Pension fund-related complaints in 2016 reach N$11.2 million

The Namibia Financial Institutions Supervisory Authority (NAMFISA) received about 143 complaints in 2016 from consumers, of which pension fund related complaints amounted to N$11,242,890, the NAMFISA 2017 Annual Report indicated.

According to the report, some complaints were made directly by pension fund holders while others were observed by NAMFISA’s Pension Fund department who conducted on and off site inspections.

The report said that, full on-site inspections were conducted on four funds while 39 off-site inspections were conducted by the department.

Meanwhile, a total of N$1, 381,013 was paid to overall complaints following NAMFISA’s involvement as of December last year and about N$41,044,795 over the period from January 2017 and March 2017.

The report said that during the review period, the total income of NAMFISA was 19% (N$24.5 million) higher than the budget of N$129.2 million for the period. Total income exceeded budget mainly as a result of higher levies received.

Total expenditure of N$199.9 million was incurred by the firm which represents a saving of N$24.5 million compared to the budget of N$224.4 million.

NAMFISA said this positive variance is mainly the result of cost-saving measures that have been put in place, while staff costs of N$133.2 million remain the largest contributor to operating expenditure.