NN 17/2026
2026/07/01
STAATSDIENSPENSIOENFONDS
(GEPF)
GOVERNMENT EMPLOYEES’ PENSION FUND (GEPF)
Wie bestuur of beheer die GEPF?
Die swak belegging van R18 miljard in konteks.
Hoe groot is die R18 miljard verlies in konteks?
Moet die PIC/Isibaya Fonds voor stok gekry word?
Wat moet lede weet van die GEPF?
- GEPF is en bly ‘n vastevoordeel fonds. Dit beteken dat geen voordele uitgelaat of geskrap kan word nie. Geen lid sal ooit minder ontvang as waarop hy/sy geregtig is nie.
- Die GEPF is die grootste pensioenfonds in Afrika. Die fonds staan finansieel baie sterk.
- Elke lid van GEPF het spreeksreg deur middel van verteenwoordiging.
- Verteenwoordigers van lede verkry hulle mandate vanaf die lede.
Laai die GEPF toepassing af op jou foon, dit plaas onmiddellike inligting in jou hande.
The media is abuzz with rumours about the so-called implosion
of the Government Employees’ Pension Fund (GEPF) after
an investment of R18 billion in 23 companies with a
return of 0%.
The SAOU takes note of our own members who are rightly concerned about the reports. However, it is also important to keep the full picture in mind.
Who manages or controls the GEPF?
It is managed by the Public Investment Corporation (PIC), specifically by the Isibaya Fund. The GEPF is the largest asset managed by Isibaya. Ultimately, the South African Government owns the GEPF.
The poor investment of R18 billion in context.
The poor investment was not the only investment made by the Isibaya fund in the specific period. In the same period, approximately R51.9 billion was generated in value-creating investments, values that will continue to generate repayments over time.
Notwithstanding the above, it is important to also contextualize the negative side of poor investments. Although losses do not immediately affect an individual's pension formula, repeated losses can put pressure on the fund's reserves, long-term affordability, increase room and ultimately the employer/state's future contribution obligations.
How big is the R18 billion loss in context?
The GEPF's investment portfolio was approximately R2.69 trillion strong as of 31 March 2025, with additional reserves and accumulated funds of approximately R2.65 trillion. The fund achieved a 14.1% investment return for the 2024/25 period, with net investment income of approximately R379 billion.
Measured against the R2.69 trillion strength of the GEPF Fund, the R18 billion loss is approximately 0.68%. This is not small or acceptable; but it is not large enough to immediately render the GEPF insolvent.
The R18 billion loss is definitely evidence of poor investment decision-making. There may have been insufficient due diligence, poor supervision and lack of accountability.
Should the PIC/Isibaya Fund be brought to justice?
There are calls from all over that the PIC/Isibaya Fund should be held legally liable. What would this action mean in monetary terms? The estimated costs of a court case against PIC/Isibaya will be R 1.19 billion. This is 0.05% of the fund that is worth in the order of R 2.4 trillion. The SAOU cannot condone this expense. Why not? To protect the sustainability of the fund. There are currently approximately 1.2 million active members and 565 000 pensioners involved in
the GEPF. The annual pension payments amount to the order of R 140 billion.
The SAOU supports the call for accountability and responsibility of the government as the owner of the GEPF and other pension funds.
What should GEPF members know?
- GEPF is and remains a defined benefit fund. This means that no benefits can be withheld or deleted. No member will ever receive less than what he/she is entitled to.
- The GEPF is the largest pension fund in Africa. The fund is financially very strong.
- Every member of GEPF has the right to speak through representation.
- Representatives of members obtain their mandates from the members.
Download the GEPF application on your phone, it puts instant information in your hands.
STAATSDIENS MEDIESEFONDS
(GEMS)
Daar is pas bekend gemaak dat die Raad van Mediese Skemas (CMS) die voorgestelde verlaging van GEMS-bydraes van 9,5% na 7,5%, wat op 1 Julie 2026 in werking sou tree, afgekeur het.
Die rede wat aangevoer word is dat nog ’n verlaging in bydraes kan lei tot die onvolhoubaarheid van gehalte gesondheidsorg en die verskaffing van voordele.
Die SAOU, as deel van die FEDUSA-groep, het reeds begin met die ontwikkeling van ’n reaksiestrategie. Lede sal op hoogte gehou word.
GOVERNMENT EMPLOYEES’ MEDICAL SCHEME (GEMS)
It has just been announced that the Board of Medical Schemes (CMS) has rejected the proposed reduction of GEMS contributions from 9,5% to 7,5%, which would come into effect on 1 July 2026.
The reason given is that another decrease in contributions can lead to the unsustainability of quality healthcare and benefits provision.
The SAOU, as part of the FEDURA group, has already begun developing a response strategy. Members will be kept informed.
Hoofdesimposium 2026
Dis tyd om in te tree, jou posisie te verbeter en daardie leierskapspiere te laat bult! Ons nooi graag alle skoolhoofde en adjunkhoofde – beide mans en vroue – om by ons aan te sluit vir die krag-geleentheid van die jaar: Die 30ste SAOU Hoofdesimposium.
Leierskap is nie net 'n titel nie; dis 'n uithouvermoësport. Hierdie jaar fokus ons op die "swaar werk" van skoolbestuur, wat jou die strategie en stamina bied wat nodig is om jou skool na oorwinning te lei.
Die SAOU Hoofdesimposium 2026 beloof om, weereens, alle verwagtinge te oortref!
Datum: 30 Augustus – 2 September 2026
Plek: Boardwalk Hotel en Konferensiesentrum, Gqeberha
Registreer hier - daar is slegs beperkte plekke beskikbaar.
Principals' symposium 2026
It's time to step up, improve your position and flex those leadership muscles! We invite all principals and deputy principals – both male and female – to join us for this years power event: The 30th SAOU Principals Symposium.
Leadership is not just a title; it's an endurance sport. This year, we're focusing on the "heavy lifting" of school management, providing you with the strategy and stamina needed to lead your school to victory
The SAOU Principals’ Symposium 2026 promises to, once again, exceed all expectations!
Date: 30 August – 2 September 2026
Venue: Boardwalk Hotel and Conference Centre, Gqeberha
Register here - there are only limited places available.
