What is the GEPF increase for 2021?
3.2%
Pretoria – Government Employees Pension Fund (GEPF) announced today that an annual pension increase of 3.2% is to be provided to its pensioners with effect from 1 April 2021.
Can I withdraw from my GEPF?
According to section 5 of the GEPF governance charter, withdrawals from the fund should be approved by the minister of finance, with the concurrence of the board. Bagraim said that because workers cannot currently withdraw money from these funds, many resort to resigning, “so they get access to all the money”.
Is GEPF governed by pension funds Act?
GEPF at a glance Legal status: A juristic entity governed by the Government Employees Pension Law of 1996, as amended.
What is happening with GEPF?
GEPF asset market value declined by 11.4% from R1. 8 trillion in 2019 to R1. 64 trillion in 2020. This decrease in the investment value is mainly attributable to the losses incurred in March 2020 as a result of the impact of Covid-19, the downgrade in credit ratings and a persisting low growth environment.
How is GEPF calculated?
This is 7.5% of your monthly salary of R3 500. Over and above this amount, your employer then pays R455 a month towards your pension. This is 13% of your monthly salary. If you are a services employee and you earn R3 500 a month, your contribution to GEPF is R262.
How can I check my GEPF balance?
The statement is sent out through emails or post offices once in a year, but it can also be issued on request. If you have not received your statement, please don’t hesitate to call the GEPF Toll free number at 0800 117 669. Members can also visit GEPF offices nationwide to request the statement.
Can I check my GEPF balance online?
The GEPF now has a self-service portal and a member only needs their ID number and a password to access their latest benefit statement. The client should login via the link below, click on forgot password and enter their details.
Does GEPF pay monthly?
If the pensioner dies within five years of retiring or being discharged, the GEPF will pay the balance of the retirement or discharge annuities to the beneficiaries. If the pensioner leaves behind a spouse, life partner or orphaned children, they will qualify for monthly pension benefits.
What is the pension funds Act?
The Pension Funds Act 24 of 1956 aims: to provide for the registration, incorporation, regulation and dissolution of pension funds and for matters incidental thereto.
How long does government pension fund take to pay out?
It typically takes between 4 and 12 weeks to process a retirement fund pay-out (21 business days at 10X Investments), from the time your last contribution is invested or the required instruction forms are received by the administrator (whichever is the later).
How much is my GEPF?
This is 13% of your monthly salary. If you are a services employee and you earn R3 500 a month, your contribution to GEPF is R262. 50. This is 7.5% of your monthly salary of R3 500.
Will local government pensions increase in 2021?
The pension increase from 12 April 2021 is 0.5%. Your LGPS pension changes each April in line with the cost of living. The percentage is set by HM Treasury. It is based on the change in the Consumer Price Index (CPI) over the 12 months to the previous September.
Why is GEPF called a defined benefit fund?
The aim of this law and the rules that guide the Board of Trustees in governing the Fund is to ensure that GEPF puts the interests of its members first. The benefits are guaranteed: All GEPF benefits are defined in the GEP Law and rules, which is why GEPF is called a defined benefit fund.
What are the rules of GEPF?
There are strict rules about the kind of benefits GEPF must pay and how money must be invested. These rules are spelled out in the Government Employees Pension Law 21 of 1996, as amended, which is referred to as the GEP Law.
What is a ‘related fund’ under the South African Constitution?
‘related fund’means any fund established in terms of any law which provides exclusively for retirement benefits, to which the Government contributes financially; ‘rule’means a rule made in terms of section 29; ‘South African National Defence Force’means the Permanent Force referred to in section 9 of the Defence Act, 1957 (Act 44 of 1957);
What is the South African secret service pension fund?
‘South African Secret Service’means the service established by section 3 of the Intelligence Services Act, 1994 (Act 38 of 1994); ‘Temporary Employees Pension Fund’means the fund established by section 3 of the Temporary Employees Pension Fund Act, 1979 (Act 75 of 1979);