GIPF reflects on 30 years of growth
Marking its official opening on 1 October 1989, the Government Institutions Pensions Fund’s vision was to remain the leading independent and professionally managed pension fund in the country.
The Government Institutions Pension Fund (GIPF) has been the leading pension fund in the country for the past three decades.
As the nation commemorates 30 years of Independence on 21 March 2020, it seems befitting to reflect on GIPF's 30 years of growth, development and socio-economic impact.
GIPF marked its official opening on 1 October 1989.
The founding vision 30 years ago was for the fund to "remain the leading independent and professionally managed pension fund in Namibia, providing real value benefits to its members and their dependents, while making a significant contribution to the development of the Namibian economy and the economic empowerment of its citizens".
The historic and continuous success of the GIPF has led to the attainment of this vision, and as a result, the GIPF strategic plan approved in 2018 amplified and expanded this vision to becoming the "leading and model pension fund globally" by 2023.
In order to achieve this vision, the fund has over the years persistently worked towards increasing its national footprint. At inception, service delivery emanated from a single-floor office in the capital in 1990. Currently the fund has expanded its presence to the current five-story building in Windhoek, which serves as the head office, complemented by 10 regional offices at Rundu, Katima Mulilo, Outapi, Eenhana, Oshakati, Ondangwa, Otjiwarongo, Swakopmund, Gobabis, Keetmanshoop and a satellite office in Windhoek at B1 City, to cater to its larger and growing membership.
Furthermore, in response to an outcry from our members to be engaged on a face-to -face level, the fund took a strategic decision to host regional consultative stakeholders' engagement sessions as well as events with targeted participating employers in the regions.
Since inception, the GIPF's objectives have been to ensure that the fund remains fully-funded and consistently achieves high returns on investments. The assets of the fund have grown tremendously in the past three decades from N$844 070 million in 1990 to an astounding N$120 billion to date. Along the journey, the fund did experience challenges, including the 2008 global economic meltdown, but it has weathered the storms.
GIPF's mandate is to provide retirement ancillary benefits to its members and their dependents. With service excellence at the core of its strategy, the fund has worked tirelessly to improve the turnaround times in paying member benefits over the past few decades.
The GIPF has 101 590 contributing members and the fund provides monthly income to 39 837 active annuitants. Thus far the fund has paid out N$4.2 billion in benefits and monthly annuities as at 31 January 2020, illustrating the enormous social and financial safety net it provides for Namibians from all walks of life.
In 2008 the GIPF approved an investment policy for unlisted investment. In line with Regulation 28 of the Pension Funds Act, now referred to as Regulation 13 of the Pension Fund Act, pension funds are required to hold a minimum of 35% to a targeted value level of 45% of their investments in Namibian assets with the maximum of 3.5% in unlisted investments. Through this legislation pension funds are encouraged to invest in the domestic market and ensure that Namibian savings are utilised to stimulate development and to make meaningful contributions to the economy and to the development needs of communities, by providing development capital to non-listed sections with high growth potential.
To date the GIPF has invested about 45 billion in the local market through listed and unlisted investments and is constantly looking at investment opportunities, especially locally.
The GIPF unlisted investment policy has recorded great success in job-creation, infrastructure development and general economic growth. To date GIPF has invested in the following sectors: medical and pharmaceutical, animal feed, building supply, ICT, industrial, electric, enviro sustainability, renewable energy, land servicing, municipal servicing, procurement, finance, manufacturing, engineering, education, funeral, agribusiness, transport and logistics, mining construction, mobile payment solutions, health services, property development, retail shopping centres, Solar PV, warehousing and home loans, to mention a few. Needless to say, the ripple effects of the GIPF's investments is the multiplication of business entrepreneurs, an increase in the critical mass of sustainable businesses and the stimulation of market activities.
"Our core business is our members, and in order to ensure their wellbeing, the GIPF will continue to financially plough back into society by investing in different sectors. The fund will not only support locally-owned business and create jobs, but will also continue to contribute tremendously to the national economic development plan and the country's gross domestic product," said David Nujoma, chief executive of the GIPF.
As the nation commemorates 30 years of Independence on 21 March 2020, it seems befitting to reflect on GIPF's 30 years of growth, development and socio-economic impact.
GIPF marked its official opening on 1 October 1989.
The founding vision 30 years ago was for the fund to "remain the leading independent and professionally managed pension fund in Namibia, providing real value benefits to its members and their dependents, while making a significant contribution to the development of the Namibian economy and the economic empowerment of its citizens".
The historic and continuous success of the GIPF has led to the attainment of this vision, and as a result, the GIPF strategic plan approved in 2018 amplified and expanded this vision to becoming the "leading and model pension fund globally" by 2023.
In order to achieve this vision, the fund has over the years persistently worked towards increasing its national footprint. At inception, service delivery emanated from a single-floor office in the capital in 1990. Currently the fund has expanded its presence to the current five-story building in Windhoek, which serves as the head office, complemented by 10 regional offices at Rundu, Katima Mulilo, Outapi, Eenhana, Oshakati, Ondangwa, Otjiwarongo, Swakopmund, Gobabis, Keetmanshoop and a satellite office in Windhoek at B1 City, to cater to its larger and growing membership.
Furthermore, in response to an outcry from our members to be engaged on a face-to -face level, the fund took a strategic decision to host regional consultative stakeholders' engagement sessions as well as events with targeted participating employers in the regions.
Since inception, the GIPF's objectives have been to ensure that the fund remains fully-funded and consistently achieves high returns on investments. The assets of the fund have grown tremendously in the past three decades from N$844 070 million in 1990 to an astounding N$120 billion to date. Along the journey, the fund did experience challenges, including the 2008 global economic meltdown, but it has weathered the storms.
GIPF's mandate is to provide retirement ancillary benefits to its members and their dependents. With service excellence at the core of its strategy, the fund has worked tirelessly to improve the turnaround times in paying member benefits over the past few decades.
The GIPF has 101 590 contributing members and the fund provides monthly income to 39 837 active annuitants. Thus far the fund has paid out N$4.2 billion in benefits and monthly annuities as at 31 January 2020, illustrating the enormous social and financial safety net it provides for Namibians from all walks of life.
In 2008 the GIPF approved an investment policy for unlisted investment. In line with Regulation 28 of the Pension Funds Act, now referred to as Regulation 13 of the Pension Fund Act, pension funds are required to hold a minimum of 35% to a targeted value level of 45% of their investments in Namibian assets with the maximum of 3.5% in unlisted investments. Through this legislation pension funds are encouraged to invest in the domestic market and ensure that Namibian savings are utilised to stimulate development and to make meaningful contributions to the economy and to the development needs of communities, by providing development capital to non-listed sections with high growth potential.
To date the GIPF has invested about 45 billion in the local market through listed and unlisted investments and is constantly looking at investment opportunities, especially locally.
The GIPF unlisted investment policy has recorded great success in job-creation, infrastructure development and general economic growth. To date GIPF has invested in the following sectors: medical and pharmaceutical, animal feed, building supply, ICT, industrial, electric, enviro sustainability, renewable energy, land servicing, municipal servicing, procurement, finance, manufacturing, engineering, education, funeral, agribusiness, transport and logistics, mining construction, mobile payment solutions, health services, property development, retail shopping centres, Solar PV, warehousing and home loans, to mention a few. Needless to say, the ripple effects of the GIPF's investments is the multiplication of business entrepreneurs, an increase in the critical mass of sustainable businesses and the stimulation of market activities.
"Our core business is our members, and in order to ensure their wellbeing, the GIPF will continue to financially plough back into society by investing in different sectors. The fund will not only support locally-owned business and create jobs, but will also continue to contribute tremendously to the national economic development plan and the country's gross domestic product," said David Nujoma, chief executive of the GIPF.
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