The Government Institutions Pension Fund (GIPF) paid out more than N$30 billion in social protection benefits between 2020 and 2025, according to fund data.
Annual benefits payments rose steadily from N$4.9 billion in 2020 to N$5.2 billion in 2021 and N$5.5 billion in 2022, before climbing sharply to N$6.9 billion in 2023.
In the 2024 reporting period, benefits payments declined by 9% to N$6.3 billion, a decrease of more than N$585 million compared with the previous year.
Over the wider period from 2018 to 2023, the fund reported paying out more than N$20 billion in benefits, with the bulk of payments occurring from 2020 onwards as pension and claims volumes increased.
In 2025, GIPF recorded notable membership growth, largely driven by employer transitions approved under Section 14 of the Pension Funds Act.
“Transfers approved by the Namibia Financial Institutions Supervisory Authority included 255 members from Namibia Wildlife Resorts, 76 returning members from the Namibia Airports Company, and three members from the Namibia Tourism Board who became eligible after transitioning from contract to permanent employment,” the fund said.
As a result of these transfers and routine onboarding, active membership increased from 103,696 in January 2025 to 109,813 by October 2025. This represents a net increase of 6,117 members, or growth of 5.9%, after accounting for exits due to retirement, resignation and death.
In 2024, GIPF reported benefits payments of N$6.3 billion, down 9% year on year. During the period, the fund paid 2,846 retirement lump-sum claims, 2,142 resignation transfers, 44 resignation cash claims, 122 ill-health claims, 1,366 funeral claims and 694 death claims. The number of monthly pensions paid rose to 46,000.
The benefit contribution ratio stood at 132%, while the cost-to-serve ratio increased to 1.9%.
The 2023 annual report showed benefits payments of N$6.9 billion, with 9,038 benefit claims settled during the year, 191 more than in 2022.
Monthly pension payouts increased by 12%, while lump-sum retirement payments rose by 31.6%. Resignation benefits increased by 86.7%, and death benefits by 55.7%.
“The number of pensioners receiving regular payments declined by 6,734, or 11.65%, mainly due to delayed biometric verification, with affected pensioners verified after year-end,” the report noted.
In 2022, benefits payments rose to N$5.5 billion, up 7.5% from the previous year. A total of 8,847 benefit claims were paid, 1,110 more than in 2021, largely driven by higher monthly pension payouts, increased death benefits and rising funeral costs. Monthly pensions paid increased to 46,931, up from 45,497 in 2021.
According to the 2021 annual report, GIPF paid N$5.2 billion in benefits, a 5% increase year on year. Benefit claims during the period were driven by higher lump-sum retirement payments, monthly pensions, death benefits and funeral costs.
“Monthly pensions increased to 45,497 from 39,504 in 2020, while retirement lump-sum claims rose to 3,197 from 2,961,” the report said.
