As a financial journalist I am increasingly concerned about misinformation provided to members of the Government Employees Pension Fund (GEPF) by unscrupulous financial advisers.
Some advisers use fear tactics, telling members that their funds will be stolen or mismanaged by the government. Many GEPF members have been convinced by financial advisers to resign before retirement so that they can place their funds in a market-linked pension preservation fund.
What many members do not fully understand is that the GEPF is a “defined benefit” fund. This means the pension received by members has nothing to do with the investment performance of the fund. It relates purely to the number of years of service, your average salary in the last two years multiplied by the accrual rate. The accrual rate is defined under the law that governs the GEPF.
This video, as part of a member education series, explains how the GEPF works, and why it pays to be a member of the fund.
Provide me with clearity of pension fund is true that from 1 March members can have access to there funds i want to know true and how is it going take place
It is NOT true.
Dear Mam
Thank you for the informative information. I turn 54 and i would like personal advice on retirement.
How can one contact you?
Blessed day.
Kind Regards
I do not provide one-on-one advice but I can recommend you to a good adviser
Thank you for presenting the information so well. I am now better informed. Thank you.
If you belong to the gepf and have a private pension fund at Metropolitan. Can the private pension fund be fully redeemed to settle your outstanding bond?
If you mean a retirement annuity the rules are as follows:
Only available from 55 years old
If it is R247 500 or less you can cash in the full value – if higher than that you can only access 1/3 and the rest is used to purchase an annuity
I have been a GEPF member for 17 years effective from 14 February. I heard about the upcoming Pension backed loan that will.be effective from 1 March 2021. I have 2 properties that is would like to renovate. One property is at an Estate ,and its extension plan has been approved by the municipality. Now I have been saving some money but I doubt it will be enough to complete the renovation costs. Should I consider borrowing from pension backed loan? How does it work? And what other other options can I explore.
FAKE NEWS. There is no pension backed loan for GEPF members and even the one you are hearing about is just a members bill and most likely will never happen
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I love and hugely appreciate your astute knowledge of finances and I use the knowledge gained in planning my finances. I always start with your article in the City Press.That is how much i value your opinion!
Thank you!
Geoff has unscrupulous officials who hell bend to rob beneficiaries of their money many people are complaining on SAFM as well as Power FM their CEO certain Sukdev ignore their call his email is full he does not attend to problems raised they are not open GEPF complaintsare handled by GPAA which the same thing we are still battling to receive full payments of our sister who passed on 2018
I have forwarded your complaint to GEPF
What are the advantages_/disadvantages of resigning as opposed to retiring ?
Am I.in a position to discuss my personal circumstances with you?
Kindly inform me so that I may pose my.questions.
Thankyou
You can email me, however I do not do one-on-one advise – I can point you in the right direction
I served in education sector for 30 years 3months I retired in October 30th I served notice for 3 months August September and October 2020 I have not received pension benefits to date.Why is this the case?
I am relieved to here about these speculations nd i am happy to hear that , that is actually not true . Please continue to update us as members of the fund.
Excellent, informative