Guest Contributor | Nov 5, 2019 | 0
Benchmark results prove efficiency of open, pooled pension funds
Benchmark Retirement Fund investment manager, Glenn Silvermann (left) and the fund’s Principal Officer, Kai Friedrich, last week told fund members it has serviced financial obligations of N$451 million during the previous financial year.
“Benefit payments, including withdrawals, retirement lump sum payments and conversion of member shares into pensions amounted to N$451 million” said Friedrich when he reported to the Annual General Meeting of the more than 8700 members of the Benchmark Retirement Fund. The meeting took place last week Thursday, 03 August 2017.
“Of the 8778 [members] 657 are individual members and the remaining 8121 are members under participating employer groups” Friedrich said when he announced the fund’s overall performance at the AGM. Benchmark now manages assets worth N$2.2 billion on behalf of its members.
BEnchmark has 216 pensioners who received about N$22.5 million in pensions during the year.
Commenting on the fund’s performance, Silvermann said the fund’s investments grew by N$164 million during the year. “African countries present opportunities for real growth, however issues of poor infrastructure and weak institutions need to be addressed” he said noting that over-regulation tends to diminish return on capital which has an impact on the performance of pension fund investments.