GIPF assets approach N$120 bn

24 February 2020 | Business

The assets of the Government Institutions Pension Fund (GIPF) at the end of March last year stood at N$118.1 billion, about N$7 billion or 6.3% more than its 2018 book-year.

The fund paid out benefits of nearly N$4.497 billion in its financial year ended 31 March 2019, about N$911 million or 20.2% more year-on-year, it said in a statement on Friday.

Its active membership declined to 101 917 from 102 254 members during the year under review, representing a decline of 0.3%.

The GIPF’s active annuitants or beneficiaries increased by 8.6% to 40 666.

Contributions to the fund in respect of members increased were up 1.4% to exceed N$4.3 billion.

Audit

According to the statement, the GIPF once again received an unqualified audit opinion.

“As per best governance practice, the fund appointed new external auditors for the 2018/19 audit and was subjected to a comprehensive, extensive audit exercise. To this end, the fund applied for and received an extension from the regulator, Namibia Financial Institutions Supervisory Authority, to submit the financial statements by 31 January 2020,” the statement read.

The GIPF will, “in due course, make the Annual Integrated Report available to the public that will provide further detail and insight into the 2018/19 financial year performance”.

“The GIPF continues to be a sound and fully funded pension fund in line with its strategic aspirations to become a leading and model pension fund globally,” the statement concluded.