Rössing Pension Fund (RPF) members, who are currently involved in a hearing regarding the RPF surplus will get a share of the N$114 million that has accumulated in a reserve account opened in their name.
The RPF members has been battle a case in court where a faction of the pension benefactors were going after a share of the N$454 million surplus made by RPF. Speaking to The Villager this week, Principal Officer at RPF, Samuel Kasuto said, “Former members were allocated N$68 140 000 which has been kept in a reserve account until the fund can proceed with the payout of former member.
However the Former member reserve account has grown with returns, net of expenses, to N$114 million as at March 2016”. The payment which has been kept on hold by the trustees because of the court case is supposed. “The trustees have done work on the proposed payouts to former members. The fund’s actuary evaluated a number of scenarios based on the amounts available, the number of potential former members and the data available and the trustees have debated these at length and have reached a tentative decision.
I would be premature to communicate the outcome of these deliberations at this time given the pending court action”, Kasuto told The Villager. The decision to distribute the Rossing Pension Fund was effective 1 April 2012, payments or allocations in the fund were made to the pensioners, active members and deferred pensioners at the time, of which 1 323 members benefited.
Pensioners and deferred pensioners received their allocation through an enhancement to their monthly pensions, while active members and paid-up members received their allocation through a dollar allocation in the fund, to be added to their normal benefits. Additionally, active members were given a contribution holiday for at least 3 years however due to the faction of former members that opted to challenge the trustees’ decision, the former members surplus was placed in a former member reserve account pending the court case outcome.
“A total of N$454 266 000 was allocated in the fund, however, of this amount no payment has yet been made from the amount set aside for former members, due to the challenge from a faction of former members and the resulting court case”, Kasuto added. The court case last appeared before Judge Shafimana Ueitele of the Windhoek High court who is scheduled to make his judgment on the 20 May this year. In the case the pensioners are contesting the trustees’ formula on the distribution of the N$454 million surplus.