NAME

The FUND was established with effect from 1 July 1990 as the Academy Pension Fund. The name of the FUND changed with effect from 1 February 1994 to the University of Namibia Pension Fund. With effect from 1 March 1996, the RULES of the FUND were revised and the name of the FUND was changed to the UNIPOLY. On 1 March 2017 the name changed again to UNIVERSITIES RETIREMENT FUND.

OBJECTIVE

The objective of the FUND is to provide retirement and ancillary benefits for the BENEFICIARIES as described in the RULES.

LEGAL STATUS

The FUND is a separate legal entity, distinct from its BENEFICIARIES and is capable in law, in its own name, of suing and of being sued, and of acquiring, holding and alienating property, movable and immovable.

PRINCIPAL EMPLOYERS

The Fund was established to serve two employers being the University of Namibia with regard to employees of the University of Namibia and the Namibia University of Science and Technology with regard to employees of the Namibia University of Science and Technology.

ELIGIBLE EMPLOYEE:

(i) an employee who is in the permanent full-time service of any of the employers;

or

(ii) is a full-time employee who is on a contract basis for a period exceeding 12 months and who, in accordance with his/her contract, has elected to join the Fund.

MANAGEMENT OF THE FUND

The Fund is an independent entity and is administered by a BOARD OF TRUSTEES with equal representation from both the University of Namibia and the Namibia University of Science and Technology as employers and their respective employees. The main functions of the Trustees are to ensure that members’ interests are protected and that they receive the best possible benefits.

The Fund is managed strictly in accordance with the Pension Funds Act of Namibia and overseen by NAMFISA as regulatory body to ensure that the members’ investment in the Fund is protected.

The money is managed by independent investment experts (Asset Managers) who are strictly controlled by the Pension Funds Act. This money cannot be used for any purpose other than providing benefits for members of the Fund. The Board of Trustees regularly monitors the performance of these asset managers to ensure that investments obtain the best possible growth.