Benchmark fund crosses N$1.3 bn in assets
Friedrich announced that one of the milestones reached during the year was to amend the rules of the Fund to increase the late retirement age from 70 to 75. This, he said, was done to follow global trends that show increasing life-expectancies and with that, delayed retirement. Friedrich said that this rule amendment was particularly aimed at allowing longer preservation of retirement capital in order to maximize the effect of compounding of interest, especially in the late stages of a member’s working life, where this has the biggest impact. He further noted that the lower limit of early retirement according to the rules of the Fund remains at 55 years of age. Friedrich said that the continuously changing Namibian regulatory environment in terms of compliance with NAMFISA’s quarterly reporting requirements, as well as compliance with investments in unlisted investment vehicles, for example, remain a challenge for the industry. He was confident though that the Fund is taking all necessary measures to ensure that it will to comply with changing regulatory requirements.
Friedrich said that the Fund continues to place a high degree of emphasis on governance. In this regard, during 2014 the Fund finalized its risk and communication policies in terms of its governance framework.