The Government
Ins t i t u t i on s
Pension Fund
(GIPF) on Tuesday
released its 2024 Integrated
Annual Report
(IAR), which detailed its
financial performance
and strategic initiatives
over the past year.
The report which was
launched at the Windhoek
Country club,
outlined how the fund
has navigated economic
challenges while continuing
to provide security
for its members.
GIPF Chief Executive
Officer Martin Inkumbi
described the fund’s
ability to grow despite
uncertainties.
“The GIPF remains
committed to securing
the financial future of
our members while ensuring
long-term sustainability,”
he said.
Reporting on the
fund’s performance
and key figures, the report
covered the period
from 1 April 2023
to 31 March 2024 and
highlighted significant
growth. The fund’s total
asset value reached
a total of N$167 billion
with an 11% increase
from the previous year.
Whereas contributions
rose by 3% to N$4.8 billion,
while benefits paid
out decreased by 9% to
N$6.3 billion.
Investment returns
also showed a strong increase
of 13.2%, reaching
N$18 billion, compared
to N$6.5 billion
in the previous year.
The fund’s portfolio includes
N$117.1 billion
managed by external
investment managers,
N$10.1 billion in direct
investments, and a treasury
portfolio of N$40
billion.
In addition to reporting
on its financial
performance, GIPF
announced that it is
actively preparing for
the anticipated rollout
of the Financial Institutions
Market Act
(FIMA).
The GIPF Board of
Trustees Chairperson,
Penda Ithindi, enthused
that the fund
has invested heavily in
ensuring compliance
and operational readiness.
“We have assessed
all departmental activities
and statutory
obligations to ensure
a seamless transition
once FIMA takes effect.
The fund is
well-prepared, and we
have made significant
progress in aligning
with regulatory requirements,”
Ithindi
stated.
From an operational
perspective,
the transition period
for FIMA will provide
time for entities
to track compliance
and implementation.
Ithindi emphasised
that while FIMA’s full
rollout will take time,
GIPF is “really, really
ready” to comply.
It has further
emerged that the
GIPF’s active membership
grew by 2.24%
to 99,722 members,
reinforcing its role as a
key player in Namibia’s
pension sector. Benefit
payments saw a 9%
decline, amounting to
N$6.3 billion, further
highlighting the fund’s
financial stability.
The state owned
enterprise (SOE) has
reiterated its commitment
to enhancing
accessibility through
digital platforms and
improving personalised
services for its
members, while further
ensuring continued
focus on longterm
stability and
sustainable financial
growth.