GEPF

GePF, commonly written as GEPF, stands for the Government Employees Pension Fund, the pension fund serving South Africa’s public service. It administers retirement, disability, and survivor benefits for employees of national and provincial government departments and other public service stakeholders. The fund was established to consolidate pension provision for public sector workers and to provide a defined-benefit pension under the applicable legislation.

The governance structure centers on a Board of Trustees comprising employee representatives, employer representatives, and independent members, supported by executive management and investment committees. The fund operates under actuarial valuations to determine its funding status, inform benefit formulas, and guide contribution requirements. Benefits are determined by defined-benefit rules and include retirement benefits, ill-health retirement, and survivor benefits for dependents.

Contributions come from active members and government employers, with benefit accrual and retirement ages defined by law. Members may have options related to early retirement or phased retirement in certain circumstances, and there are provisions for disability and dependent benefits. The fund emphasizes transparency and accountability through regular reporting and compliance with pension and public finance standards.

Investment management is conducted through a diversified portfolio, overseen by investment committees and external managers to balance expected returns with risk control and long-term funding adequacy. Like other large public pension funds, GEPF faces ongoing governance and funding challenges and continuously pursues reforms to strengthen sustainability, governance, and member protections.