Retirement Fund for Local Authorities and Utility Services in Namibia

Retirement Fund for Local Authorities and Utility Services in Namibia

The Retirement Fund for Local Authorities and Utility Services in Namibia was established in March 1992. It functions as a defined contribution scheme whose membership base consists of current and former staff from 58 participating employers, including the City of Windhoek. Governance rests with a board of trustees that includes Mayor Queen Kamati and is chaired by Gaudentia Kröhne. The fund allocates across listed equities on the Namibian Stock Exchange, private equity commitments and real estate. Confirmed positions include a 3.93 percent stake in Oryx Properties Limited and a 0.94 percent holding in FirstRand Namibia Ltd, both reported in 2024 integrated filings. Private equity exposure runs through commitments to Stimulus Investments Limited, EOS Capital’s Euphrates Agri Fund and the Tunga Real Estate Fund. Geographic deployment remains concentrated in Namibia with ancillary holdings in South African-linked financial assets. Assets under management stand at an estimated $396 million. The fund employs external service providers that include RFS Fund Administrators, Ernst & Young Namibia as auditor, Old Mutual Corporate Consultants as actuary and Standard Bank Namibia as custodian. It maintains membership in the Retirement Funds Institute of Namibia. In 2023 the fund marked its 31st anniversary with a review of member benefits and housing loan performance. The fund’s architecture separates investment management from benefit administration through a network of specialist providers while retaining direct oversight of a pension-backed lending program that allows members to borrow against up to one-third of accrued credits. This structure creates a closed-loop relationship between retirement savings and housing finance that is uncommon among Namibian pension vehicles.