The Government Institutions Pension Fund (GIPF) is ready to implement the much anticipated and Fund initiated Pension Backed Home Loan Scheme (PBHLS) following the public announcement by the minister of finance.
The GIPF has been seized with this matter since 2016 when the Board of Trustees approved a proposal to amend its rules to allow for a pension-backed home loan scheme.
In 2018 the rule amendment was approved by the Office of the Prime Minister and the Regulator, the Namibia Financial Institutions Supervisory Authority, paving the way for the establishment of the scheme in 2021.
The Fund now is waiting for the signing of a Memorandum of Agreement between itself and the Office of the Prime Minister, as soon as the approved interest rate of Repo plus 2.5% has been Gazetted.
“Active Fund members are hereby informed and advised that the Fund has identified First Capital Housing Scheme and Kuleni Financial Services as the two agents that will administer the PBHLS,” said GIPF’s CEO Mr Martin Inkumbi.
“The two services providers will only be onboarded once all the necessary agreements have been signed.
“Members are encouraged to exercise patience as we are in the final stretch of this process and the Fund will provide more detailed announcements on the modalities and procedures upon finalisation of all relevant agreements and once same are signed and in place.
“The Fund has over the past two years proactively been sensitising its active members countrywide about the eminent rollout of the scheme.”
In the photo: GIPF’s CEO Mr Martin Inkumbi.
