GIPF asset base increases by 6.3 per cent

Government Institutions Pension Fund (GIPF) The Fund's asset base increased by 6.3 per cent from N.dollars 111.1 billion to N.dollars 118.1 billion compared to the previous financial period.

The benefits paid out by the Fund to its members increased to N.dollars 4 496 943 000 from N.dollars 3 586 417 000 representing an increase of 20.2 per cent the Funds General Manager of Marketing and Stakeholder Engagement, Edwin Tjiramba has announced in a media statement availed to Nampa on Friday.

The contributions to the Fund in respect of members increased to N.dollars4 329 309 000 from N.dollars 4 269 312 000 representing an increase of 1.4 per cent.

The Funds active membership declined to 101 917 from 102 254 members, representing a decline of 0.3%. The Funds active beneficiaries increased to 40 666 from 38 591 annuitants representing an increase of 8.6 per cent, Tjiramba said.

Tjiramba added that the Fund has concluded and submitted its Annual Financial Statements to its key stakeholders for the period ended 31 March 2019 as per the requirement of the Fund Rules and the Fund has once again received an unqualified audit opinion.

The Fund 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. 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 (NAMFISA) to submit the financial statements by 31 January 2020, said Tjiramba.

Source: Namibia Press Agency