In an era where information is a necessity is a reason, we went length and breadth to solicit more information about Government Employees Pension Fund – GEPF. GEPF requirements, GEPF registration among other information captured in this article to educate the general public.
What Is GEPF?
Before we define what GEPF means, we believe you will like to know what the whole abbreviation stands for. GEPF is an acronym for Government Employees Pension Fund. The GEPF has been in existence for a long time now. It was originally founded in May 1996. The founding came after pension funds from the public sector were all consolidated into the GEPF.
With pensioners having the perpetual problem when it comes down to making claims for their pension contributions, you may love to know that GEPF is true to its promises and deliveries. What this means is that all benefits that are due to an individual or a contributor are guaranteed.
Again, the GEPF has remained the largest pension fund in South Africa and is fast becoming one of the largest in South Africa.
The core mandate of the GEPF is to make sure that it manages all pension-related affairs on behalf of all government employees in South Africa. It has its legal backing which is the Government Employees Pension Law of 1996.
When it comes down to its clientele, the GEPF has about 1.265 million active members. These members come from about 325 government departments in South Africa. Additionally, it has 473 312 pensioners and other people who benefit from the fund.
What Is The Benefit Structure of GEPF?
The Government Employees Pensioners Fund benefits include;
- Withdrawal benefits
- Retirement benefits
- Disability benefits
- Death benefits
Who Is Excluded From The Membership GEPF Fund?
The following people will not enjoy benefits from the pension fund;
- All persons whose salaries are mostly consisting of fees, bills, and allowances
- All persons who are only employed within a specific time frame that does not allow for them to enjoy the benefits as stated in the rule book
- All persons who are employed on a contract basis and are equally enjoying benefits from that contract that is in the semblance of the pension fund
- All persons that are contracted in a designated means that does not allow them to be a member of the pension fund
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What Are GEPF Requirements?
To be a member of GEPF and enjoy the benefits, you need to meet the following requirements;
- You must be a government worker whose service falls under the Public Service Act
- You must either be employed at a national or provincial department, the public service commission, auditor general’s department, etc
- You must make available a copy of your South African ID card
- You must have a birth certificate
- A marriage certificate or a divorce decree if applicable
- These certificates must not be more than six months old
How To Register For GEPF
To register for the GEPF you can either register by visiting the official website of GEPF or download the app from the play store or Apple store and follow the prompts.
Using the website;
- First and foremost, you have to visit the official website of GEPF at https://www.gepf.co.za/who-is-gepf/
- Once you are on the page, you can click on the Self-Service menu that is located in the top right corner of the page https://my.gepf.co.za/
- The link above directs you to the self-service portal where you will be asked to either log in if you are already a member or create an account if you are new
- Based on your stance, you create an account by filling and completing the forms with only correct and appropriate information
- Agree to terms and conditions once you are sure of the details you have entered
- You will then be sent a one-time OTP which will be used to create your profile
- Enter the OTP to create your profile
Using the App
- First, you have to visit the Google play store or Apple App store depending on the device you are using
- Key in the GEPF app and once it pops up, proceed to download
- After downloading, installing and opening the app
- Follow the prompts to create your self-portal profile
How Long Does It Take For GEPT To Payout?
It takes not more than 60 working days for GEPT to payout benefits. The payout however is dependent on the documents received. If everything is in order, then beneficiaries are bound to receive benefits are early as possible.
How Is GEPF Calculated?
If you are a member of GEPF, you make a monthly contribution of 7.5% which is from your pensionable salary. Additionally, your employer equally contributes 13% of your pensionable salary into your GEPF account.
To calculate your benefits, use this https://www.gepf.co.za/benefits-calculator/
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What’s The Process To Claim GEPF Pension
To make sure the journey to making your claims go as smooth as it possibly can be, follow these steps;
- Make sure you fill out and complete all claim forms, and append your signature too
- Attach all required certificates to your claim forms
- Add a bank form in the name of the applicant— note that benefits will not be paid in someone else’s account, a debit account or a home loan account
- Add your pension numbers on all forms
- Add dates of all service details
- See to it that you have no bills to settle with your employers or you have unsettled tax bills to settle
- If you are retiring, make sure you state it in the forms
- You can then proceed to send the forms to your HR for them to submit to GEPF
- Once it has been submitted, you will receive a notification and within 60 days if everything checks out, you will be on your way to receiving your benefits
How Long Does GEPF Take To Pay Beneficiaries?
It takes GEPF 72 hours to make payments to beneficiaries. The payments are made in cash lump sums and beneficiaries need to know the benefits are taxable.
What Are The Years Of Service Required For A Full Pension
To enjoy the full pension, you need to have worked for 20 years.
How Do I Check The Pension Fund
You will check your pension fund by logging into your self-service portal with your username and unique password.
Other GEPF Benefits
- Retirement Benefit
- Resignation Benefit
- Death Benefit
- Funeral Benefit
- Unclaimed Benefit
- Spouse Pension
- Child Pension
- Divorce Benefit