stmAre you searching online for information regarding the Government Employees Pension Fund in South Africa? You’ve come to the right place. This article features all you need to know about the GEPF. Read on!
The Government Employees Pension Fund (GEPF) is Africa’s Largest Pension fund. It was created in May 1996 when various public sector funds were combined. Their core business is to manage and give out pensions and other benefits for government employees in South Africa.
The GEPF’s current benefit structure which is governed by the Government Employees Pension Law (or GEP Law), as amended, offers its members the following:
- Withdrawal benefits
- Retirement benefits
- Ill-health or Disability benefits
- Death benefits.
The Government Employees Pension Fund (GEPF) has outsourced its administration and investment activities to the Government Pensions Administrative Agency (GPAA) and the Public Investment Corporation (PIC) respectively.
The Government Pension Administrative Agency (GPAA) carries out daily administration while the Public Investment Corporation (PIC) invests funds on behalf of the GEPF.
As the GEPF is the caretaker of a noticeable portion of the wealth of public servants, their mission is to ensure that the fund is sustainable, to provide delivery of benefits in time, and to empower its members and pensioners through effective communication.
Government Employees Pension Fund Payout
The GEPF increased the annual pension of retired employees with 5.2% on the 1st of April 2019. The reason for this increase is to enable pensioners to keep up with rises in inflation and maintain a quality lifestyle in retirement.
The pension increase is on the basis of the 5.2% inflation rate for the 12 months ending 30th of November 2018 which was brought to the notice of the public by Statistics South Africa on the 12th of December 2018.
Pensioners who started receiving pension after 1st of April 2018 will receive a proportionate increase which is based on the number of months he/she has received the pension by 31st Of March 2019.
Government Employees Fund Pension Benefits
The Government Employees Pension Fund (GEPF) provides funeral benefits in the case of the death of a member or a pensioner, this benefit extends to the spouse or eligible child(ren) of a member or pensioner.
For a member, pensioner or spouse, the GEPF pays a taxable amount of R15,000 towards the cost of the funeral.
Government Employees Pension Fund Loan
GEPF receives a lot of enquiries and requests from members whether they can take out loan on their pension. Members are advised that the Government Employees Pension Law does not give out loans. Therefore, members cannot take loans from their pensions.
Government Employees Pension Fund Contact Details
You can reach the GEPF through any of the following:
Postal: Private Bag X63, Pretoria, 0001
Telephone: 080 011 7669
Fax: 012 326 2507
Email: enquiries@gepf.co.za
Website: www.gepf.co.za
Conclusion
The Government Employees Pension Fund (GEPF) has more than 340,000 pensioners. Most of them are ordinary pensioners who receive benefits monthly.
There are also people who have retired and receive special pensions such as medical pensions, disability pensions or military pensions.
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