GIPF efforts to trace lost beneficiaries yield fruit
The Government Institutions Pension Fund (GIPF) has managed to reduce the 2015 list of unclaimed pension benefits affecting over 12000 individuals to just over 1200 individuals this year.
According to the GIPF Chief Executive, David Nuyoma, this week at a media brief, the government’s pension fund embarked on an extensive project to reach out to beneficiaries and he gladly revealed that they have managed to reduce the figure extensively.
“The fund can not achieve this on its own, thus we appeal to our members to ensure that your nomination forms are updated and that your beneficiaries relevant documents are in order,” he said
Nuyoma also at the event said GIPF has indeed evolved with great transformation from the execution of a rebranding exercise leading to the birth of the current refreshed corporate image, to the improvement of turnaround times.
“With benefits ranging from normal retirement, early retirement, resignation/dismissal, retrenchment, disability, ill health, funeral and the one benefit that has been receiving close reviews of late which is the death benefit GIPF has really worked towards diminishing the days these benefits are paid out,” he said.
According to Nuyoma as of normal retirement, early retirement, resignation/dismissal and retrenchment it will take them now 25 working days to pay compared to the past were it took more them 30 working days or more.
While with disability payments, especially with ill health, Nuyoma said they are moving faster and as soon as the papers are ready they sign it off.
“With the funeral benefits, I am proud to say that we have reduced this from 48 hours to 24 hours,” he added. Nuyoma said death before retirement payment is done in 12 months, depending on submission of all relevant documents.
“We have started to implement a board decision and strategic deliverable to effect early processing of death benefits within three months and latest 12 months,” he added. Death after retirement, Nuyoma said payment is done within 30 working days compared to the past which was 60 working days.
Meanwhile Nujoma said the Fund acknowledges the tremendous improvement within its operational department but noted that they have not reached their ultimate goal yet.