GIPF asset base increases to N$118.1 billion
The Governments Institutions Pension Fund (GIPF) asset base increased by 6.3% from N$111.1 billion to N$118.1 billion for the period ended 31 March 2019, according to their recently released statement.
Member contributions to the Fund increased to N$4,329,309,000 from N$4,269,312,000 representing an increase of 1.4%; while benefits paid out by the Fund to its members also saw an increase to N$4,496,943,000 from N$3,586,417,000 representing an increase of 20.2%.
Meanwhile, during the period under review, the Fund`s active membership declined to 101,917 from 102,254 members, representing a decline of 0.3%; while active beneficiaries increased to 40 666 from 38 591 representing an increase of 8.6%.
Furthermore, the fund received an unqualified audit opinion from External Auditors for the 2018/19 audit.
According to the Fund, it is yet to make the Annual Integrated Report available to the public, which will provide further detail and insight into the 2018/19 financial year performance of which Namfisa had granted them an extension to submit their financial statements by 31 January.