Defined Benefit Pension Fund

GIPF is a defined benefits pension fund that provides guaranteed pension benefits to its members.

GIPF is a defined benefits pension fund that provides guaranteed pension benefits to its members. This means that should liabilities of GIPF exceed its assets, (e.g. bad performance of the markets), the employer undertakes to cover the shortfall. The benefits are defined in terms of the Rules​ of the Fund and most of the benefits are calculated based on final average salary and years of service, which is the number of years that the member was employed by the Government or member institution and contributed to the Fund.

The scheme provides guaranteed benefits to members no matter what happens in the stock market, how long an employee lives after retirement, or whether he or she becomes disabled and unable to work. Besides the above benefits, GIPF provides funeral benefits to its members at no cost.

Menu