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Media Statement
10 October 2023

Government Employees Pension Fund (GEPF) Chairperson Dondo Mogajane officially launched the GEPF’s Transformation Policy last week, marking a watershed move for economic transformation in South Africa. This policy, unveiled at the GEPF Annual Thought Leadership Conference 2023 in Cape Town, will throw the full weight of Africa’s largest pension fund behind promoting socio-economic development and addressing historic inequalities within the country and the financial sector.

Speaking at the conference, which was attended by influential figures from the financial sector and high-ranking government officials, Mogajane called on the financial services industry to rethink the way in which it invests and join in creating a more equitable and inclusive financial sector.

As South Africa’s largest investor with R2.3 trillion in assets under management, he highlighted the GEPF’s own resolute commitment to driving socio-economic change within the local financial landscape through strategically leveraging current and prospective investments, guided by the Transformation Policy.

“Being South Africa’s largest investor, we understand the important role we can play in addressing South Africa’s socio-economic imbalances through supporting and facilitating transformation, economic growth, job creation, and positive environmental outcomes,” he said.

“The Transformation Policy will be used to guide investments that will promote socioeconomic transformation, identifying specific impact areas that will be targeted to realise our objectives.”

It is important to note that ultimately if done correctly, the socio-economic transformation of our economy will result in an improved quality of life of our members, pensioners, and beneficiaries as well as the disadvantaged members of society.

The four key areas identified by the Transformation Policy include:

1. Industry-level transformation: The GEPF is committed to actively investing in return-seeking, sound investments that support the transformation of the financial services sector. These investments should encourage the growth of black-owned asset managers, private equity fund managers, fixed-income asset managers, audit firms, actuaries, and other relevant emerging financial service providers within the sector.

2. Economic transformation: The policy underscores return-seeking investments that advance Broad-Based Black Economic Empowerment (BBBEE) and transformation within the broader economy, and support access to finance for black-owned small and medium-sized enterprises, fostering job creation and economic growth.

3. Socio-economic transformation: The GEPF will channel investments into asset classes that aim to deliver positive financial and social service outcomes for South Africa’s previously disadvantaged populations, directly addressing historical disparities.

4. Environmental sustainability: Recognising the importance of considering ESG factors when making investment decisions, and especially environmental responsibility, the GEPF is committed to investments that support South Africa’s just transition and long-term environmental sustainability. These should include measures to mitigate climate change and promote renewable energy.

Mogajane emphasised that the GEPF intends to play an active role in overseeing the companies and projects it invests in, ensuring that its investments remain in alignment with its transformation objectives.

“I believe that for too long, the financial sector has been comfortable with the ‘same’. It is for this reason that we at the GEPF have taken the crucial policy decision to address some of the challenges that we face as a country, as an industry, and as an institution.

“We are excited about the launch of our Transformation Policy. Our commitment to South Africa and Africa is clear,” he concluded.

ENDS

For more information, please contact:
Matau Molapo,
GEPF Stakeholder Management and Communications Division

T: +27 (0) 12 424 7315

M: +27 (0)79 1910 757

E: Matau.molapo@gepf.co.za

Media Statement
27 June 2023

In September 2022, some Government Employees Pension Fund (GEPF) pensioners were taxed at a higher tax rate following a directive from the South African Revenue Service (SARS) as informed by a provision for a revised rate of tax in the Income Tax Act. This provision was only applicable to pensioners with more than one source of taxable income, including their GEPF pension.

This year (2023), the GEPF sent correspondence to pensioners affected by the higher tax deduction providing them with the option to either accept the revised tax rate or continue with the normal PAYE tax rate applicable to their pension. Not all affected pensioners have responded to the request.

We remind affected pensioners who have not yet responded to the request to make their tax choices, to do so as soon as possible. The forms for this purpose are available on the GEPF website, gepf.datafree.co or at GEPF regional offices. Pensioners who have outstanding SARS debts and wish to settle them should make arrangements directly with SARS. The GEPF cannot assist with arrangements to settle outstanding SARS debts and this deduction cannot be used for that purpose.

Required documents:

1. A form stating your choice, amount, and dates for deduction (obtainable at GEPF Offices and on the GEPF website)
2. A certified copy of the ID of the member (both sides of your SA ID Card, or your green barcoded ID book.)
3. Non-South African nationals should attach a certified copy of their valid passport. All certified copies are valid for six months only.

Submission Instructions:

The original form must be delivered to any GEPF regional office across the country or by email paye@gpaa.gov.za or by postal services to:

Government Employees Pension Fund
Private Bag X63
Pretoria
0001
Pensioners can also contact the GEPF Call Centre: 0800 117669 if further information is required.

Media enquiries : media@gpaa.gov.za /Mack Lewele 0824505076

The GEPF respects privacy and personal information of its members and pensioners and therefore subscribes to the provisions of the Protection of Personal Information Act 4 of 2013. Visit gepf.datafree.co to view GEPF Privacy Policy and Privacy statement.

Issued by the Government Pensions Administration Agency (GPAA) on behalf of the Government Employees Pension Fund