Construction workers pension fund shows growth

STAFF REPORTER
  • 20 Hours Ago
The Namibia Building Workers Pension Fund (NBWPF) has announced significant progress in its operations over the past year. With strategic reforms and a steadfast commitment to its members, the fund continues to set new benchmarks for service delivery and member benefits in Namibia’s construction industry.

The transition to full self-administration, completed in December 2023, marked a transformative moment for the NBWPF. By adopting a more dynamic investment strategy aligned with the requirements of Regulation 13, the NBWPF has achieved significantly improved investment returns. Regulation 13, issued by the Namibia Financial Institutions Supervisory Authority (Namfisa), ensures that pension funds like the NBWPF invest responsibly, safeguarding members’ savings while supporting Namibia’s economic growth.

In 2023, the Fund disbursed over N$20 million in benefits to members, a substantial increase from the N$13 million distributed in 2022. This achievement underscores the NBWPF’s enhanced capacity to meet its obligations and reflects the positive impact of its strengthened operational framework.

The NBWPF has also refined the definition of unclaimed benefits to provide a more comprehensive and transparent representation of outstanding funds. This has improved claims processing and tracing efforts, ensuring that members and their families receive their entitlements efficiently and fairly.

Members continue to benefit from a comprehensive range of services, including retirement, withdrawal, disability, death, and funeral benefits, specifically designed for Namibia’s construction industry workforce. The recent approval of reserve distributions for active and former members further demonstrates the NBWPF’s strong financial position and its commitment to equitable resource allocation.

Enwich Kazondu, executive principal officer commended the NBWPF’s achievements.

“The strides we have made over the past year reflect our unwavering dedication to improving the lives of our members. Through strategic reforms and a focus on member-centric solutions, we have achieved exceptional results that ensure the financial security of Namibia’s construction industry workforce. We remain committed to building on this foundation and delivering even greater value in the years to come."