A defined benefits pension fund
With a staff complement of around 260 nationwide, GIPF is the largest defined benefit pension fund in the country and the single biggest investor in the economy.
With over N$145 billion in assets under management, GIPF represents more than 62% of the Gross Domestic Product (GDP) in Namibia.
As a defined benefits pension fund, GIPF provides guaranteed pension benefits to its members meaning that should liabilities of GIPF exceed its assets, the participating employers undertake to cover the shortfall.
The Fund is in the final year of its current five-year strategy with the immediate priority to conclude on all the strategic goals that the Fund set in 2018.
The Fund has themed this financial year "The Final Stretch- Perfecting our Act", with the aim of critically assessing the gaps in the current five-year strategic plan and ensuring the Fund finishes strong.
Furthermore, the Fund has begun a strategy development process that will inform the new three-year strategic plan going forward.
The strategy development process will result in a comprehensive member-centric strategic direction that will take into account the Fund’s core mandate, as well as the key internal and external factors that can further drive the Fund to being a leading and model pension fund globally.
GIPF across Namibia
The Fund has a national footprint of 15 offices across the country, with two in Windhoek and 13 regional offices.
These are distributed across the country in Otjiwarongo, Grootfontein, Nkurenkuru, Opuwo, Oshakati, Ondangwa, Outapi, Eenhana, Rundu, Katima Mulilo, Swakopmund, Gobabis, and Keetmanshoop. Another office is scheduled to open in Mariental within this financial year.
Catering to every Namibian and aiming to position itself globally, GIPF prioritises its vision to be a leading and model pension fund globally while staying true to its mission of safeguarding and growing the Fund for the benefit of its members.
Guided by the Pension Fund Act, the Fund cannot partake in corporate social responsibilities but rather in corporate social investment as a means to plough back into the country.
This is done by creating value addition in efforts to guard and grow the benefits of its members.
GIPF has adopted a robust integrated investment strategy in listed investments, unlisted investments and treasury. These investments have been towards sectors such as health, infrastructure, housing, agriculture and renewable energy within the country.
Additionally, due to this Act, “the Fund cannot grant internships or bursaries, but continues to pay children annuitants monthly income uninterrupted,” says GIPF chief executive officer and principal officer, David Nuyoma.
With over 72 billion of its assets invested locally, GIPF holds the title as the biggest investor by far locally. The investments that GIPF has made assist in growing the local economy, making GIPF one of the biggest contributors to Namibia’s GDP.
Nuyoma says the Fund’s investments filled gaps in sectors such as health, infrastructure, housing, agriculture and renewable energy within the country and aims to do so in future.
Empowering the team
In order for GIPF to make successful investments and continue making strides towards reaching its mandate, the Fund encourages its employees to effectively carry out their duties by advocating an open-door policy.
This allows for continuous engagement, feedback and collaboration on how to effectively and efficiently guard and grow the Fund for the benefit of its members.
Additionally, GIPF continues to send its employees for training and offers study opportunities to ensure that staff members are skilled to best perform their duties and has implemented a vigorous wellness programme for staff members.
Photos: Junior Kapofi