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Media Statement
27 June 2023

In September 2022, some Government Employees Pension Fund (GEPF) pensioners were taxed at a higher tax rate following a directive from the South African Revenue Service (SARS) as informed by a provision for a revised rate of tax in the Income Tax Act. This provision was only applicable to pensioners with more than one source of taxable income, including their GEPF pension.

This year (2023), the GEPF sent correspondence to pensioners affected by the higher tax deduction providing them with the option to either accept the revised tax rate or continue with the normal PAYE tax rate applicable to their pension. Not all affected pensioners have responded to the request.

We remind affected pensioners who have not yet responded to the request to make their tax choices, to do so as soon as possible. The forms for this purpose are available on the GEPF website, www.gepf.co.za or at GEPF regional offices. Pensioners who have outstanding SARS debts and wish to settle them should make arrangements directly with SARS. The GEPF cannot assist with arrangements to settle outstanding SARS debts and this deduction cannot be used for that purpose.

Required documents:

1. A form stating your choice, amount, and dates for deduction (obtainable at GEPF Offices and on the GEPF website)
2. A certified copy of the ID of the member (both sides of your SA ID Card, or your green barcoded ID book.)
3. Non-South African nationals should attach a certified copy of their valid passport. All certified copies are valid for six months only.

Submission Instructions:

The original form must be delivered to any GEPF regional office across the country or by email paye@gpaa.gov.za or by postal services to:

Government Employees Pension Fund
Private Bag X63
Pretoria
0001
Pensioners can also contact the GEPF Call Centre: 0800 117669 if further information is required.

Media enquiries : media@gpaa.gov.za /Mack Lewele 0824505076

The GEPF respects privacy and personal information of its members and pensioners and therefore subscribes to the provisions of the Protection of Personal Information Act 4 of 2013. Visit www.gepf.co.za to view GEPF Privacy Policy and Privacy statement.

Issued by the Government Pensions Administration Agency (GPAA) on behalf of the Government Employees Pension Fund

Date: 14 March 2023

The Government Employees Pension Fund (GEPF) is pleased to announce an annual pension increase of 5.55% to its pensioners as of 1 April 2023.

The GEP Law and Rules requires the Board of Trustees to implement annual pension increases as follows:

• Increases must be effective from 1 April every year.
• Increases must be at a rate of at least 75% of the average percentage increase in the Consumer Price Index (CPI) from 1 December to 30 November of the previous year.
• Increases for pensioners who retired in the year prior to any increase date will receive a pro-rata increase.

In line with the GEP Law and Rules, the 5.55% increase is based on the 7.40% inflation rate for the 12 months ending 30 November 2022 thus making the increase equal to 75% of the Consumer Price Index (CPI).

Pensioners who retired on or before 1 April 2022 are to receive an increase of 5.55%. Pensioners who retired after 1 April 2022 are to receive a proportionate increase based on the number of the months they have been in receipt of pension by 31 March 2023.

It is important to note that increases that are more than what is provided by the GEP Law and Rules are at the discretion of the Board and take into consideration the Fund’s investment performance and the financial sustainability of the Fund. The Fund’s returns in the 12 months preceding 30 November 2022 did not allow for a full 100% of CPI increase. Nevertheless, the Fund remains committed to granting increases that are both affordable and sustainable for its long-term viability while providing the benefits promised to its members, now and in the future.

Pension increase letters will be distributed to pensioners through email and post. The letters will also be accessible on the GEPF self-service web or App and pensioners can also visit any GEPF office to receive their letters. The GEPF will begin distribution of the pension increase letters from the 16 March 2023.

For more information, please contact:

Call Centre:0800 117 669
Email: enquiries@gepf.co.za
Twitter: @GEPF_SA

2 March 2023, Pretoria

There is an old video from as far back as early 2020 that is recirculating on social media of the current mayor of Cape Town, Mr. Geordin Hill-Lewis, before he became the mayor, in which he states that the GEPF intends to bail out Eskom to the tune of R250 billion. The GEPF would like to provide some clarification regarding this matter for the benefit of GEPF members and pensioners.

The GEPF is guided by clear and transparent processes in line with the GEP Law and its investment strategy when undertaking investments on behalf of the Fund. Proposals have to be formally presented to the GEPF Board of Trustees, who then consider whether the proposed investments would ensure the sustainability of the Fund and provide reasonable financial returns for the GEPF.

In this regard, no proposal has been presented to the GEPF by any institution with regards to bailing out Eskom. This is therefore not a matter that is currently under consideration by the GEPF and its Board of Trustees. Should such a proposal be presented, the GEPF Board of Trustees will apply its mind in line with its mandate and fiduciary duties to ensure the sustainability of the Fund and accordingly take the most appropriate decision.

Issued by Government Employees Pension Fund