THE Retirement Fund for Local Authorities and Utility Services in Namibia (RFLAUN) now has N$6,6 billion assets under management.
This includes the N$227 million pension-backed home loan scheme that has been given to 1 300 members.
Speaking at the the 31st anniversary celebrations of RFLAUN last week, urban and rural development minister Erastus Uutoni said this covers up to a third of a member’s pension fund credit, allowing them to access a home loan.
He said RFLAUN is vital as it provides essential pension benefits to its members and dependants.
“Its vision, to be the leading pension fund in Namibia that exceeds members’ expectations, is one that we all share,” he said.
Uutoni said the fund’s mission to administer and provide competitive pension-related benefits that ensure sustainable and dignified living standards to its members and dependants is critical to the economic growth and development of the country.
He said RFLAUN is guided by a set of core values, which include accountability, integrity, sustainability, teamwork and service excellence.
“These values are at the heart of everything that the fund does, and they have been the driving force behind its success. They reflect the commitment of the fund’s leadership and staff to upholding the highest standards of professionalism and ethics in their work,” he said.
The Covid-19 pandemic had a profound impact on society, disrupting the way of life and affecting every aspect of the economy. The fund, like many other organisations, had to adapt quickly to the new realities brought on by the pandemic, he said.
“I am proud to say that the RFLAUN rose to the challenge, implementing measures to ensure the safety and well-being of its staff, while maintaining the highest standards of service delivery to its members.
“It has remained true to its commitment to providing competitive pension benefits that enable its members to live a dignified and sustainable life after retirement,” he said, adding that the fund’s success is testament to the dedication and hard work of its leadership and staff.
He urged those local authorities that are not part of RFLAUN to join to enable their employees to access the benefits.
Councillor Gaudentia Kröhne, the chairperson of the RFLAUN board of trustees, assured Uutoni that the board is committed to meeting its fiduciary duties by following the laws that govern the pension fund industry.
These include the Pension Funds Act of 1956, regulatory directives, Fund Rules, Income Tax Act and other relevant laws, she said, adding that the board is made up of 32 trustees who hail from all corners of the country.
The fund’s principal executive officer Dorian Amwaandingi told Uutoni over the past 31 years, RFLAUN had grown to become one of the largest pension funds in Namibia.
She said this growth can be attributed to the fund’s commitment to sound financial management, prudent investment strategies, and its focus on meeting the needs of its members.
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