User talk:Sarafina212079905/sandbox

=SAVE FOR OLD AGE= The shenanigans at the biggest pension fund in the country – the GIPF [Government Institutions Pension Fund] – have created the mistaken impression that Eldorado has (again) revealed itself in our lifetime. Recently,Lawrence Ihuhuna, secretary general ofNBWU as well as the Public Servants’ Committee, made the accusation that employers loot the pension funds of the employees and that they also want in on the gravy train. The problem is that you cannot have your cake and eat it too. A pension fund is not a cash loan and the rules for its administration are set out in the applicable law. And let us state this unequivocally: pension funds are there to provide benefits for their members upon their retirement. =WHO BROUGHT UP THE PENSION FUNDS= Pension funds, in our country, are regulated in terms of a 56-year-old Act, the South African| Pension Funds Act 24 of 1956, but Namibia has not kept up with the amendments that South Africa has made after our independence. In terms of the said Act, the beneficiaries of the funds are solely the employees. However, both the employer and the employees have a vested interest in the health of the fund. For this reason, they are entitled to jointly appoint trustees who manage the investments of the funds.

we should not encourage members of pension funds to dip into their savings now. we should teach them sound financial habits of setting aside, in a regular and standard fashion, part of their income for old age when they are no longer working. I do. You should as well. Because only the rich can live off their investments and other incomes =REFERENCE=