The Government Institutions Pension Fund responded to allegations made by Windhoek’s Mayor, Job Amupanda on the design and benefits of the fund. Nampa reports that on Saturday, Amupanda made statements on GIPF’s membership benefits, alleging that the fund only pays out one-third of members’ pension money upon retirement while the two-third remain with the fund. In a statement issued late on Monday, GIPF’s Chief Executive Officer, David Nuyoma, however, pointed out that the law only allows GIPF to pay out one-third of pension money when a member retires. He stated that the two-thirds that remain are required to buy a monthly pension for the retired member for the rest of their life.