Local authorities pension fund enters fourth decade
Local authorities may not be good at management and bookkeeping but they excel at looking after their own retirement benefits. At the end of March, the Retirement Fund for Local Authorities and Utility Services, RFLAUN, celebrated its 31st anniversary.
The fund was established in 1992 as a defined contribution pension fund in terms of the Pension Funds Act to provide retirement and other benefits for employees and former employees, and benefits in the event of their death or becoming disabled. Together with 49 local authorities, the RFLAUN secretariat and CENORED, the fund has 51 participating employers.
The Director of Regional, Local Government and Traditional Authorities Coordination in the Ministry of Urban and Rural Development, Ms Prisca Anyolo delivered the keynote address on behalf of the minister, Hon Erastus Uutoni at the celebrations.
She thanked everyone associated with the Fund for the work they have done to ensure its success. “Accountability is crucial for any organization, and we must ensure that we are accountable to our members and the Namibian people. As we administer and provide pension-related benefits, we must remain transparent, communicate effectively, and take responsibility for our actions. Our actions must be guided by our values, and we must ensure that we maintain the highest standards of integrity.”
The Chairperson of the Board of Trustees, Cllr Gaudentia Krohne, stated, “The RFLAUN Board is committed to delivering its fiduciary duties by following the laws that govern the pension fund industry. Particularly, the Pension Funds Act of 1956, regulatory directives, Fund Rules, the Income Tax Act and other relevant laws. As we look to the future, the Board remains committed to promoting good governance and transparency in all our operations, and we will continue to engage with our members and stakeholders to ensure that their voices are heard, and their concerns addressed.”
The fund’s Principal Officer, Mr Dorian Amwaandangi said, “Over the past 31 years, RFLAUN has grown to become one of the largest pension funds in Namibia, with over N$6.6 billion in assets. This growth can be attributed to the fund’s commitment to sound financial management, prudent investment strategies, and its focus on meeting the needs of its members.”
“Another benefit that we offer is housing loans, which enable our members to become homeowners. Owning a home is an essential part of financial security, and we are proud to be able to assist our members in achieving this goal. The pension-backed housing loanbook currently stands at over N$227 million,” he said.
As we look to the future, we are excited about the opportunities that lie ahead. The Namibian economy is poised for growth, and we believe that this will provide us with opportunities to invest in assets that will generate sustainable returns for our members. We are also exploring new ways of enhancing our service delivery, such as the use of digital channels to interact with our members and the development of new products and services that meet their evolving needs,” he elaborated.
Celebrating 31 years, from the left, the Principal Officer of the local authorities and utility services pension fund (RFLAUN), Mr Dorian Amwaandangi, a Director in the Ministry of Urban and Rural Development, Ms Prisca Anyolo, the RFLAUN Chairperson, Councillor Gaudentia Krohne and the fund’s Vice Chair, Mr Frederick Ueitele.
