Hau’ofa, announced a nett profit of K48.8 million in 2023 for CTSL, an increase of K33.5 million from 2022. The K48.8 million kina profit was distributed between the Accumulation account and the Defined Benefits account in a 45/55 allocation respectively resulting in a 7.3% crediting rate for members. Interest was credited to member accounts over the weekend. CTSL’s nett assets are K713.9 million, an increase of K83.6 million from 2022. Ms Hau’ofa was also pleased to announce an increase in reserves from K485,000 in the year prior to K518,000 currently. "Our Fund is emerging from very challenging times therefore it gives our Directors and I great pleasure to present these results to our members” said Ms Hau’ofa. “We acknowledge the commitment to the Fund by our CEO Charlie Gilichibi, management and staff. We have gone from an interim Board appointed by the Bank of PNG in February 2023 to the appointment of a permanent Board in August 2023 and I acknowledge the diligence of our Directors Chetan Chopra, Charles Lee, Vera Raga, Warwick Vele, Colonel Fred Aile and Acting Commander of the PNG Defence Force Commodore Philip Polewara as we have sought to guide the Fund with a balance of vision and prudence. This increase in comprehensive income by 219% and growth of nett assets by 13.2% plus an improved reserve position is testament to the dedication of our entire CTSL team.” Ms Hau’ofa also thanked the Bank of Papua New Guinea as industry regulator for its continued guidance and support. “On behalf of CTSL I also acknowledge and congratulate the excellent financial results by NASFUND and Nambawan Super for their members” said Ms Hau’ofa. While 2023 proved to be a good year for our members, CTSL cautions that financial performance of the superannuation industry is driven by market and economic conditions both local and global.

Good morning all, Our phone lines have been restored. Do contact us on our main number 79987900 as usual. Thank you for your patience and have a pleasant day.

From Duty to Degree: A Papua New Guinean Soldier's Inspiring Journey.

Good morning all, We are currently experiencing issues receiving calls on our main number 79987900. We are working with our service provider to resolve. Our team can be contacted on the following alternative contact numbers: Member Services 74885352 or 79311856 Finance and General Enquiries 79672258 Thank you for your understanding.

Soldiers from 1st Battalion, The Royal Australian Regiment were led through a week of Jungle Warfare Training at Tully, Queensland. Activities commenced with basic jungle skills, and developed into live-fire jungle shakeouts. 🍃 The purpose of the training was to provide an understanding of the operating environment, so soldiers are better informed in the lead up to their deployment to Papua New Guinea. 💪 #WantokWarriors Comrade Trustee Services Limited (CTSL) wishes our two militaries well in their ongoing mutual engagements 📸CPL Brandon Grey

By Hon Dr Billy M. Joseph, Minister for Defence: Met with Ambassador of China to PNG His Excellency Zeng Hanhua and PNG Minister for Foreign Affairs the Hon Justin Tkatchenko to progress the Construction of the Taurama Military Hospital, and related matters. #PNG #China #MillitaryHospital //////////////////////////// Such military facilities at 7 Mile (POM), Taurama, Goldie and Igam (Lae) are extended for public utilisation so great to see this initiative. It will benefit the PNGDF battalion and their families at Taurama and surrounding communities.

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Comrade's final meeting of the year with our key stakeholders, Treasury Department. Shaking hands in the middle are CTSL CEO, Charlie Gilichibi (left), and Assistant Secretary, Allan Kapi Wam (right). Comrade values and acknowledges the ongoing partnership with the State, through the Dept of Treasury in managing: 1. Unfunded State contributions for EXITING members. Comrade is in a credit position, thanks to Treasury, where exiting members are paid out their unfunded State component immediately together with the member's component since 2022. 2. For the first time since 2022, receiving Unfunded State contributions for ACTIVE members: K10m in 2022 K31m in 2023 (K20m received; K11m forthcoming in 2024) 3. Reimbursements for payment of State share of pensions (60% that CTSL pays upfront every fortnight on behalf of the State).