psaFin24 reports that the Public Servants Association of SA (PSA) has made a court application to contest the amendments made by the Government Employees Pension Fund (GEPF) relating to retirement and resignation fund benefits.  

The PSA’s Leon Gilbert explained that the “actuarial values” used in the formula to determine benefits were amended by the GEPF in April 2015, but the PSA only found out about the charge much later.  The direct effect is a 7% decrease in the value of benefit payments.  The PSA’s application follows trade union Solidarity’s decision in May to take the GEPF to court for the same reason.  The difference is that Solidarity filed a class action, explained Gilbert.  The PSA is waiting for a court date to be set.

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