Govt pension fund assets grow to N$167 billion

The assets of the Government Institutions Pension Fund (GIPF) have grown to N$167 billion.

The fund has received a total of N$4.8 billion in contributions, while N$6.3 billion was disbursed in benefits to active annuitants.

Speaking during the launch of the fund’s report, GIPF board chairperson Penda Ithindi said it has a well-invested asset class.

“The fund’s investment return has increased with 13.2% to N$18 billion, compared to an increase of 7.7% (N$6.5 billion) in the prior year,” he said.

Ithindi said active membership has increased by approximately 2.24% when compared to a decrease of approximately 3.4% during the previous financial year.