The Government Employees Pension Fund (GEPF) is a defined benefit pension fund that was established in May 1996 when various public sector pension funds were consolidated. Our core business, which is governed by the Government Employees Pension Law (or GEP Law), as amended, is to manage and administer pensions and other benefits for government employees in South Africa.
The GEPF is Africa’s largest pension fund. We have more than 1.2 million active members, in excess of 450 000 pensioners and beneficiaries, and assets worth more than R1.8 trillion.
We endeavour to give members, pensioners and beneficiaries peace of mind about their financial security after retirement. We do this by making sure that all funds in our safekeeping are invested responsibly and accounted for, and that benefits are paid out efficiently, accurately and timeously.
The GEPF has a Board of Trustees that govern the pension fund and is accountable for its investment and administrative performance. The Board has constituted five permanent committees and two sub-committees The Board of Trustees consists of 16 members and is as follows:
The fund is assisted in meeting its mandate by two implementing agencies, the Government Pensions Administration Agency (GPAA) and the Public Investment Corporation (PIC). The GPAA administers benefits in terms of a service level agreement on behalf of the GEPF while the PIC invests funds as set out in an investment mandate on behalf of the GEPF. The daily operations of the GEPF is managed by an Executive Committee.
GEPF is among the leaders in socially responsible investment in South Africa and has been a signatory to the United Nations Principles of Responsible Investment (UNPRI) since 2006. As such, we take environmental, social and governance (ESG) issues into account when making investment decisions. We also encourage the companies we invest in to strike a balance between profits and being socially responsible, and to actively manage their environmental impact while maintaining high levels of corporate governance standards.
The GEPF adopted its revised Responsible Investment policy during the 2017/2018 financial year. The policy provides the overarching strategy for responsible investment and details how this is translated into the fund’s investment activities. The highlights of the policy changes include the following:
The policy is reviewed periodically to ensure that it reflects both the global best practice standards for management of ESG issues and the unique developmental context of South Africa. The GEPF is committed to helping to build a better society and to play its part within the ESG space.