Unclaimed benefits – What’s in the Government Employees Pension Fund’s pot?
The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund with 1,2 million active members, and approximately 450 000 pensioners and beneficiaries.
In the 2021/22 financial year, the fund reported unclaimed benefits and interest provisions of just over R2 billion owed to pensioners and beneficiaries.
According to the fund’s 2021/22 annual report of the almost 30 000 cases of unclaimed benefits in that financial year most related to the following issues:
Ata wants to know…
Who can claim GEPF benefits?
The following people have a right to unclaimed member benefits:
Retired GEPF members and those members who are no longer in service.
Beneficiaries of GEPF members no longer in service or who are deceased.
The guardians of GEPF members’ beneficiaries.
What must one do to access unclaimed GEPF benefits?
- If the applicant is a member or spouse, the following documents are needed to claim unclaimed benefits:
- A completed Banking Details form
- A certified copy of the applicant’s ID (not older than six months); and
- An updated Personal Details form
- If the applicant is a beneficiary, the following documents are needed to claim unclaimed benefits:
- The member’s death certificate
- A certified copy of the beneficiary’s ID (not older than six months);
- A completed Banking Details form
- Guardian letter in the case of minor beneficiaries
- A certified copy of the guardian’s ID (not older than six months)
Did you know?….
The GEPF is a defined benefit fund. The advantage of belonging to a defined benefit fund is that benefits are guaranteed. Members will never receive less than the benefits for which they qualify.
GEPF benefits are also protected against inflation: According to the fund’s rules, the annual pension increase paid to pensioners must be at least 75% of the average increase in consumer inflation during the previous year. In the instance where pensions fall behind inflation, the GEPF also pays catch-up pension increases.
GEP law and rule
There are strict rules about the kinds of benefits the GEPF must pay and how money must be invested to pay them. These rules are spelled out in the Government Employees Pension Law also known as “GEP Law”. The aim of this law and the rules that guide the board of trustees is to ensure the GEPF puts the interests of its members first.
How can I contact the GEPF?
0800 117 669 (toll-free)
enquiries@gepf.co.za
For further info on the GEPF’s regional client service centres in all nine provinces of South Africa, visit their website
