By: Nghiinomenwa-vali Hangala
As of the end of December 2025, 428,426 Namibians’ retirement savings stood at N$301.7 billion, representing the biggest savings scheme in the country, shows Namfisa’s 2025 4th Quarter Report.
The regulator has revealed that the retirement funds industry recorded total investment assets of N$301.7 billion, representing an increase of 4.5 percent quarter-on-quarter and an increase of 15.4 percent year-on-year.
The growth in assets was largely attributable to favourable financial market performance during the review period.
The retirement savings not only represent those from workers, but also the funds forming part of the country’s asset pool, which is invested into various business ventures to support the country’s economic and entrepreneurial aspirations.
The industry comprised 67 registered entities with a combined membership of 428,426 members.
The retirement savings are not just invested in Namibia, but around the world, which is shown by the geographical allocation. This geographical allocation of the retirement savings has changed during the quarter under review.
According to Namfisa, most of the country’s retirement funds are invested in Namibia.
The industry’s domestic investment holdings increased from 48.2% to 50.3% and remained in compliance with the 45.0% minimum domestic assets requirement as per Regulation 13 (effective 31 March 2019).
Retirement funds invested 30.1 percent of their investments in offshore markets, while those collectively held in the Common Monetary Area (CMA) and Africa regions increased from 18.9% to 19.7%.
The Government Institutions Pension Fund (GIPF) continued to dominate the industry at the end of December 2025, holding 69.4 percent of the total assets.
Benchmark Retirement Fund and the Retirement Fund for Local Authorities and Utilities Services in Namibia followed, with 4.3% and 3.1%, respectively, of the total investments. Together, these three funds held 76.8% of the industry’s total investments.
The pension savings are regulated to safeguard their growth. According to Namfisa, the industry complied with the overarching limits as prescribed in sub-regulations 13(1)(a) and (b) and with the holding of domestic shares in companies incorporated outside Namibia as per sub-regulation 13(3)(e).
Beyond rules to keep the money in the domestic market, there are also rules on how the savings must be invested in terms of asset exposure.
Provision 13(1)(a) prescribes that the aggregate market value of investments in property and shares, expressed as a percentage of the total assets, may not exceed 90.0 percent.
Provision 13(1)(b) prescribes that the aggregate market value of investments in property, shares, other claims, and other assets, expressed as a percentage of the total assets, may not exceed 95.0 percent.
During the period under review, 8.4 percent of the industry’s assets were invested in dual-listed shares, which complied with the 10.0 percent limit applicable from 1 January 2018 as per sub-regulation 13(3)(e).
erastus@thevillager.com.na
