GIPF reflects on 30-year existence – Fund grows from N$844 million to N$118.2 billion in three decades
The first of October 1989 marked the official opening of the Government Institutions Pension Fund (GIPF).
Chief Executive and Principal Officer of the GIPF, David Nuyoma, this week commemorating 30 years of existence said that the founding vision was for the GIPF to “remain the leading independent and professionally managed pension fund providing real value benefits to its members and their dependents, at the same time making a significant contribution to the development of the Namibian economy and the economic empowerment of its citizens.”
“It goes without saying that the historic and continuous success of the GIPF has led to the attainment of this vision. As a result, the GIPF strategic plan approved in 2018 has amplified and expanded this vision for the fund to become a “leading and model pension fund globally by 2023,” he said
According to Nuyoma over the 30 years of growth, the mission of the GIPF has always been member-centric.
“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,” stated Nuyoma.
Since inception, the GIPF’s objectives have been to ensure that it remains fully funded and to achieve consistently high returns on investments. The fund is prudently managed and self-administered in to ensure members and their dependents receive market-related benefits, [as well as] cost-effective and excellent administrative service, he said.
“The assets have 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 withered the storms,” said Nuyoma.
According to Nuyoma, the GIPF has 102,194 members and provides monthly incomes for 43,105 active annuitants.
“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 added.
Nuyoma said 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 five-storey building in Windhoek, which serves as 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’’ concluded Nuyoma.