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Home / GIPF’s asset base increased 6.3% to over N$118 billion

GIPF’s asset base increased 6.3% to over N$118 billion

2020-02-24  Staff Reporter

GIPF’s asset base increased 6.3% to over N$118 billion
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The Government Institutions Pension Fund’s unqualified audit opinion for the period ended March 2019 shows that the fund’s asset base increased by 6.3% from N$111.1 billion to N$118.1 billion. 
An unqualified opinion is an independent auditor’s judgment that a company’s financial statements are fairly and appropriately presented, without any identified exceptions, and in compliance with generally accepted accounting principles. 

GIPF confirmed on Friday that it 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
The latest financial statements also indicate that GIPF’s active membership declined to 101 917 from 102 254 members, representing a decline of 0.3%. The fund’s active annuitants (beneficiaries) increased to 40 666 from 38 591 annuitants representing an increase of 8.6%. The contributions to the fund in respect of members increased to N$4 329 309 000 from N$4269 312 000 representing an increase of 1.4%; and, the benefits paid out by the fund to its members increased to N$4 496 943 000 from N$3 586 417 000 representing an increase of 20.2%.

“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,” read a statement from GIPF’s GM: Marketing and Stakeholders Engagement, Edwin Tjiramba.   

Tjiramba noted that, 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, Namfisa to submit the financial statements by 31 January 2020,” Tjiramba added. 

2020-02-24  Staff Reporter

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