GIPF makes significant reduction of the Fund’s data reserve liability
The Government Institutions Pension Fund (GIPF) announced the significant reduction of the Fund’s data reserve liability from 5% to 2.5% of active and disabled members’ liabilities.
This reduction translates into a monetary value of just over N$1.54 billion as per the latest Actuarial Valuation Report 2018.
“Data reserve liabilities are funds set aside to cover any possible increase in liabilities resulting from possible data errors and/or ad hoc admissions to membership of eligible employees whose records are neither on the GIMIS system nor part of the valuation data for active and disabled members, said Elvis Nashilongo, General Manager: Operations.
Inaccurate member data on the GIPF system, outstanding admissions, unclaimed benefits, outstanding claims, untraceable beneficiaries, beneficiaries without national documents and unregistered/unverified annuitants are the most common contributors to the Fund’s data integrity.
“GIPF’s efforts towards achieving service excellence prompted the Fund to ensure data quality, which is often referred to as “data integrity”, is improved and maintain at the highest possible standards. The team’s tireless efforts have proven to have contributed tremendously to the effectiveness and efficiency of the operations of the Fund. In order to maintain service excellence, it is imperative that all our members ensure that their personal details are correct as per their national documents, claim benefits due to them and that they are verified within the specified periods” continued Nashilongo.
GIPF further implores members to update their beneficiary nomination form and any other details such as marriage status, and birth certificates of their children this year, before they go on leave. The nomination form assists the Fund to know who to pay the member’s benefits to, in the event of death. In the absence of the nomination form, it becomes challenging for the Fund to process payment timeously.
“Human Resources (HR) practitioners at all ministries and participating employers who are members of GIPF should also send out reminders to the members to update their nomination forms, and any other details that would assist the Fund to timeously pay out their benefits, before they go on leave this year”, concluded Nashilongo.