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GEPF Representatives

Presentation to Portfolio Committee on Public Service and Administration detailing Government Employees Pension Fund's overview, growth, financial position, initiatives, and priorities as of March 2017.

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GEPF Representatives

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  1. Presentation to Portfolio Committee on Public Service and Administration as well as Performance Monitoring and Evaluation 1 March 2017

  2. GEPF Representatives • GEPF • Major General Dries de Wit – Vice Chairperson: Board of Trustee and Chairperson: Benefits and Administration Committee • Adri van Niekerk – Company Secretary

  3. Agenda • Overview of GEPF • Operating Model • Fund Growth • Financial Position • Pension Increases • Strategic initiatives • Current priorities

  4. Overview • GEPF is currently the largest pension fund in Africa • In terms of Assets: Over R1 638 billion • 1.269 m active members • 423k Pensioners & Beneficiaries • One of the few DB schemes in SA • Government is the sponsor • Juristic Entity – separate from Government • Governed/Managed by a Board of Trustees • 16 Member board • 8 employer representatives • 6 employee representatives • 1 pensioner representative • 1 forces representative

  5. Operating Model Policy and Strategy Government Employees Pension Fund Investment Mandate Administration Agreement And SLA Public Investment Corporation Government Pension Administration Agency Implementation

  6. Fund Growth

  7. Return on Investments:Annual to 31 March each year

  8. Benefits vs contributions

  9. Resignation Trend

  10. Financial Position * The funding level has been determined with reference to the affordable reserves only

  11. Pension Increases – Past 11-years

  12. Strategic Initiatives • 5 Strategic Objectives • Improve Benefits Administration (including ICT system modernisation) • Improve Member and Beneficiary Communication and Education • Improved Investment Monitoring • Risk Management Architecture • Improve Stakeholder Relations

  13. Priorities from now to March 2017 • Asset Liability Model • Strategic Asset Allocation • Review of PIC mandate • Statutory Actuarial Valuation • Relevant benefit changes • Financial literacy • King IV compliance • Value added benefits • Complaints Handling Mechanism • Enhance communication

  14. QUESTIONS?

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