Moneyweb reports that the Government Employees Pension Fund (GEPF), with an investment portfolio of over R2 trillion, has more than 1.2 million active members, and pensioners and beneficiaries in excess of 450,000.

A defined benefit fund, the GEPF was established in May 1996 when various public sector funds were consolidated and it is administered by the Government Pensions Administration Agency (GPAA). Like many other pension funds in the industry, the GEPF is grappling with unclaimed pension benefits in its coffers, some dating back to the 1990s and 1980s. Unclaimed pension benefits are defined as benefits that have been unpaid for longer than 24 months after the employee ceased employment (the exit date). The GEPF’s unclaimed benefits can be traced to over 20,000 former government employees who have not claimed their pension benefits for varying reasons. The fund is not aware of the reasons, which makes it difficult to trace the members concerned and/or their beneficiaries. The exit documents were submitted but payment could not be effected due to various reasons. The GEPF has listed some of the common reasons for benefits becoming listed as unclaimed (list in report). To solve the problem, it has had to find new ways to interface with clients, including virtual educational campaigns.

• Read the full original of the report in the above regard by Barbara Curson at Moneyweb

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