GIPF chairman explains fund’s operational strategy to members in Kunene
The Government Institutions Pension Fund now stands at a fund value of N$117 billion, confirming its status as the single biggest consolidated liquid asset in the Namibian economy. This constitutes an annual growth of 5.98% in market value, rising from N$110.4 billion in 2017.
The GIPF has a membership base of some 135,000 individuals, receiving benefits that range from normal pension to early retirement benefits, ill-health benefits, disability income benefits, death benefits, retrenchment benefits and funeral benefits.”
Addressing a stakeholder consultative meeting in the Kunene capital, Opuwo, last week, the fund’s chairman of its board of trustees, Mr Goms Menettè, said the “GIPF appreciates its role as the single biggest local investor, and the responsibility that this entails. This requires of us to do more locally and we are committed to doing just that.”
According to Menettè, the GIPF will invest N$7.2 billion in the Namibian economy this year to comply with Regulation 28 of the Pension Fund Act which sets the Domestic Asset Requirement level at 45%, up from the previous 40%. The fund also has to comply with Regulation 29 which sets pension fund investment in unlisted entities at 3.5% of total assets.
“The planned investment will predominately be channelled into infrastructure projects that are of economic value,” said Menettè.
In terms of operational efficiency, the chairman said the fund has embarked on an extensive Business Process Improvement project as part of its five-year strategic plan from 2018 to 2023, focused on sustainability, to be an employer of choice, to ensure outcome-based governance, risk and compliance and also to provide excellent service.
Wrapping up the meeting, the fund’s Chief Executive, Mr David Nuyoma, said “I hope that our presence here today made you feel important and appreciated by the fund. I can not stop to emphasise how much we value you, our beloved members. Thank you for attending this event.”
Caption: GIPF Chief Executive, Mr David Nuyoma (left) and the Chairman of the Board of Trustees, Mr Goms Menettè.