GIPF - Government Institutions Pension Fund




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GOVERNMENT INSTITUTIONS PENSION FUND NAMIBIA • FINANCIALS

	Annual Report 2007



	Review of operations as at 31 March 2007 The Government Institutions Pension Fund is a defined benefits fund and is the biggest pension fund in Namibia. It has an active membership base of 72 108 and total assets of N$33,8 billion. The Fund comprises approximately 70% of the Namibian pension funds industry. The GIPF derives its assets from contributions from employees and employers and from earnings on investments. The Funds’ main contributing employer is the Government of the Republic of Namibia, which is also the main underwriter of the Fund. The Fund provides guaranteed pension benefits to its members in accordance with the Rules of the Fund. These benefits comprise normal and early pension benefits, death, funeral, ill-health, disability and retrenchment benefits. • Annual Report 2007 (1588 KB)

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	The GIPF is a defined benefit fund. This means that the employer (Government) has undertaken to provide the balance of the Fund if the liabilities of the Fund were to exceed its value of assets. The Government and other appointing authorities should therefore take a keen interest in the affairs of the Fund in order to ensure good management by appointing competent Trustees.

GIPF Charts

Contributions received vs Benefits paid


	To view the Net Assets or Statement of changes in funds and reserves, select one to open a window with the figures.



	Net Assets >>>	Statement of changes in funds and reserves >>>


	NOTES TO THE ANNUAL FINANCIAL STATEMENTS For the year ended 31 March 2006 can be viewed in the complete 2006 Annual Financial Statements.

	• Annual Financial Statements 2006 (207 KB)






	The Government of Namibia contributes 16% of monthly basic salaries of employees to the GIPF and has guaranteed the payment of benefits to the members of the Fund if there were to be any shortfall.

	The Public Service Commission is tasked to ensure that the government employees have adequate employment benefits (including a pension) in order to execute Government polices and directives and serve the people of the Republic of Namibia and promote their welfare.

	For a big Fund like GIPF organized labor whose members may or may not be members of the labor unions, provides a good working forum. The members contribute 7% of their monthly basic salaries to the GIPF.






	The management of the GIPF is accountable to the stakeholders above. Given the importance that Government placed on the Fund by contributing 16% of basic salaries and by underwriting the Fund, the management of the Fund need to make an annual presentation to Cabinet and Public Service Commission regarding the status of the Fund. There should also be an ongoing communication to members of the Fund through presentations and newsletters to inform members about the status of their Fund. The management structure of the Fund is illustrated in the following
	diagram >>>



		Fund Management diagram >>>






	The Annual Reports below download as PDF files. Acrobat Reader Version 5 or later is required to open a PDF file.

	• 2005 Annual Report (203 KB)
	• 2004 Annual Report (146 KB)
	• 2003 Annual Report (18.5 KB)




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