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Namibia: Giant Benefit Fund Signs Up With RFS
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New Era (Windhoek)
14 April 2008
Posted to the web 14 April 2008
Catherine Sasman
Windhoek
The biggest defined benefit fund and the second largest pension fund after the GIPF, the Retirement Fund for Local Authorities and Utility Services in Namibia (RFLAUN), signed an agreement last Friday with Retirement Fund Solutions Namibia (RSF) to manage its portfolio.
RFLAUN - created in 1992 after the Namibia Public Workers Union and the Association of Local Authorities in Namibia - now has 30 employer participants with 4 177 members and 412 former employees who receive retirement benefits through the fund. Principal Officer of RFLAUN, Loth Angula, said the fund provides its retiring members with the option to purchase annuity outside the fund.
The fund is said to be one of the best performing pension funds in the country, with a current asset value of N$1,62 billion after recording exceptional investment returns during the last four years. "Today, there are many Namibians who can ill-afford to be a pensioner or retire. RFLAUN has the objective to change this bleak picture for the benefit of its members," assured Johanna de Kock, chairperson of RFLAUN. "It is critical that members in need and being traumatised by death and disabilities or life changing experiences like retirement, receive the best possible advice," added de Kock. The new fund administration agreement reached between RFLAUN and RFS will come into effect from July 1, 2008. RFS, formed in 1999 as a wholly owned Namibian entity, has 16 000 members, over 2 000 pensioners and an asset base of N$5,5 billion, representing over 20 percent of the industry membership.
Director of RFS, Martinus Fabianus, said the company has become known for its independence in a sector with strong ties to South Africa. "Our strategy for competing in the market has been to promote and develop Namibian skills and capacity, and we recognise that our Namibian trustees and members are often best served by a Namibian approach," Fabianus said.
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