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The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund. We have more than 1.2 million active members, in excess of 400 000 pensioners and beneficiaries, and assets worth more than R1.6 trillion. GEPF is a defined benefit pension fund that was established in May 1996 when various public sector funds were consolidated. Our core business, which is governed by the Government Employees Pension Law (or GEP Law), as amended, is to manage and administer pensions and other benefits for government employees in South Africa.
Our job is to give members and pensioners peace of mind about their financial security after retirement. We do this by making sure that all funds in our safekeeping are responsibly invested and accounted for, and that benefits are paid out efficiently, accurately and on time.
We have a solid track record in protecting our pensioners against inflation and in safeguarding the value of active members’ retirement savings. Every April, GEPF pays pension increases that largely compensate our pensioners for inflation and, where necessary, we pay catch-up increases.
Actuarial valuations of the Fund are conducted at least every three years. According to the latest valuation, undertaken as at 31 March 2014, GEPF is 100% funded.
GEPF at a glance
- Inception: May 1996, when various public sector pension funds were consolidated into GEPF.
- Legal status: GEPF is a juristic entity governed by the Government Employees Pension Law of 1996, as amended.
- Mandate: Managing pensions and related benefits on behalf of all South African government employees.
- Nature of business: A defined benefit pension fund, meaning that all benefits are guaranteed.
- Governance: The Fund’s fiduciary functions are the responsibility of the Board of Trustees with an equal number of employer and member representatives.
- Clients: Approximately 1, 2 million active members from more than 325 government departments and some 400 000 pensioners and other beneficiaries.
- Funding level: 100% (based on the approved actuarial valuation conducted as at 31 March 2014).
- Accumulated funds and reserves: R1.6 trillion as per financials as at 31 March 2015.
- Geographical footprint: Client Walk-in Centres are in all nine provinces of South Africa.