The first of October 1989 marked the official opening of the Government Institutions Pension Fund (GIPF). The founding vision, 30 years ago, was for GIPF to “remain the leading independent and professionally managed Pension Fund in Namibia, providing real value benefits of its members and their dependents, while making a significant contribution to the development of the Namibian economy and the economic empowerment of its citizens.” It goes without saying that the historic and continuous success of the GIPF has led to the attainment of this vision. As a result, the GIPF strategic plan approved in 2018 has amplified and expanded this vision to aspire the Fund to become a “leading and model Pension Fund globally” by 2023.
Over the 30 years of growth, the mission of the GIPF has always been member centric. The mission in 1989 was to “provide sustainable market-related pension benefits and excellent administrative services to our members and their dependents this mission has evolved over the years to “safeguard and grow the Fund for the benefit of its members”.
“Our members are the core of our business, and this has seen our benefits to the members increase to Normal Retirement, Early Retirement, Resignation/Dismissal, Retrenchment, Disability benefit, Ill-Health Retirement, Death benefits and Funeral benefits to date,” stated David Nuyoma, Chief Executive Officer and Principal Officer of GIPF.
Since inception, GIPF’s objectives have been to ensure that the Fund remains fully funded, and to consistently achieve high returns on investments. The Fund is prudently managed and self-administered to ensure members and their dependents receive market-related benefits, and cost-effective and excellent administrative services.
“The assets of the Fund have since grown tremendously in the past three decades from N$844 million in 1990 to an astonishing
N$118,2 billion as at 31 August 2019. Of course, along this journey, the Fund did experience challenges, including the 2008 global economic meltdown, but the Fund withered the storms,” said Nuyoma. The GIPF has 102 194 members that it caters for, and it provides monthly incomes for 43 105 active annuitants. As at September 2019, the Fund forecasts to pay out N$5,2 billion in benefits and monthly annuities during the 2019/20 financial year, illustrating the enormous social and financial safety net it provides for Namibians from all walks of life.
“GIPF strives to be a leading and model pension fund globally, and in order to achieve this, the Fund has over the years persistently worked towards increasing its National footprint. From a single floor office to the current five-storey building in Windhoek, which serves as a head office, complemented by 10 Regional Offices in Rundu, Katima Mulilo, Outapi, Eenhaha, Oshakati, Ondangwa, Otjiwarongo, Swakopmund, Gobabis, Keetmanshoop, and a satellite office in Windhoek at B1 City to cater for its growing members,’’ concluded Nuyoma.