Pension fund says email was a hoax
May 14 2008 11:23:55:863AM  - (SA)  

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The email message, which has been going around for the past few weeks, concerns the Government’s Social Security and Retirement’s reform initiatives.

It alleges that members of the pension funds will not be able to access their accumulated benefits after 2010 and will get a “government pension” instead.

In a statement released on Thursday, GEPF Board of Trustees assured all members that their pension fund was secure.

“There is no truth in this allegation, their pension fund is secure and members should not be concerned about the email,” assured GEPF Board of Trustees.

The GEPF is the largest pension fund administrator in Africa with over a million contributing members.

It was established in 1996 through the consolidation of various funds including the Government Service Pension Fund.

In global terms the GEPF is acknowledged as the 21st largest pension fund in the world.

It is a self-administered, defined benefit pension fund committed to effectively and efficiently providing benefits to members, pensioners and beneficiaries.

The fund is managed by a board consisting of equal employer and member representation, including a pensioner representative and a member employed by the South African National Defence Force, National Intelligence Agency and the South African Secret Service – each with an appointed substitute.

The GEPF’s core functions include member admissions, contribution collections, members roll maintenance, withdrawals (exits) and benefit payments, and the investment of all the fund’s assets to match future liabilities.

Its administration also administers benefits on behalf of National Treasury, including medical subsidies special pensions, military pensions and other sundry benefits.

A state-owned Public Investment Commissioners (PIC) manages the investments of the GEPF’s surplus funds, which comprise of 92.3% (in 2006 it was 92.3%) of the total investments under the administration of the PIC.

– BuaNews

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