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Resignation benefits
Guaranteed benefits for members and pensioners
These benefits apply to members who resign or are discharged due to misconduct or an illness or injury caused by the member’s own doing. These members have two options: either they can be paid a gratuity – a once-off cash lump sum, or have their benefits transferred to an approved retirement fund. If benefits are being transferred, the GEPF pays the member’s actuarial interest to the member’s new fund. The amount that is transferred to an approved retirement fund is not taxed at this point as tax is only deducted when the member retires or withdraws cash from the new fund.
GEPF is a defined benefit pension fund that was established in May 1996 when various public sector funds were consolidated. Our core business, which is governed by the Government Employees Pension Law (or GEP Law), as amended, is to manage and administer pensions and other benefits for government employees in South Africa.
OUR MISSION
As the Government Employees Pension Fund is the custodian of a significant portion of the wealth of public servants, our mission is to:
- ensure the sustainability of the Fund;
- provide for efficient delivery of benefits; and
- empower our beneficiaries through effective communication.
OUR VISION
To be a global leading and reputable pension fund that delivers quality service to beneficiaries.
WE VALUE
We value integrity, transparency, client centricity, accountability, and innovation.
Integrity means:
- being ethical and truthful;
- maintaining good governance practices; and
- Not misrepresenting or withholding information to which our stakeholders are entitled.
Transparency means:
- communicating openly and frequently with our stakeholders;
- setting out information in a format that is clear and understandable; and
- being open to scrutiny and oversight.
Client Centricity means:
- working collectively and cooperatively with our stakeholders;
- caring; and
- maintaining customer focus.
Accountability means:
- acting with due diligence, competence, confidentiality, and reliability.