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The Government Employees Pension Fund (GEPF) is a defined benefit fund that manages pensions and related benefits on behalf of government employees in South Africa. Established in 1996, it is the largest pension fund in South Africa and one of the largest pension funds in Africa and the world. Its current benefit structure offers members:

  • Withdrawal benefits;
  • Retirement benefits;
  • Ill-health or Disability benefits; and
  • Death benefits.

The GEPF is governed by the Government Employees Pension (GEP) Law (1996). The executive authority of the GEPF is the Board of Trustees (“Board”).

The GEPF has outsourced its administration and investment activities to the Government Pensions Administrative Agency (GPAA) and the Public Investment Corporation (PIC) respectively. The GPAA carries out day-to-day administration while the PIC invests funds on behalf of the GEPF.

GEPF at a glance

  • Founded: May 1996, when various public sector pension funds were consolidated into GEPF.
  • Nature of business: A defined benefit pension fund, meaning that all benefits are guaranteed.
  • Mandate: Managing pensions and related benefits on behalf of all South African government employees.
  • Legal status: A juristic entity governed by the Government Employees Pension Law of 1996, as amended.
  • 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 more than 1.267 million active members from more than 325 government departments and about 524 030 pensioners and other beneficiaries.
  • Funding level: 110.1% (based on the approved actuarial valuation conducted as at 31 March 2021).
  • Accumulated funds and reserves: R2.27 trillion as per financials as at 31 March 2023.
  • Geographical footprint: Client Walk-in Centres are in all nine provinces of South Africa.