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News24 Business reports that the implementation of the ‘two-pot’ system at the Government Employees Pension Fund (GEPF) has led to complaints about delays in the payment of resignation, death and divorce benefits.
Prior to the implementation of the two-pot system, 90% of claims relating to retirement, death, resignations and transfers were processed within 60 days. But, according to Brian Karidza, head of Actuarial & Benefits Administration Services at the GEPF, the fund continues to pay the majority of benefits on time. “As a large pension fund, our absolute number of late payments can appear high, but in proportional terms, the vast majority of claims are processed within the 60-day target once we have all the required documentation,” said Karidza. Unaudited figures provided by GEPF for exit claims resulting from retirement, death, resignations, and transfers showed that between October and December, 85% of the 17,000 claims were paid within 60 days. Between January and March 2025, 80% of the 16,500 claims were paid within the 60-day time period. Karidza acknowledged that there have been challenges with the introduction of the two-pot system as volumes of claims have increased more than tenfold, which has increased the workload and challenges. “The development effort required to support complex benefit structures like the GEPF’s is naturally substantial, and the recent system enhancements have taken longer than anticipated. Nonetheless, I can confirm that payments are still being made, and we are continuously working with GPAA to streamline processes and reduce backlogs,” he said. “The introduction of [the] two-pot system revealed a lot of challenges and the fact that GEPF were never ready for this change,” said a financial advisor whose clients are mostly GEPF members. He noted that the challenges were all with GEPF members who resigned. Those who retired were not having an issue receiving funds.
- Read the full original of the report in the above regard by Maya Fisher-French at News24 Business (subscription / trial registration required)
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