In 1975, the PNG government took over the administration of the Defence Force Retirement Benefit Fund (the Fund) from Australia for the PNG Defence Force. The Fund was initially managed by the Department of Finance under the Defence Force Retirement and Death Benefits Act 1973 (DFRDB Act).
By 1982, both membership and assets of the Fund were transferred to the State Services and Statutory Authority Superannuation Fund (SS & SASF), later renamed the Public Officers Superannuation Fund (POSF). During this period, a board of directors was established to oversee the Fund’s compliance and governance, while maintaining separate accounting and reporting.
In 1996, the Fund’s administration was transferred to Kina Securities Ltd until 1998, when the new caretaker entity known as the DFRB Board was established to manage the Fund.
On 1 January 2003, Comrade Trustee Services Limited (CTSL) was appointed Trustee for the Fund in accordance with the Superannuation (General Provisions) Act 2000.
In November 2015, the National Parliament passed amendments to the DFRDB Act, officially introducing the accumulation scheme under the Fund.
As mandated by legislation, CTSL outsources key functions to authorised service providers:
Members of the Defined Benefit Scheme enjoy a range of valuable benefits tailored to their service:
Your retirement payout is calculated using a formula based on your final salary and total years of credited service, offering peace of mind with a predictable benefit.
After five years of continuous contributions, members can access a housing advance to assist in building or purchasing a home.
Contributions and fund earnings are professionally managed to support the sustainability of the scheme and member benefits.
Members can access benefits upon retirement, resignation, unemployment, or under other approved conditions as stipulated by the scheme’s governing rules.
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