Government Employees Pension Fund (GEPF) Presentation Summary
The Government Employees Pension Fund (GEPF) made a presentation to Parliament on 14th September 2022. The presentation covered the fund's representatives, apologies from key personnel, agenda items, overview of GEPF, its objectives, governance structure, operating model, oversight and monitoring processes, as well as SLA targets for benefit payments. The GEPF, Africa's largest pension fund, provides pensions and related benefits to government employees in South Africa efficiently and effectively.
- GEPF Presentation
- Government Employees Pension Fund
- Pension Fund Oversight
- Pension Benefits
- Fund Governance
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Presentation Transcript
GEPF PRESENTATION TO PARLIAMENT 14 SEPTEMBER 2022
GEPF Representatives Ms Kgomotso Makhupola (Chairperson: Benefits and Administration Committee) Mr Musa Mabesa Mr Brain Karidza Mr Sifiso Sibiya Ms Bululwa Kotta Ms Portia Mngomezulu Mr Babs Naidoo Ms Adri van Niekerk
GEPF Apologies Mr Dondo Mogajane (Chairperson: Board of Trustees) Mr Eddie Kekana (Vice Chairperson: Board of Trustees)
AGENDA Background to GEPF Oversight of administration function SLA targets for administration SLA scores GEPF Intiatives
WHO IS THE GEPF? Africa s largest pension fund established by the Government Employees Pension Law of 1996. 1 265 406 members 473 312 pensioners and spouse beneficiaries Assets Under Management
WHO AND WHAT DOES THE GEPF DO? Objective: To provide pensions and other related benefits as determined in the GEP Law to members, pensioners and their beneficiaries. The GEPF manages and administers pensions and related benefits on behalf of government employees in South Africa: we invest funds we pay monthly pensions we pay monthly child pensions we pay spouse pensions we pay funeral and resignation benefits
OPERATING MODEL Other Service Providers: External Auditors Actuarial Valuator Legal Unlisted Investment Valuation Experts Investment Consultant
OVERSIGHT AND MONITORING GEPF operates on an outsourced administration model Administration function outsourced to GPAA Governed through an administration agreement and SLA
SLA TARGETS GEP LAW requires benefits to be paid within 60 days from date of exit SLA Minimum target is for 90% of new retiree s benefits to be paid within 45 calendar days Stretch target of 99% of new retiree s benefits to be paid within calendar 60 days
SLA SCORES Q4 FY22 80% within 45 days Q4 FY22 90% within 60 days Q1 FY23 92% within 60 days Q1 FY23 87% within 45 days
GEPF INITIATIVES Hosted retirement member workshops on a regular basis. During these workshops the discussions and interactions focus on the requirements and responsibilities of members and departments when retirement is applied for. Set up mobile offices to execute its outreach initiatives and ease the burden of engagement for members who are located in remote or rural areas Developed educational videos which explain how members should complete the required exit forms and detail all the documentation required when a member exits Collaborating with DPSA and National School of Governance to develop a curriculum and course on GEPF exit management process. Course targeted for HR departments
