GEPF’s investment strategies continue to protect the Funds’ assets as it reaches R2.32 trillion market value amidst a poor performing South African and global economy


20 November 2023, Pretoria

The Government Employees Pension Fund (GEPF) is pleased to announce its financial results for the year ended 31 March 2023.

Key Performance Indicators:

  • Investment portfolio increased by R27.1 billion to R2.32 trillion from the previous financial year
  • Investment market value increased by 1.2%
  • Return on Investment of 3.5%
  • Accumulated funds and reserves grew at an average annual rate of 6.65% for the 10-year period 2014-2023
  • Net investment income of R82.2 billion (interest income of R 56.7 billion, dividend income of R56.4 billion and property income of R 2.03 billion)
  • Member contributions of R83.1 billion • Benefits paid of R 137.4 billion
  • Benefits paid of R 137.4 billion

In a period of uncertainty including poor economic performances, globally and in South Africa, the financial year 2022/23 was a challenging year for investors around the world. Despite these challenges, the GEPF investment portfolio recorded growth of 1.2% to a market value of R2.32 trillion, the largest in its history. This represents a growth of R27.1 billion, a 3,5% return on investment. Net investment income for the year amounted to R 82.2 billion, derived largely from dividend income of R56 billion, interest income of R 56.7 billion and net profit on sale of investments of R22.2 billion.

The positive performance can be primarily attributed to the positive performance of bonds and the depreciation of the local currency. The GEPF’s 10-year annualised return was 6.65%, illustrating financial stability with a funding level of 110.1%.

The modest growth amidst the tough economic conditions illustrates that the Fund has been very resilient, and that the Fund’s investment strategies continue to protect the Funds’ assets. The investment for the financial year is satisfactory, noting the tough and volatile economic conditions that global and local investors faced. Staying the course and not panicking when faced with sudden market volatility remains a crucial aspect of GEPF’s strategy.

Active membership remained stable over the year, while pensioner membership steadily increased. Active membership increased from 1 261 363 in 2021/22 to 1 267 307 in 2022/23 and contribution income increased by 1.39% during the reporting period. The increase is mainly because of an increase in retirements, resignations, and child pensions, while funeral and death benefits decreased.

The number of pensioners increased from 322 223 in 2021/22 to 336 629 in 2022/23. The total value of gratuities paid was R22.3 billion and annuities paid was R70.4 billion. The Fund finalised 37 440 retirement claims compared with 33 627 in 2021/22, reflecting an increase of 11% in claims. Resignation benefits paid amounted R32,9 billion (2022: R33,8 billion), R9,8 billion (2022: R14,8 billion) was paid in death benefits and funeral benefits worth R416 million were paid (2022: R550,1 million). Spouses pension benefits to the value of R12.1 billion (2022: R11.5 billion) were paid to 171 592 beneficiaries (167 679 in 2021/22), and R948.8 million (2022: R551.4 million) was paid in child pension benefits to 15 809 qualifying children (2021/22: 9 824).

These figures illustrate the GEPF’s commitment to meet its financial obligations and pay benefits to its members, pensioners, and beneficiaries. The Fund remains cash flow positive with R53 billion as of 31 March 2023. This is largely attributable to benefits paid of R137 billion, net investment income received of R107 billion, and contributions received of R83 billion.

The GEPF revised the mandate agreement with the Public Investment Corporation (PIC) for listed and unlisted investments during the 2021/22 reporting period and the revised agreements were signed effective from 01 April 2022. The revised mandate seeks to strengthen governance over the execution of the investment strategy by the PIC (on behalf of the GEPF), create a more harmonious legal framework, improve the focus and implementation of investment guidelines, and introduce accountability mechanisms in case of poor investment decisions. There is a need for greater transparency and accountability in the relationship between the GEPF and the PIC.

Furthermore, the GEPF and its administrator, the Government Pensions Administration Agency (GPAA) are exploring different models and methods to improve the payment of benefits. Over the past financial year, several initiatives were launched to realise this goal, including enhanced collaboration with employer departments, labour unions and continuing member and beneficiary outreach initiatives.

The new GEPF Board was appointed in July 2022 and is committed to growing the Fund as well as ensuring that the Fund becomes more efficient and effective in benefits administration and its investment strategies.


The Audited Financial statement can be reviewed on the GEPF website on

Issued by Government Employees Pension Fund Media
Matau Molapo

T: +27 (0) 12 424 7315

M: +27 (0)79 1910 757


Read more

GEPF Chairperson Dondo Mogajane announces launch of Transformation Policy

Media Statement
10 October 2023

Government Employees Pension Fund (GEPF) Chairperson Dondo Mogajane officially launched the GEPF’s Transformation Policy last week, marking a watershed move for economic transformation in South Africa. This policy, unveiled at the GEPF Annual Thought Leadership Conference 2023 in Cape Town, will throw the full weight of Africa’s largest pension fund behind promoting socio-economic development and addressing historic inequalities within the country and the financial sector.

Speaking at the conference, which was attended by influential figures from the financial sector and high-ranking government officials, Mogajane called on the financial services industry to rethink the way in which it invests and join in creating a more equitable and inclusive financial sector.

As South Africa’s largest investor with R2.3 trillion in assets under management, he highlighted the GEPF’s own resolute commitment to driving socio-economic change within the local financial landscape through strategically leveraging current and prospective investments, guided by the Transformation Policy.

“Being South Africa’s largest investor, we understand the important role we can play in addressing South Africa’s socio-economic imbalances through supporting and facilitating transformation, economic growth, job creation, and positive environmental outcomes,” he said.

“The Transformation Policy will be used to guide investments that will promote socioeconomic transformation, identifying specific impact areas that will be targeted to realise our objectives.”

It is important to note that ultimately if done correctly, the socio-economic transformation of our economy will result in an improved quality of life of our members, pensioners, and beneficiaries as well as the disadvantaged members of society.

The four key areas identified by the Transformation Policy include:

1. Industry-level transformation: The GEPF is committed to actively investing in return-seeking, sound investments that support the transformation of the financial services sector. These investments should encourage the growth of black-owned asset managers, private equity fund managers, fixed-income asset managers, audit firms, actuaries, and other relevant emerging financial service providers within the sector.

2. Economic transformation: The policy underscores return-seeking investments that advance Broad-Based Black Economic Empowerment (BBBEE) and transformation within the broader economy, and support access to finance for black-owned small and medium-sized enterprises, fostering job creation and economic growth.

3. Socio-economic transformation: The GEPF will channel investments into asset classes that aim to deliver positive financial and social service outcomes for South Africa’s previously disadvantaged populations, directly addressing historical disparities.

4. Environmental sustainability: Recognising the importance of considering ESG factors when making investment decisions, and especially environmental responsibility, the GEPF is committed to investments that support South Africa’s just transition and long-term environmental sustainability. These should include measures to mitigate climate change and promote renewable energy.

Mogajane emphasised that the GEPF intends to play an active role in overseeing the companies and projects it invests in, ensuring that its investments remain in alignment with its transformation objectives.

“I believe that for too long, the financial sector has been comfortable with the ‘same’. It is for this reason that we at the GEPF have taken the crucial policy decision to address some of the challenges that we face as a country, as an industry, and as an institution.

“We are excited about the launch of our Transformation Policy. Our commitment to South Africa and Africa is clear,” he concluded.


For more information, please contact:
Matau Molapo,
GEPF Stakeholder Management and Communications Division

T: +27 (0) 12 424 7315

M: +27 (0)79 1910 757


Read more

Reminder for multiple income earners to make their choices

Media Statement
27 June 2023

In September 2022, some Government Employees Pension Fund (GEPF) pensioners were taxed at a higher tax rate following a directive from the South African Revenue Service (SARS) as informed by a provision for a revised rate of tax in the Income Tax Act. This provision was only applicable to pensioners with more than one source of taxable income, including their GEPF pension.

This year (2023), the GEPF sent correspondence to pensioners affected by the higher tax deduction providing them with the option to either accept the revised tax rate or continue with the normal PAYE tax rate applicable to their pension. Not all affected pensioners have responded to the request.

We remind affected pensioners who have not yet responded to the request to make their tax choices, to do so as soon as possible. The forms for this purpose are available on the GEPF website, or at GEPF regional offices. Pensioners who have outstanding SARS debts and wish to settle them should make arrangements directly with SARS. The GEPF cannot assist with arrangements to settle outstanding SARS debts and this deduction cannot be used for that purpose.

Required documents:

1. A form stating your choice, amount, and dates for deduction (obtainable at GEPF Offices and on the GEPF website)
2. A certified copy of the ID of the member (both sides of your SA ID Card, or your green barcoded ID book.)
3. Non-South African nationals should attach a certified copy of their valid passport. All certified copies are valid for six months only.

Submission Instructions:

The original form must be delivered to any GEPF regional office across the country or by email or by postal services to:

Government Employees Pension Fund
Private Bag X63
Pensioners can also contact the GEPF Call Centre: 0800 117669 if further information is required.

Media enquiries : /Mack Lewele 0824505076

The GEPF respects privacy and personal information of its members and pensioners and therefore subscribes to the provisions of the Protection of Personal Information Act 4 of 2013. Visit to view GEPF Privacy Policy and Privacy statement.

Issued by the Government Pensions Administration Agency (GPAA) on behalf of the Government Employees Pension Fund

Read more


Date: 14 March 2023

The Government Employees Pension Fund (GEPF) is pleased to announce an annual pension increase of 5.55% to its pensioners as of 1 April 2023.

The GEP Law and Rules requires the Board of Trustees to implement annual pension increases as follows:

  • Increases must be effective from 1 April every year.
  • Increases must be at a rate of at least 75% of the average percentage increase in the Consumer Price Index (CPI) from 1 December to 30 November of the previous year.
  • Increases for pensioners who retired in the year prior to any increase date will receive a pro-rata increase.

In line with the GEP Law and Rules, the 5.55% increase is based on the 7.40% inflation rate for the 12 months ending 30 November 2022 thus making the increase equal to 75% of the Consumer Price Index (CPI).

Pensioners who retired on or before 1 April 2022 are to receive an increase of 5.55%. Pensioners who retired after 1 April 2022 are to receive a proportionate increase based on the number of the months they have been in receipt of pension by 31 March 2023.

It is important to note that increases that are more than what is provided by the GEP Law and Rules are at the discretion of the Board and take into consideration the Fund’s investment performance and the financial sustainability of the Fund. The Fund’s returns in the 12 months preceding 30 November 2022 did not allow for a full 100% of CPI increase. Nevertheless, the Fund remains committed to granting increases that are both affordable and sustainable for its long-term viability while providing the benefits promised to its members, now and in the future.

Pension increase letters will be distributed to pensioners through email and post. The letters will also be accessible on the GEPF self-service web or App and pensioners can also visit any GEPF office to receive their letters. The GEPF will begin distribution of the pension increase letters from the 16 March 2023.

For more information, please contact:

Call Centre:0800 117 669
Twitter: @GEPF_SA

Read more


2 March 2023, Pretoria

There is an old video from as far back as early 2020 that is recirculating on social media of the current mayor of Cape Town, Mr. Geordin Hill-Lewis, before he became the mayor, in which he states that the GEPF intends to bail out Eskom to the tune of R250 billion. The GEPF would like to provide some clarification regarding this matter for the benefit of GEPF members and pensioners.

The GEPF is guided by clear and transparent processes in line with the GEP Law and its investment strategy when undertaking investments on behalf of the Fund. Proposals have to be formally presented to the GEPF Board of Trustees, who then consider whether the proposed investments would ensure the sustainability of the Fund and provide reasonable financial returns for the GEPF.

In this regard, no proposal has been presented to the GEPF by any institution with regards to bailing out Eskom. This is therefore not a matter that is currently under consideration by the GEPF and its Board of Trustees. Should such a proposal be presented, the GEPF Board of Trustees will apply its mind in line with its mandate and fiduciary duties to ensure the sustainability of the Fund and accordingly take the most appropriate decision.

Issued by Government Employees Pension Fund

Read more



26 October 2022, Pretoria

The GEPF will from 1 November 2022 implement its revised actuarial factors. This follows the 31 March 2021 statutory actuarial valuation report of the Fund. The actuarial interest factors are updated in line with any changes to the assumptions used at each statutory actuarial valuation of the Fund. The current actuarial interest factors are based on the 31 March 2018 statutory valuation, which was implemented with effect from 1 July 2019 to date.

The implementation of the revised factors follows the completion of a consultation process with labour organisations as required by the Government Employees Pension Law, 1996. The GEPF is required to consult with public sector labour unions concerning the calculation of actuarial interest factors which are determined when the Fund undertakes a statutory valuation.

Actuarial interest factors are used to determine the actuarial interest benefits which represent the value of a member’s benefit in the Fund, as outlined in the GEPF Rules.

Payment of a member’s actuarial interest occurs on resignations or other exits from the Fund where members have less than 10 years of pensionable service. The factors are mainly driven by how future salaries and pensions are expected to increase as well as the level of returns that the Fund’s investments are expected to earn in the long term. These drivers are referred to as economic assumptions.

The economic assumptions are based on market conditions as at the valuation date. The gap between the returns that the Funds’ investments are expected to earn in the long term (discount rate) and the salary/pension increase assumptions is what affects the factors the most. The higher this gap is, the lower the actuarial factors will be.

The gap between the returns that the Fund’s investments are expected to make in the long term and the rate at which salaries and pensions are expected to grow in the long term was higher in the 2021 statutory actuarial valuation than in the previous valuation of 2018. The revised factors result in actuarial interest values that are on average 14% lower than those that would result from the 2018 factors. The extent to which individual members’ actuarial interest factors will differ between the 2018 and 2021 factors depends on their age and category (i.e., whether they are Service members or not).

A common misconception from members is that a reduction in actuarial factors is a reduction in the guarantees promised to them by the Fund. This however is not correct. The actuarial interest factors do not change the benefit promised by the Fund upon retirement. The Fund guarantees the pension benefits payable in retirement. The value today of these future pension benefits cannot be guaranteed as this depends on the economic conditions and expectations at each point in time. Actuarial factors reflect the value of these guaranteed future pensions in today’s terms. These factors, therefore, change when market expectations about the future are adjusted at each valuation date.

Failure of the Fund to implement the revised factors would result in exiting members being paid more than their fair share of the Fund’s assets thereby disadvantaging members who remain in the fund and ultimately those that retire with the Fund.

The changes to the actuarial factors will affect all resignations and other exits where members have less than ten years of pensionable service from 1 November 2022.

In summary, the 2021 actuarial factors have reduced from the 2018 factors. The factors are lower due to the changing economic assumptions adopted for the 2021 statutory actuarial valuation. As a result, changing the assumptions ensures the GEPF’s assets and liabilities are matched and that members get paid their fair share of benefits and no one is disadvantaged.

Issued by Government Employees Pension Fund

For more information please contact: Matau Molapo, Communications

T: +27 (0) 12 424 7315

M: +27 (0)79 1910 757


Read more

The GEPF continues positive growth with a 9.6% year-on-year growth with record market value of R2.3 trillion

20 October 2022, Pretoria

The GEPF continues positive growth with a 9.6% year-on-year growth with record market value of R2.3 trillion

The Government Employees Pension Fund (GEPF) is pleased to announce its financial results for the year ended 31 March 2022.
Key Performance Indicators:

      • Market value of R2.3 trillion increasing by R 201 billion from the previous financial year
      • Investment market value increased by 9.6%
      • Return on Investment of 11.1% for the financial year
      • Accumulated funds and reserves grew at an average annual rate of 8.6% for the 10-year period 2013-2022
      • Net investment income of R255.7 billion
      • Member contributions of R82 billion
      • Benefits paid of R136 billion

Despite the Fund operating in tough economic conditions, the GEPF achieved a 9.6% year on year growth, closing with the highest market value in its history of R2.3 trillion in the 2021/22 financial year, an increase of R 201 billion from the previous financial year. This increase resulted in a return on investment of 11.1% realising a net investment income of R255.7 billion. During the 10-year period, 2013-2022, the GEPF’s accumulated funds and reserves grew at an average annual rate of 8.60%.
This continued growth of the Fund irrespective of the prevailing difficult economic conditions clearly indicates that the Fund’s long-term investment strategies continue to assist in growing the Fund. The improved return was largely because of positive domestic market conditions, particularly equities growth, rising commodity prices and the performance of our Bond portfolio which improved by 6% from the previous financial year.

There was a recovery in the Fund’s unlisted and property portfolios. The GEPF continues to strengthen its oversight and strategies with respect to these portfolios to further improve their performance. It is however important to note that the long-term impact of the COVID-19 pandemic will continue to impede these portfolios.

According to the GEPF’s 2021 statutory actuarial valuation, the Fund is financially sound, reflecting a funding level of 110.1% to meet its current benefit obligations to members. It is an improvement when compared to the funding level of 108.3% reflected in the previous valuation which was done in 2018.
Notwithstanding the tough operating environment, total benefits paid by the Fund in the financial year under review amounted to R136 billion. Our pension administrator, the GPAA, paid 499 726 pensions compared to 479 483 in the 2020/2021 financial year, reflecting an increase of 4%. It processed and finalised 33 627 retirement claims compared with 27 960 in 2020/2021, reflecting an increase of 20.3%. Gratuities paid amounted to R21.4 billion compared to R19.7 billion in financial year 2020/21. Monthly annuities paid amounted to R62.3 billion compared to R56.3 billion in the previous period. Active members decreased from 1 265 406 in 2020/2021 to 1 261 363, a minimal decrease of 0.3%.

In an effort to further strengthen and enhance our investment processes, including oversight of the Public Investment Corporation (PIC), GEPF implemented the following including recommendations made by the Judicial Commission of inquiry into allegations of impropriety at the PIC (the Mpati Commission);

      • The Fund’s investment policy was reviewed and strengthened;
      • Implementation of a revised strategic asset allocation following the evaluation of the Fund’s investment strategy and an asset liability modelling exercise;
      • Agreement has been reached with the PIC on benchmark returns which has resulted in a revised mandate being signed for the listed and unlisted portfolios;
      • In enhancing monitoring and evaluation of investments, the Board approved a revised internal investment monitoring structure to strengthen oversight and monitoring capacity;

The goal to improve benefits administration continues to be a key strategic objective for the GEPF. A key concern in this regard is the late payment of benefits by the Government Pensions Administration Agency (GPAA). Consequentially, the Fund reviewed and strengthened its service level agreement (SLA) with the GPAA as well as started a process of reviewing its operating model with GPAA, aimed at improving service delivery to our members, pensioners and beneficiaries.

The newly appointed GEPF Board is committed to growing the Fund as well as ensuring that the Fund becomes more efficient and effective in benefits administration and its investment strategies. The outlook for the GEPF remains positive regarding South Africa’s prospects and we believe that teamwork and determination will take us to greater heights than before.
The Audited Financial statement can be reviewed on the GEPF website on
Issued by Government Employees Pension Fund

For more information please contact:
Matau Molapo, Communications
T: +27 (0) 12 424 7315
M: +27 (0)79 1910 757

Read more

Clarity on increased tax deductions on pension payments

04 October 2022

The Government Employees Pension Fund (GEPF) has noted the concern raised by some pensioners with respect to a reduction in their pension this month.

As required by the Income Tax Act, the Government Pensions Administration Agency (GPAA) implemented a directive from the South African Revenue Service (SARS) that provided for a revised rate of tax to be deducted from pensioners’ monthly pension payment.

Prior to implementing the revised rate of tax, the GPAA wrote to all affected pensioners using the contact details that GPAA has, informing them of the choices they have. Some pensioners might have not received the correspondence or did not fully understand the choices/options they had.

The impact on the tax paid by pensioners is as a result of changes to the revised tax rate (PAYE) as notified by SARS. It is important to note that this only applies to pensioners who receive more than one source of taxable income in addition to their GEPF pension, that is the income sources as reflected on the SARS tax system.

The GEPF reiterates that pensioners have the option to opt out of the revised tax rate provided by SARS and revert to the normal PAYE rate applicable to their pension.

It is important to note that this choice will result in the GEPF continuing to deduct tax as in previous months and NOT in the more accurate effective tax rate as provided by SARS. This may result in pensioners having to settle a tax debt with SARS at the end of the tax year. Choice forms will be sent to affected pensioners and will also be available at GEPF offices.

For further information please contact the GEPF Contact Centre on 0800 117 669.


Issued by the Government Employees Pension Fund.
Media Enquiries:
Mack Lewele: 082 450 5076 or Rakgwatha Mokou: 081 814 0030

Tax Deductions
GEPF Open Letter – Tax
Read more


There has been a video and a message being circulated claiming that GEPF members will be allowed to make partial withdrawals from their pension fund as of early 2023.

Please note the contents of both the video and the messages are incorrect and misinformed. GEPF members are not allowed to make any early access withdrawals from their pension fund.

Currently, GEPF members can only access funds when they exit the fund through retirement, ill health, discharge from service, or resignation in line with the rules as stipulated in the GEP Law.

Read more

Minister of Finance appoints new GEPF Board

Monday, 4 July 2022. Pretoria – Minister of Finance Enoch Godongwana today convened the first sitting of the new Government Employees Pension Fund (GEPF) Board of Trustees.

The new Board is led by Mr Dondo Mogajane as Chairperson and Mr Eddie Kekana as Deputy Chairperson.

The Board of Trustees comprises of 16 members, 8 from the employer and the other 8 from the employees. Their names are listed below.

SiphoNkambuleMrPOPCRUEmployee Nominated Trustee
GreggRaffertyMrHOSPERSAEmployee Nominated Trustee
ThaboMatsoseMrSAPUEmployee Nominated Trustee
KgomotsoMakhupolaMsNEHAWUEmployee Nominated Trustee
PierreSnymanMrPSAEmployee Nominated Trustee
EddieKekanaMrSADTUEmployee Nominated Trustee
MusaNkosiMrForcesForces Elected Trustee
Christo Van DykMrPensionersPensioners
Lebo Mokgabudi MsIndependent
Employer Nominated Trustee
Employer Nominated Trustee
Employer Nominated Trustee
of Basic
Employer Nominated Trustee
of Defence
Employer Nominated Trustee
LineoNtshieaLieutenantGeneralSAPSEmployer Nominated Trustee
Barnabas Ntlou MrDPSAEmployer Nominated Trustee
NtsoarengMarotholiMrSSAEmployer Nominated Trustee

The GEPF extends its gratitude to the outgoing Board for the immense contribution they have made to the Fund for the past four years and we wish them well in their future endeavours. The GEPF equally welcomes the new Trustees to their positions and looks forward to their contribution. /ends

For more information, please contact:

Matau Molapo,

GEPF Stakeholder Management and Communications Division

T: +27 (0) 12 424 7315

M: +27 (0)79 1910 757


Read more