The Government Institutions Pension Fund (GIPF) informed its tax-paying and qualifying annuitants, namely pensioners, spousal and child beneficiaries that the fund started making tax payment relief refunds to the tune of over N$118 million on 28 November 2024, as previously announced. 

“The fund will pay out approximately N$118 million to 24 173 qualifying annuitants, who will receive amounts ranging from N$1.00 to approximately N$17 000,” said Martin Inkumbi, chief executive officer/principal officer of the GIPF.  “The refunds are based on a calculation formula that considered tax paid to date by members, the amount that would have been payable by the member based on the new tax tables, and determining the difference between the two figures, resulting in the amounts to be refunded,” added Inkumbi. 

The refunds will be paid to all qualifying tax-paying annuitants, who do not have active tax directives or notice to agent as issued by the Namibia Revenue Agency (NamRA), and to deceased members whose refunds shall be paid to their estates through the Master of the High Court. 

Approximately 946 annuitants who owe tax to NamRA will not receive a refund ,and in case of changes, they are advised to contact NamRA to provide a new tax directive to the fund, instructing the fund to either cancel or amend the existing tax directive.

 The fund is verifying the outstanding tax refunds for members on disability who received the 3% increase and back- pay adjustments earlier this year. Any adjustments for this group of annuitants will be done with the December 2024 payroll. 

All members who will receive refunds will receive an SMS from the fund informing them accordingly.