The Government Institutions Pension Fund (GIPF) forecasts to pay out N$ 5,2 billion in benefits and monthly annuities during the 2019/20 financial year, Chief Executive officer, David Nuyoma said.
“As at September 2019, the Fund forecasts to pay out N$ 5,2 billion in benefits and monthly annuities during the 2019/20 financial year, illustrating the enormous social and financial safety net it provides for Namibians from all walks of life,” he said.
“The GIPF has 102 194 members that it caters for and provides monthly incomes for 43 105 active annuitants.”
Nuyoma who was speaking to mark the funds 30th anniversary, said the GIPF had undergone a transformation process, with its focus remaining on safe guarding its members funds, which have grown significantly over the years.
“The assets of the Fund have since grown tremendously in the past three decades from N$844 070 million in 1990 to an astonishing N$118.2 Billion as at 31 August 2019. Of course, along this journey the Fund did experience challenges including the 2008 global economic meltdown, but the Fund withered the storms” said Nuyoma.
“Over the 30 years of growth, the mission of the GIPF has always been member-centric. The mission in 1989 was to “provide sustainable market-related pension benefits and excellent administrative services to our members and their dependents this mission has evolved over the years to “safeguard and grow the Fund for the benefit of its members.”
“Our members are the core of our business and this has seen our benefits to the members increase to Normal Retirement, Early Retirement, Resignation/Dismissal, Retrenchment, Disability benefit, Ill-Health Retirement, Death benefits and Funeral benefits to date.”
He said Fund continues to be prudently managed and self-administered in order to ensure that its members and their dependents receive market-related benefits, cost-effective and excellent administrative service through an increased national present.
“Since inception, GIPF’s objectives have been to ensure that the Fund remains fully funded and to consistently achieve high returns on investments. GIPF strives to be a leading and model pension fund globally and in order to achieve this, the Fund has over the years persistently worked towards increasing its National footprint. From a single floor office to the current 5 story building in Windhoek, which serves as a head office complemented by 10 Regional Offices in Rundu, Katima Mulilo, Outapi, Eenhaha, Oshakati, Ondangwa, Otjiwarongo, Swakopmund, Gobabis, Keetmanshoop and a satellite office in Windhoek at B1 City, to cater to its growing members,’’ said Nuyoma.