{"id":3599,"date":"2021-10-18T17:41:18","date_gmt":"2021-10-18T17:41:18","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base"},"modified":"2021-10-18T17:55:08","modified_gmt":"2021-10-18T17:55:08","slug":"gipf-continues-to-grow-asset-base","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base","title":{"rendered":"GIPF continues to grow asset base"},"content":{"rendered":"

Africa-Press<\/a> – Namibia<\/a>. <\/strong><\/span>THE Government Institutions Pension Fund (GIPF), which provides pension benefits for civil servants and employees of member institutions, has increased its asset base from N$109,3 billion to N$136,2 billion.<\/b><\/p>\n

This is contained in condensed financial statements for the year ended 31 March 2021, which was signed by the chairperson of the board of trustees, Goms Menette, and the fund’s chief executive officer, David Nuyoma, and was published on Friday.<\/p>\n

The fund, which once again received an unqualified audit opinion, recorded a decrease from N$118,1 billion in the 2018\/19 year to N109,3 billion in the 2019\/20 financial year.<\/p>\n

An unqualified opinion involves an independent auditor’s assessment that a company’s financial statements are fairly and appropriately presented, without any identified exceptions, and in compliance with generally accepted accounting principles.<\/p>\n

\u201cIn the past five years the fund has grown its assets from N$99,0 billion in 2016\/17 to N$136,2 billion this year.<\/p>\n

\u201cThe GIPF’s core business is to ensure that pension and related benefits are paid out once they mature, and that income in the form of members’ contributions is invested wisely to generate returns,\u201d the statement released on Friday read.<\/p>\n

Although the fund’s active membership decreased from 101 762 to 101 027, its active beneficiaries increased to 45 497 \u2013 up from 39 504. This is an increase of 15% compared to the previous year, the fund stated.<\/p>\n

As a result, the fund paid out N$5,15 billion in benefits to its members and beneficiaries, which is up from N$4,92 billion in the 2020 financial year \u2013 an increase of 5% compared to the previous year.<\/p>\n

\u201cMembers contributed N$4,46 billion to the fund, up from N$4,35 billion the previous year, which is an increase of 2%,\u201d the statement added.<\/p>\n

\u201cAs a defined benefit pension fund, the GIPF provides guaranteed benefits to its members as defined by the rules of the fund. Therefore, sufficient assets are needed to cover the payment of liabilities that stretch far into the future,\u201d the fund said.<\/p>\n

The financial statement said the fund has a liability-driven strategy which comprises a robust asset liability modelling (ALM) process that feeds into the risk and returns parameters, known as the strategic asset allocation (SAA), which the GIPF as a long-term investor uses to implement its investment philosophy.<\/p>\n

\u201cThe ALM process allows the fund to adapt to prevailing economic market conditions, relative to liabilities and factors in variables that will ensure the GIPF does not only safeguard the assets of the fund, but also grow them through investing in return-seeking investment opportunities.<\/p>\n

\u201cFurthermore, adequate assets and risk reserves have been put aside to ensure the liabilities are not understated, and that the fund can pay the promised benefits as they become due,\u201d the statement said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE Government Institutions Pension Fund (GIPF), which provides pension benefits for civil servants and employees of member institutions, has increased its asset base from N$109,3 billion to N$136,2 billion. This is contained in condensed financial statements for the year ended 31 March 2021, which was signed by the chairperson of the board […]<\/p>\n","protected":false},"author":84,"featured_media":3598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,1688,1687,233],"class_list":["post-3599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-asset-base","tag-continues","tag-namibia"],"yoast_head":"\nGIPF continues to grow asset base - Namibia<\/title>\n<meta name=\"description\" content=\"THE Government Institutions Pension Fund (GIPF), which provides pension benefits for civil servants and employees of ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GIPF continues to grow asset base\" \/>\n<meta property=\"og:description\" content=\"THE Government Institutions Pension Fund (GIPF), which provides pension benefits for civil servants and employees of ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-18T17:41:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-18T17:55:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2021\/10\/img-616db4e383374.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"499\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"GIPF continues to grow asset base\",\"datePublished\":\"2021-10-18T17:41:18+00:00\",\"dateModified\":\"2021-10-18T17:55:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base\"},\"wordCount\":446,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2021\/10\/img-616db4e383374.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"asset base\",\"continues\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-continues-to-grow-asset-base\",\"name\":\"GIPF continues to grow asset base - 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