May 2023
29May

Namibia: Contractors Urged to Adhere to Mandatory Pension Benefits

The Construction Industries Federation (CIF) of Namibia said it is mandatory for construction sector employers to register their most vulnerable workers with a pension fund, and assist with contributions. CIF chief executive officer Bärbel Kirchner said in a statement that the provision applies to all contractors, as per the collective agreement between CIF and the Metal and Allied Namibian Workers Union (Manwu). "We are aware that some companies have not registered their workers as per the categories listed in the gazetted...

May 29, 2023
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June 2021
30Jun

Namibia. President signs law that consolidate regulations of all financial institutions

It has been confirmed that president Hage Geingob has signed the Financial Institutions and Markets (FIM) Act into law. This brings the tedious process to push through legislation that took over 10 years to finalise to an end. Ministry of finance spokesperson Tonateni Shidhudhu has confirmed that the president has indeed signed the code which seeks to consolidate and harmonise the laws regulating financial institutions, financial intermediaries and financial markets in Namibia. Gazetting this, however, still remains. "We have already submitted to the...

June 30, 2021
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November 2020

02Nov

The savings and domestic investment paradox in Namibia

Namibia has been praised for having one of the largest savings pools in Africa, but the question of where such funds are invested and how they are benefiting Namibians still lingers. An analysis by The Namibian shows that since 2013, the asset base of non-banking institutions has been growing by an average of N$18 billion per year. Non-banking institutions are typically your pension funds, insurance companies, medical aid funds and friendly societies. In Namibia, they are regulated by Namibia Financial...

November 2, 2020
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December 2019

16Dec

The Old-Age Security Motive for Fertility: Evidence from the Extension of Social Pensions in Namibia

By Pauline Rossi (University of Amsterdam), Mathilde Godard (GATE-LSE, Lyon) The old-age security motive for fertility postulates that people's needs for old-age support raise the demand for children. We test this widespread idea using the extension of social pensions in Namibia during the nineties. The reform eliminated inequalities in pension coverage and benefit across regions and ethnic groups. Combining differences in pre-reform pensions and differences in exposure across cohorts, we show that pensions substantially reduce fertility, especially in late...

December 16, 2019
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September 2019

24Sep

Namibia.Pension funds’ trustees not independent

The financial regulator revealed this in their 2019 annual report, noting that there is a presence of conflict of interest in some pension funds, while the composition of certain boards of trustees was not in line with fund rules. According to Namfisa, there were 134 pension funds under their watch as of 31 December 2018, with a combined value of N$158 billion. Namfisa is mandated to regulate and supervise financial institutions as well as to ensure a safe, stable...

September 24, 2019
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March 2019

25Mar

Namibia. N$700m pensioners money at risk

THE Government Institutions Pension Fund is suing the South African company, Steinhoff Holdings International, for possible losses of around N$700 million invested in the company since 2014. Steinhoff Holdings International is a global retailer with more than 40 brands in over 30 countries. Some of Steinhoff's outlets are Incredible Connection, Hifi Corp, Hertz Car Rental, Timbercity, Pep Stores, Dunns, Shoe City, Pennypinchers, Tekkie Town and Ackermans, among many others. The company was hit by a N$100 billion...

March 25, 2019
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October 2018

26Oct

Namibia: Pension Funds Could Boost Economy Through Infrastructure Fund

"Investing in scary times" was the theme of an event held by Eos Capital, a private equity manager, in Windhoek on Tuesday. Speaking at the event was the CEO of the Southern African Venture Capital and Private Equity Association (SAVCA), Tanya van Lill, with the key message that pension funds in Namibia can find attractive and safe returns during these times by investing in private equity and infrastructure funds while also helping to stimulate the economy. Pension fund assets as...

October 26, 2018
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December 2017

08Dec

Namibia. Nuyoma re-appointment as pension fund boss

Chief Executive Officer (CEO) and Principal Officer David Nuyoma of the Government Institutions Pension Fund (GIPF) was re-appointment for another five years effective from 1 January 2018 until 2022. At a signing ceremony held at the Fund’s head office this week, the Chairman of the GIPF Board of Trustees Goms Menette signed and confirmed the re-appointment of Nuyoma which was witnessed by members of the Board of GIPF, Management and trade union representatives. Nuyoma who joined GIPF on the 1 January...

December 8, 2017
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November 2017

06Nov

Namibia. Pension funds trustees challenged to enhance skills

Finance minister Calle Schlettwein on Friday said he understands that the skills and knowledge levels of trustees of retirement funds are inadequate. He said this in a statement read on his behalf by his executive assistant, Esau Mbako, at the launch of a book titled: “The manual on Namibian retirement funds and social security” by Manfred Zamuee. Schlettwein said the shortage of skills and knowledge of trustees of retirement funds needs intervention to empower them to understand their duties and...

November 6, 2017
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