Government Employees Pension Fund Stakeholder Perception Survey

NOTICE TO:

Members, Pensioners and beneficiaries

We at the Government Employees Pension Fund (GEPF) are constantly striving to improve the level of service that we provide to our stakeholders. To arrive at a deeper understanding of the needs of our stakeholders, we have commissioned AfricaScope South Africa to undertake a comprehensive perception survey within our stakeholder group.

The focus of the survey will be to ascertain our stakeholder perceptions of the GEPF by means of telephonic and/or online questionnaires. The results of the survey will assist the GEPF in its efforts to be more efficient and effective.

AfricaScope will be drawing a completely random sample of individuals from out datasets. We wish to stress that the process is completely scientific and random and in no way targets any particular individuals or groups of individuals. Under their code of professional ethics, they may not divulge to GEPF any personal details of any participating individual and therefore you can be assured that any responses you provide will be totally anonymous.

If you are selected to participate in the survey, we respectfully urge you to please participate and to give your honest answers to the questions asked. In that way we at GEPF will be able to fully understand the needs and wishes of our valued stakeholders.

The survey began during the month of February and is currently in an advanced planning stage. AfricaScope will be contacting the first respondents within the next weeks.

You will be given the choice of completing the survey telephonically or on-line.

Thank you

Issued by the:

Government Employees Pension Fund (GEPF)

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GEPF mourns the death of trustees

Date: 03 March 2021

The Government Employees Pension Fund (GEPF) is shocked and saddened by the passing of longtime board member Dr. Frans le Roux on 2 March 2021 and substitute trustee Corporal Thobile Maqhubela on the 18th February 2021.

Dr. Le Roux served as a pensioner-elected trustee on the GEPF Board as well as a member of the Benefits and Administration Committee and the Investment Committee.

Corporal Thobile Maqhubela, who was an employee – nominate substitute trustee served on the Benefits and Administration Committee and the Finance and Audit Committee.

GEPF Chairperson of the Board, Dr Renosi Mokate, on behalf of the Board and staff members passes her deepest condolences to the Le Roux and Maqhubela families, their colleagues and friends.

The GEPF acknowledges the dedication, diligence and professionalism with which both trustees served the Fund. The Fund will forever be grateful for their tireless contribution and dedication to its members, pensioners and beneficiaries.

May their souls Rest in Peace.

Issued by:

Government Employees Pension Fund

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GEPF mourns the passing of two Board Members

Date: 05 January 2021

The Government Employees Pension Fund (GEPF) is shocked and saddened by the passing of two of its Board Members, Mr Alan Thompson and Dr Lese Matlhape on 04 January 2021.

Dr Lese Matlhape served as a specialist trustee on the Remuneration Committee since 2015 while Mr Alan Thompson served as a Trustee on the Board as well as a member of the Finance and Audit Committee and the Benefits and Administration Committee from 2018.

GEPF Chairperson of the Board, Dr Renosi Mokate, on behalf of the Board and staff members passes her deepest condolences to the Thompson and Matlhape families, their colleagues and friends.

The GEPF acknowledges the dedication, diligence and professionalism with which the two Trustees served the Fund. The Fund will forever be grateful for their selflessness and dedication to its members, pensioners and beneficiaries. May their souls Rest in Peace.

Issued by:

Government Employees Pension Fund

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Africa’s largest pension fund appoints new Principal Executive Officer

Pretoria, Monday 26 October 2020

The Government Employees Pension Fund (GEPF) is pleased to announce the appointment of Mr. Musa Mabesa as its new Principal Executive Officer (PEO).

Mr. Mabesa is currently the Acting Principal Executive Officer at the GEPF, having previously occupied the position of Head: Corporate Services at the GEPF.

Commenting on the appointment, the GEPF Chairperson, Dr. Renosi Mokate said, “We are pleased that following an extensive process during which an impressive list of talented candidates were interviewed, the Board has selected Mr. Mabesa as Principal Executive Officer. Mr. Mabesa is a high caliber leader with the necessary skills as well as the requisite strategic and operational knowledge of the GEPF and the pension and investment industry. We are confident that together with the current Executive team he will be able to successfully implement the strategic vision of the Board.”

Mr. Mabesa says he is deeply humbled by the opportunity given to him by the GEPF Board to lead Africa’s largest pension fund. “I look forward to working with the GEPF team and all our stakeholders as we continue to ensure that the GEPF meets its obligation to protect the retirement benefits of its members and pensioners through proper administration and prudent investment during the tough economic climate that South Africa and the world is facing. It is a privilege to have the opportunity to lead one of the world’s top pension funds. There is no doubt that the challenge is huge.”

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Issued by Government Employees Pension Fund

For more information, please contact:
Matau Molapo, Communications division
T: +27 (0) 12 424 7315
M: +27 (0)79 1910 757
E: Matau.molapo@gepf.co.za

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GEPF Chairperson Refutes Holomisa Allegations

Pretoria, Thursday 18 June 2020
The Government Employees Pension Fund (GEPF) and its Chairperson, Dr Renosi Mokate, notes with deep concern the false allegations by General Bantu Holomisa to President Ramaphosa stating that Dr Mokate is allegedly part of a group of individuals that have looted state resources by having easy access to PIC and DBSA funds.
Dr Mokate refutes these allegations as unsubstantiated, irresponsible, mischievous and unlawful and as such will be seeking a retraction and removal of the letter from the said website and all other platforms. These allegations are a blatant misrepresentations of facts which cast aspersions on her integrity and character.
The GEPF and Dr Mokate are currently consulting lawyers and will take whatever action is required to clear their good names and reputations. Dr Mokate is not a director of Poseidon Pty Ltd, as alleged by Mr Holomisa, and never has been.
/Ends
Issued by Government Employees Pension Fund
For more information please contact:
Matau Molapo, Communications division
T: +27 (0) 12 424 7315
M: +27 (0)79 1910 757
E: Matau.molapo@gepf.co.za

 

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GEPF to take action following report of the Judicial Commission of Inquiry into Allegations of Impropriety at the Public Investment Corporation

30 March 2020

The Board of the Government Employees Pension Fund (GEPF) welcomes the findings and recommendations in the Report of the Judicial Commission of Inquiry into Allegations of Impropriety at the Public Investment Corporation (Commission).

The Board supports the President Cyril Ramaphosa, who, on releasing the Commission’s report, indicated that in keeping with the recommendations in the report he would be forwarding it to the National Prosecuting Authority and all relevant regulatory authorities for their consideration and appropriate action.

The Board is encouraged by the media statement issued by the Public Investment Corporation (PIC) on the 20 March 2020 with respect to the actions it will be taking in response to the Commission’s report, including action initiated against named individuals and organisations. The GEPF looks forward to being regularly briefed by the PIC as it deals with the various recommendations in the report.

Although the Commission’s terms of reference did not include the GEPF, the GEPF will pay careful attention to and follow up on the Commission’s recommendations specific to it and the PIC. It will cooperate with the National Treasury which has been tasked with oversight in addressing the Commission’s findings and recommendations.

The Executive Committees of the GEPF and PIC, led by the Principal Executive Officer and Acting Chief Executive respectively, overseen by the respective Boards, are already engaged in the reviewing the agreements, policies, mandates, procedures, processes, benchmarks and fee structures that govern the relationship between them as well as addressing areas where the relationship has been eroded.

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Coronavirus (COVID-19) Message

26 March 2020

Dear GEPF Member

As a result of the national lockdown announced by President Ramaphosa on the 23 March 2020 all GEPF offices will be closed from the 26 March 2020. We expect to reopen offices on the 17 April 2020 subject to no further lockdowns.

The GEPF’s priority in this regard is the health and welfare of our employees, clients and business partners.  It is important that we all commit to implementing the lockdown as required by Government in order to help curb the spread of the virus.

Communication with the GEPF during this period will be via email at enquiries@gepf.co.za

We would further like to encourage our members, pensioners and beneficiaries to comply with the guidelines aimed at protecting themselves and others which include amongst others:

  • Wash your hands frequently with soap and water for at least 20 seconds after going to the bathroom, before eating, after blowing your nose, coughing or sneezing
  • If soap and water are not readily available, use a hand sanitizer with 60% alcohol to clean your hands
  • Avoid close contact with anybody who is sick, maintaining a distance of at least one meter between yourself and the sick person
  • Avoid touching your eyes, nose and mouth
  • Cover sneezes or coughs with a tissue and dispose of the tissue safely afterwards
  • Clean and disinfect frequently touched objects and surfaces
  • It is recommended that only infected persons wear masks to avoid spreading the virus

We want to reassure all members, pensioners and beneficiaries that despite the decline on the global equity markets, the GEPF is financially sound. More importantly, as a defined benefit fund, benefits provided by the fund are not dependent on the performance of the fund’s investments.  Your benefit is determined by the number of pensionable service years and your average salary in the last 24 months of your pensionable salary.

Keep healthy and be assured that your benefits are secure.

Kind regards

Abel Sithole

Principal Executive Officer

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GEPF pensioners will receive a 3.6% annual pension increase as of 1 April 2020

Date: 02 March 2020

Pretoria – Government Employees Pension Fund (GEPF) announced today that an annual pension increase of 3.6% to its pensioners will effect from 1 April 2020.

Pensioners who retired on or before 1 April 2019 are to be increased with a total increase equal to 100% CPI which is 3.6% over the year to the previous 30 November with effect from 1 April 2020.

Pensioners who retired after 1 April 2019 are to be increased proportionally for each month of retirement between the date of retirement and 31 March 2020, with effect from 1 April 2020.

This pension increase is based on the 3.6% inflation rate for the 12 months ending 30 November 2019 thus making the increase equal to 100% of Consumer Price Index (CPI) and higher than the 75% of Consumer Price Index (CPI) provided in terms of GEP Law and Rules.

The GEPF has granted this increase to enable pensioners to keep up with rises in inflation.

It must be noted that increases which are above what is provided for in GEP Law and Rules is granted at the discretion of the Board taking the Fund’s investment performance into account.

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For more information please contact:

Call Centre: 0800 117 669 Email:

enquiries@gepf.co.za

Twitter: @GEPF_SA

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Government Employees Pension Fund on Eskom Proposal

7 February 2020, Pretoria – The Government Employees Pension Fund (GEPF), has noted the recent media reports including government support as well as public discourse on the statement issued by the Congress of South African Trade Unions (COSATU) titled, “Key Eskom and Economic Intervention Proposals”.

In the statement, COSATU proposes, “a debt package to reduce Eskom’s debt from R450 billion to R200 billion through a special purpose finance vehicle involving social compact between government, the PIC and DFI’s”.

The GEPF would like to inform its members, pensioners and beneficiaries that the Fund has not received such a proposal nor has it been consulted on the COSATU proposals or any other proposals to reduce Eskom debt.

If the GEPF is approached with a proposal that requires investing in Eskom, such a proposal will be considered on its merits in the best interests of members, pensioners and beneficiaries.

Issued by Government Employees Pension Fund

For more information please contact:

Matau Molapo, Communications division

T: +27 (0) 12 424 7315

M: +27 (0)79 1910 757

E: Matau.molapo@gepf.co.za

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GEPF investments portfolio registers a positive 2.6% growth despite weak SA economy

05/12/2019

Thursday, 5 December 2019. Johannesburg – The Government Employees Pension Fund (GEPF) is pleased to announce its financial results for the year ended 31 March 2019.

Despite the tough economic conditions and low economic growth rate in South Africa, the GEPF had a return on investments of 2.6%, equating to R 47 billion during the 2018/9 financial year. The Fund’s market value of assets was R 1.82 trillion in the year under review, increasing by R 17 billion compared to the previous year.

The growth of the fund’s assets is pleasing as it is in contrast to the collective performance of the top 300 pension funds in the world whose assets under management (AUM) decreased by 0,4% in 2018.

The GEPF has also continued to generate healthy long-term returns in line with its long-term investment strategy. The accumulated funds and reserves grew an average of 11.2 % during the period 2009 – 2019.  This performance is in line with our approach of long-term growth in pursuit of sustainable risk-adjusted returns.

Despite the prevailing economic headwinds, the Fund’s annual return exceeded its benchmark return of 2.3%. This was due to improved performance from commodity prices, which favoured the Fund’s tactical overweight position in resources shares relative to its benchmark. The long-term returns were largely driven by the performance of the local equity and bond markets, which was favourable over the long term.

The financial results once again highlights that the performance of the fund is not isolated from the country economic and development constraints. If the GEPF is to address this dependence, it has to consider further diversification including increasing its off-shore investments.

It is important to note that the GEPF invests in line with international best practice, diversifying its portfolio of investments through the PIC and other asset managers, to reduce its exposure to any one market risk, and thereby maximizing its return on investments. These decisions are guided and made in accordance with GEPF’s strategic asset allocation policy and risk management systems.

The fund also experienced an increase in member contributions by 7.1% during the reporting period, representing an R 5 billion increase from R 70 billion in 2018 to R 75 billion in 2019.  Benefits to members upon resignation, retirement, death and funeral benefit also increased.

The total benefits paid during the year under review increased by R 8 billion, mainly due to the increase in pension payments ,which accounted for 45,8% of the total increase. The increase in the pension payments were driven by the 5.5% monthly increase granted to pensioners from 1 April 2018 and a 3% increase in the number of pensioners. Whilst the number of pensioners increased, the fund experienced a slight decrease in active members by 0.6% to 1 265 421 members (2018: 1 273 125)

The funding level is the Fund’s financial gauge. The higher the funding level, the better the financial situation. The results of the March 2018 actuarial valuation show that the Fund is 108.3% funded, i.e. there are sufficient assets to cover the actuarial liabilities in full.

The GEPF is keenly aware of the important role it plays in the South African economy, and that its members, pensioners and beneficiaries are impacted by economic, social and environmental challenges, in recognition of which the GEPF directed 5% of its total portfolio towards domestic development inclusive of infrastructure, transformation, sustainability priority sectors and small –medium enterprises.

The GEPF appreciates to its implementing agencies, the Public Investment Corporation (PIC) and Government Pension Administration Agency (GPAA) for the work they do to ensure that the GEPF fulfils its mandate.

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The Audited Financial statement can be reviewed on the GEPF website on www.gepf.co.za

Issued by Government Employees Pension Fund

For more information please contact:

Sonke Dandala, Brand Manager

T: +27 (0) 12 424 7340

M: +27 (0)84 665 1006

E: Sonke.dandala@gepf.co.za

About the Government Employees Pension Fund

The Government Employees’ Pension Fund is one of the largest pension funds in the world, with over 1.2 million active members and over 450 000 pensioners and beneficiaries. Our core business, governed by the Government Employees’ Pension Law (1996), is to manage and administer pensions and other benefits for government employees in South Africa. We work to give members and pensioners peace of mind about their financial security after retirement and during situations of need by ensuring that all funds in our safekeeping are responsibly invested and accounted for and that benefits are paid out efficiently, accurately and on time.

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