Moneyweb reports that the board of the Government Employees Pension Fund (GEPF) has released the fund’s 2021 actuarial valuation, which was carried out by African Origins Actuarial Solutions, and peer-reviewed by Alexander Forbes Financial Services.
The last valuation was carried out as at 2018, and the next valuation date will be 2023. The practice had been to have statutory actuarial valuations performed biennially, however, the abnormal events related to the Covid-19 pandemic that occurred in March 2020 resulted in the fund deciding to perform only an interim valuation as at 31 March 2020. The actuaries confirmed that “the fund was in a sound financial condition” as at March 31, 2021. The number of active members decreased from 1,281,823 to 1,270,444 over the valuation period. The number of retirees increased from 286,831 to 315,397, dependants from 153,590 to 162,916, and child pensioners from 1,204 to 7,312. During the valuation period, annual pensions increased by an average of 4.0% per annum. This was lower than the long term average rate of increase in annual pensions assumed at the previous valuation date, i.e. 5.2% per annum, the report noted. “We are satisfied with the suitability of the fund’s investment strategy, the nature of the assets of the fund and that the matching of the assets with the liabilities is, in our opinion, adequate,” the valuators confirmed.
- Read the full original of the report in the above regard by Barbara Curson at Moneyweb
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