By Business Reporter
THE Government Institutions Pension Fund (GIPF) has worked towards diminishing the days its benefits are paid out with significant progress having already been realised, Chief Executive Officer (CEO) and Principal Officer of the Fund, David Nuyoma has said.
The fund has benefits ranging from normal retirement, early retirement, resignation/dismissal, retrenchment, disability, Ill health, funeral and the death benefit.
Turnaround times have been reduced with normal retirement down to 25 working days (30 working days or more in the past), early retirement down to 25 working days (30 working days or more in the past ), resignation/dismissal now 25 working days (30 working days or more in the past ), retrenchment now 25 working days (30 working days or more in the past), disability/Ill health now 30 working days (30 working days or more in the past), funeral now 24 hours (48 hours or more in the past) and death before retirement now 12 months.
“The Fund acknowledges the tremendous improvement within its operational department but wants to note that we have not reached our ultimate goal yet. It is a journey and not an event. Amidst the strides we have taken to get where we are today, we strive to pay out funeral claims within 12 hours as we know how difficult losing a loved one is. A current interest is the death benefit of which as per the Pension Funds Act 24 of 1956, the turnaround time for a death claim is a twelve (12) month waiting period if everything is submitted. The Fund is fully aware that waiting for 12 months is not acceptable. The suffering endured during this period cannot be condoned. It is against this background that one of the strategic deliverables is to pay death benefits within three months with a provision to keep a certain portion within the Fund for the untraced beneficiaries,” Nuyoma said.
In an effort to trace beneficiaries, the Fund has also embarked on an extensive project to reach out to beneficiaries. In 2015 GIPF launched a list of enrolled children amounting to over 12 000 individuals which was printed and distributed at strategic places such as churches, hospitals and police stations to mention a few at the Annual stakeholders’ Consultative meeting of which this list has significantly reduced to over 1200 Individuals in 2018.
Confidente. Lifting the Lid. Copyright © 2015