Banner Left
Banner Right

Builders receive N$20 million in pension benefits

THE Namibia Building Workers Pension Fund (NBWPF) says it has disbursed N$20 million in benefits to its members in 2023.

According to the fund, this is a substantial increase from the N$13-million distributed in 2022.
“The strides we have made over the past year reflect our unwavering dedication to improving the lives of our members. Through strategic reforms and a focus on member-centric solutions, we have achieved exceptional results that ensure the financial security of Namibia’s construction industry workforce.

“We remain committed to building on this foundation and delivering even greater value in the years to come,” Enwich Kazondu, the executive principal officer of the fund, says.

According to the fund, the transition to full self-administration, completed in December 2023, marked a transformative moment for the NBWPF.
“By adopting a more dynamic investment strategy aligned with the requirements of Regulation 13, the NBWPF has achieved significantly improved investment returns.

“Regulation 13, issued by the Namibia Financial Institutions Supervisory Authority, ensures that pension funds like the NBWPF invest responsibly, safeguarding members’ savings while supporting Namibia’s economic growth,” the fund says.

The NBWPF has also refined the definition of ‘unclaimed benefits’ to provide a more comprehensive and transparent representation of outstanding funds.

This, it says, has improved claims processing and tracing efforts, ensuring members and their families receive their entitlements efficiently and fairly.

“Members continue to benefit from a comprehensive range of services, including retirement, withdrawal, disability, death and funeral benefits, specifically designed for Namibia’s construction industry workforce.

“The recent approval of reserve distributions for active and former members further demonstrates the NBWPF’s strong financial position and its commitment to equitable resource allocation,” the fund says.

The fund credits these milestones to collaboration with trusted service providers, including KPMG Namibia, Alexander Forbes Actuaries and leading asset managers such as Allan Gray and Ninety One, Stanlib and Bellatrix Investment Managers.

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News