As of 28 February 2021, the Government Institutions Pension Fund (GIPF)’s asset base was recorded at N$134 billion, this is despite the impact of the Covid-19 pandemic. According to GIPF CEO David Nuyoma, this great performance translates into a return of 16.1% for the year to that point.
“As such, GIPF continues to be a significant player in the local financial industry and an immense asset to this country when it comes to the capital the fund injects into various developmental initiatives of this economy across all sectors,” said Nuyoma last week at a media engagement and launch of the Pension on Wheels service.
He added that the recently announced pension benefit increase, effective 1 April 2021, is in line with inflation and all GIPF pensioners will receive a 3% increase, despite the current volatile economic outlook.
“In awarding a pension increase, the fund had to strike a delicate balance between the volatile investment returns due to the Covid-19 pandemic and the need to ensure that our pensioners can maintain the standard of living they have become accustomed to,” he stated.
Unpacking GIPF’s strategic overview for 2021 with the theme “Socio-economic impact through shared value”, Nuyoma noted with this GIPF strives not only to make investments of greater socio-economic impact but also to be member-centric. To achieve this, there is a need to assist in disseminating vital information to keep members informed regarding the fund’s activities. This year, Nuyoma said, marks the fourth of the fund’s five strategic plan. He said the fund remains committed of the vision to become a global pension fund in terms of best practice adaptation. To achieve this, he emphasised the importance of sustainability, governance, service excellence by reaching out to members, and capacity building and enhancing skills.
While launching the second GIPF Pension on Wheels truck, Nuyoma outlined that this service was conceptualised to take care of GIPF members in remote areas who have to travel for long hours and through unbearable conditions to access the fund’s services. On 14 August 2013, GIPF launched the first Pension on Wheels mobile office. The customised vehicle was designed to extend the fund’s services to members across the country who could not access GIPF services due to harsh conditions.
With the new truck, GIPF hopes to take services closer to its customers at any given point. The Pension on Wheels vehicles are to be staffed by a team of GIPF regional client service consultants on a rotational basis, who will be responsible for handling claims, fund rule queries, benefits and income statements.