GIPF member education campaign in November focuses on fund mandate
In an effort to educate its members about the rules of the Fund and its commensurate pension benefits, the Government Institutions Pension Fund (GIPF), has been conducting monthly, topic-focused radio campaigns. During the month of November, the campaign will focus on its purpose and how it functions as a defined benefit fund.
Trained client services consultants will lead live discussions on all local language services of the NBC and selected commercial radio stations from 08 to 12 November 2021.
As a defined benefit pension fund, the GIPF has two main mandates. It provides benefits to members upon retirement and supports the members’ dependents (such as children and spouses) upon the member’s death. Other benefits include retirement, disability, ill-health, death, and funeral etc. Members can also get a withdrawal amount if they resign, get dismissed or retrenched before their retirement date.
“A pension fund such as the GIPF is governed by a Board of Trustees. Some trustees are appointed by the employer while others are appointed by employees via their trade unions which have recognition agreements with the employers. The Board appoints a Principal Officer or Chief Executive Officer (CEO) who oversees the day-to-day administration of the pension fund. Practically, the CEO needs more administrators to assist him/her; so, as do other funds in the industry. As a self-administering Fund, the GIPF employs its own administrators to assist the CEO,” stated Amos Bondmen, GIPF Manager for Marketing Services.
“The GIPF is guided by the Pension Funds Act. During these trying times, the fund has seen an influx in pleas from members to access their benefits before retirement for several purposes. This and other reasons culminated in our eagerness to ensure our members are presented with a platform to engage the fund on the laws that guide [its operations]” added Bondmen.
Topics to be addressed during the November sessions include contributions, management, protection of benefits, deductions, prohibition of loans, housing loans and GIPF home loans.
“GIPF has many other platforms of engagement and information sharing, such as targeted member education sessions at various government offices and member institutions. As a forward-thinking fund, we have also embraced the use of new technologies and urged members to use our social media platforms and to log onto our member portal on the GIPF website,” concluded Bondmen.