MEDIA RELEASE
18 November 2025, Pretoria
The Government Employees Pension Fund (GEPF) is pleased to announce its financial results and administrative highlights for the year ended 31 March 2025.
Key Performance Indicators for the financial year:
- The GEPF investment portfolio increased by 13.1% from R2.38 trillion in 2024
to R2.69 trillion in 2025. - The GEPF investments yielded a return of 14.1% in 2025 compared to 4.9%in
2024, based on net investment income of R379 billion (2024: R116 billion). - Accumulated funds and reserves grew at an average rate of 5.7% per year
during the 10-year period 2016 –2025, with a current value of R2.65 trillion. - Member contributions increased by 4.0% during the reporting period from
R91.93 billion in 2023/24 to R95.63 billion in 2024/25. - Benefits paid increased by 17.6% from R142.36 billion in 2023/24 to R167.16
billion in 2024/25.
In the 2024/25 financial year, the Government Employees Pension Fund (GEPF) maintained strong performance despite global and domestic challenges. The Fund’s assets grew to R2.69 trillion, achieving a 14.1% investment return and sustaining a robust 119% funding level. Globally, persistent geopolitical tensions, high energy costs, and inflation created volatile investment conditions. In South Africa, sluggish GDP growth, sectoral underperformance, and infrastructure issues persisted despite improvements such as the formation of the Government of National Unity and reduced load shedding. Inflation stayed within the Reserve Bank’s target range, but the introduction of the two-pot retirement system affected household spending, liquidity, and Fund inflows.
The year under review was also shaped by themes of uncertainty, resilience and gradual growth reflected across local and global economies, however the GEPF maintained its long-term investment strategy rooted in its policy and guiding beliefs, which inform decisions across the Fund and its managers.
The GEPF continued to be a leader in responsible investment practices through a comprehensive suite of responsible investment policies, committing to integrate sustainability issues in investment decisions and ownership practices. In listed equity, during the year under review, the PIC, on behalf of the GEPF, voted on 2 800 resolutions at 157 meetings. In unlisted assets, the PIC, on behalf of the GEPF, voted on 398 resolutions at 58 meetings. The GEPF, through the PIC, conducted 157 engagements on 293 ESG matters (34.5% mostly related to governance, followed by social and transformation at 45.1% and environment at 20.5%).
During the period under review, the GEPF also provided benefits to 1 267 539 active members and 565 221 pensioners and beneficiaries as of 31 March 2025. The Government Pensions Administration Agency (GPAA) processed and finalised 39 568 (2024: 35 523) cases of members retiring during the period under review which includes spouse and child pensions. The total value of gratuities paid was R25.9 billion (2024: R22.6 billion) and annuities R86.6 billion (2024: R77.6 billion). An amount of R29.1 billion (2024: R27.6 billion) was paid in resignation benefits to 22 452 (2024: 22 671) claimants during the year under review. The GEPF paid an amount of R6.6 billion (2024: R7.5 billion) in lump sum death benefits for 5 738 (2024: 6 097) claims during the reporting period.
During the period under review, our pension administrator, the GPAA faced notable challenges, particularly system vulnerabilities after the cybersecurity breach in 2024. Despite this challenge, when the two-pot retirement system was introduced on 1 September 2024, the GEPF received 691 501 withdrawal applications and paid 564 547 claims amounting to R14.37 billion. The average gross value of savings withdrawals paid was R23 554. This was a significant achievement, especially given the limited preparation time from the time the applicable legislation was passed ahead of the rollout and the sharp increase in application volumes once implemented.
The overall GPAA administration against performance for the financial year 2024/25 was below the benchmark stipulated by the Service Level Agreement (SLA). The GEPF has been engaging the GPAA on strategies to improve its service levels, however it is envisioned that the accelerated and enhanced modernisation project will address most of the administration challenges that the members face and build more resilient and secure IT systems.
The GEPF will continue to monitor the implementation of its investment strategy through the mandate given to the Public Investment Corporation (PIC) to ensure effective and efficient implementation, as well as monitoring the implementation of its SLA with the GPAA closely.
/Ends
The Audited Annual and Financial statement can be reviewed on the GEPF website on
https://gepf.co.za/annual-reports/
Issued by Government Employees Pension Fund
