IPUSA call upon all the public service employees to rise up and protect their hard-earned investments at the PIC.
For the above purposes, we found it prudent to briefly discuss the following facts which the public service employees should take note of concerning the PIC and how it affects their investment:
1. The PIC invests money on behalf of its clients and the GEPF is its biggest client. This is where the hard-earned pension funds of the government employees are administered. Meaning the employees’ retirement monies are paid to the PIC which in turn invests the monies on behalf of the government employees.
2. It is referred to as a defined benefit as all the government employees can contribute to it without competition from any other pension schemes.
3. It is governed by Government Employees Pension Law which can be changed by an Act of Parliament.
4. The GPAA is the Administrator of GEPF. When members retire, it facilitates their pension payouts with the GEPF and ensures that what belongs to them is paid out.
5. The GEPF gives mandate to the PIC for investment purposes, listed and unlisted.
6. Members do not have to know about the trillions this pension fund has made, as the State guarantees your pension at retirement or resignation.
7. Listed investments are seen by everyone at stock exchange but unlisted investments are not.
8. It is important to note that any amount above 2 billion rand which PIC wants to invest, it must seek permission from the GEPF board.
IPUSA has noted with concern the problems the PIC is undergoing of late. The infighting for non-compliant with the commission recommendations is something workers should be worried about.
Issued by IPUSA
