The GEPF offers two options for the payment of the resignation benefit: Have it paid into a bank account as a cash lump sum; or; Transfer it to an approved pension preservation fund. Members with more than 10 years’ service are also paid an annual supplementary amount. An eligible child is a natural or adoptive child of a member who is … The resolution before parliament is to amend the GEPF law and adjust the member’s service following payment of a divorce settlement by the fund. This means that former spouses of members contributing to the Government Employee Pension Fund (GEPF… For members with less than 10 years pensionable service, the benefit will be consistent with and not less than the resignation benefit. It typically takes between 4 and 12 weeks to process a retirement fund pay-out (21 business days at 10X Investments), from the time your last contribution is invested or the required instruction forms are received by the administrator (whichever is the later). I am a GEPF member. The Government Employees Pension Fund (GEPF) assured its members and pensioners that the new Taxation Laws Amendment Act will not affect their pensions or benefits. Option 1: Retire with the GEPF If Rose chooses this option it means she chooses to have her pension paid by GEPF after retirement. 4 0 obj <> Members with 10 or more years of service receive annuities and gratuities. Members whose employment have been affected by restructuring or reorganisation are also able to receive retirement benefits. Dear Christian, The GEPF is currently not processing any Redress claims. 3 0 obj Again, the member’s years of pensionable service determine the benefits. I finished up in the SA NAVY end of October 2014. Detailed information regarding transferring to an approved fund is available under the ‘Our benefits’ section of the GEPF website at www.gepf.gov.za. All pensioners (regardless of when they are paid) need to be aware of the dates on which their pension will be paid during this year . endobj The GEPF provides for normal and early retirement, as well as retirement for medical (ill health) reasons. The benefits paid depend on whether a member has less than 10 years’ pensionable service, or 10 or more years of pensionable service. :� oq�-�u&Q%�ѝ|T��.���D0��S��P�_nC���\++�0�Ô�UǦ��$HY��'D�s2���W?�%�_���-�yf�K����=:���yD7ߖ�.XT��������8`I'�Fq�s�&b�PJF�%%�]��e����*&�}�jpp~��ۗ#�mC�y��EU��4���8��si�iA���c��R���sBY�(�w�`�`�_��Y ���p!h�4Ƅ�;��"���JQHI���])� $�� It consists of the following steps: Raising the amounts payable by the employer and member : The GEPF checks that participating employers have submitted their salary information, whether on salary schedules or through a salary output file. endobj these dates can change): Click Here for the Payment Dates. The process and the cost can we overwhelming. 1 0 obj Payment may take as long as 60 days from said date and GEPF must pay interest for every day that payment is late. ILL HEALTH AND OTHER RETIREMENTS: Enhanced benefits are paid when members retire for medical reasons, when injured on duty, or when their posts are abolished through organisational restructuring. Gepf Payment Dates. The GEPF has a clearly defined contribution management process for receiving, reconciling and reporting on manual payments. Second: How will the new laws on resignation and benefit payouts by the Minister of Finance affect the payout? What must I do if I want to do a credit push…, Can I see my refund amount and payment date and/or…. The payment can only be made 12 months after the death. "Banking account verification is not done in one day and it is also not done at provincial offices. Sixty (60) years is the normal retirement age for GEPF members. GEPF pays the member’s actuarial interest to the member’s new fund. <> Provide as much information as you can and we promise to take corrective measures to the best of our abilities. The benefit calculator should be used for GEPF benefit calculations. As a member of the Government Employees Pension Fund (GEPF) one of the most important documents you need to keep up to date is your beneficiary nomination form. Members with less than 10 years’ service receive a gratuity – a once-off cash lump sum that is equal to their actuarial interest in the Fund. EARLY RETIREMENT: Under certain circumstances, members may retire early, that is before reaching the normal retirement age of 60. You can help us do that by making sure that we always have the most up-to-date details about you and your beneficiaries. �D����7���;]�?���h����������f��ῐ3E�f���J���@3�B�:��5���uh��F(��kf����Uj��$�wr����. This is not the core functions of GEPF and therefore it is placed on hold until after the lockdown. Who can claim unclaimed benefits? GEPF NO PAYOUT 5 MONTHS AND COUNTING. We endeavor to keep our content True, Accurate, Correct, Original and Up to Date. stream As a defined benefit pension fund, the benefits of the Government Employees Pension Fund, Mack Lewele, explains why there is a delay in pension fund pay-outs. 2 0 obj To qualify for pension and other benefits, members pay a monthly amount of 7.5% of their pensionable salary to GEPF. We can help you to either lodge a valid claim or to assist in expediting your payment should it be over the 60 days. Our service includes the administration of a divorce benefit claim and following-up on your claim. Wherever possible, GEPF tries to pay this benefit within 72 hours of receiving the application. 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 GPAA has started a modernisation programme. The GEPF however, has 60 days from date of submission of the claim to effect payment. Eventually in the month of July 2019 a Representative from gepf called my mother stating that she will forsee that the process is completed as soon as possible and that it would take 3 working days for Sars to finalize any tax payments that should be deducted. Acquirer: The financial institution that provides the merchant account. Its objective is to decrease payment turnaround time from 60 days to 30 days; to create a paperless environment; to implement self-service; to automate the benefit payment process end to end; and to enhance the client experience through innovation. The message below will appear. The benefits are paid but are returned to GEPF due to incorrect banking details, frozen or dormant accounts, incorrect pay points, etc. If GEPF is provided with incorrect information, or all the necessary documents are not attached, payment will be delayed. It is also payable when a member dies in service with a potential service period of 10 years or more. This is a legal waiting period that is applied to give untraced dependants a chance to come forward. She should be patient as the account will be duly Fica-ed before payment is made. Attorney Assisted Divorce is the solution for you as it is cost effective and you only have to appear in court. %PDF-1.5 In these circumstances, members receive both annuities and gratuities if they have more than 10 years of pensionable service. However, it is clear that the member may not receive An advantage of this option is that you pay no tax when you transfer your pension benefit, but you may have to pay tax if If you believe that any information in this article is Incorrect, Incomplete, Plagiarised, violates your Copyright right or you want to propose an update, please send us an email to lordamfree@gmail.com|info@gometa.co.za indicating the proposed changes and the content URL. “As a department our role is to process paperwork for those employees exiting the system and forward that to the GEPF which then processes pension claims until payments are done. Processor: The link between the acquirer and the merchant. GEPF is a defined benefit pension fund that was established in May 1996 when various public sector funds were consolidated. When a member resigns or is discharged from government service, he or she receives a resignation benefit. All my paperwork was spot on and my file was collected and booked in at GEPF head branch in Pretoria on the 12th of December 2014. If a payment has exceeded the 60 day period, GEPF will automatically add the necessary interest. GEPF pays annuities to the eligible children of members who became pensioners on or after 1 December 2002. EARLY RETIREMENT: . NORMAL RETIREMENT:Sixty (60) years is the normal retirement age for GEPF members. A GEPF transfer is when you move your pension benefit from the Government Employees’ Pension Fund (GEPF) to another approved retirement fund provider, such as Allan Gray. <>>> The amount that is ... lump sum payment referred to above, shall be applied for the purchase of an annuity, albeit immediately or upon the member’s ultimate retirement. Sassa Payment Dates. This will inform the trustees as to who your legal and financial dependants are, as well as their contact details. x��[ݓ۶���>J��G�?ڌ:wg�'��q���!�O�ujt�JJvA1�x|ǣ��b��݅nn���C�9_}s{:���j�r���y�|�nޗ�}]��M�^wo�ׯnXP�I�c�(�0�A�YȂǗׯ��'Y���^��e,����[����>��ppלN��5&ҰH&�H¨xfy����8�B�2���ݍ�����n)�2Y�,W�-*��5�}:/Sx�3��E�"�����Qgl��H�c����E��f_��t�_���P��=>&���z��!+�q8�����wɊEp�|��\%�[���ɷ�T�D�PT%�҈m��G�,m��'�My�~:ni{8�Tѣ�@.��>I�0���[de�A��yy&�< %y:K+Е8x܀\�� Transfer it to an approved pension preservation fund. On 14 December 2011 the The GEPF Law Amendment Act 2011 amended the law to provide for the implementation of the “clean-break” principle. GEPF does not have enough information in respect of the deceased members’ spouse(s) or beneficiaries to enable them to claim their benefits or for GEPF to pay the benefits to them. These are calculated in the same way as for normal retirement, but with a reduction of a third of one percent (0, 33%) for each month between the dates of early retirement and normal retirement. But, says the PSCBC, the process as she sketched it, is not correct. First: If I am to receive about R3 million as a resignation benefit after 20 yrs service, how much tax will I pay? process of retirement funds We understand that dealing with administration at this time can be very stressful. Gepf Payment Process NORMAL RETIREMENT: . The emotional and financial impact can be vast when you are filing for divorce. The GEPF now has a self-service portal and a member only needs their ID number and a password to access their latest benefit statement. www.gepf.co.za There are different interpretations of the rule. GEPF Divorce: This however was not applicable to the Government Employee Pension Law and former spouses of a member had to wait until the member retired, resigned or died. If a member dies, death benefits are paid to his/her beneficiaries, who can also claim benefits to help pay for funeral costs. To request authorization, the merchant routes an authorization request through various relay points: Issuer: The bank that provides the consumer with a credit or debit card. The benefit is paid out as a cash lump sum and is taxable. Its funding comes from the GEPF. o Engagement between National Treasury, SARS, GPAA and GEPF have been held to clarify issues around the payment process of NSF Benefits and the treatment of tax. Members of GEPF qualify for benefits on retirement and also on resignation or discharge. Government Electronic Payment Gateway (GePG) is a centralized system, connected to all available electronic revenue collection channels for the process of facilitating electronic money transactions from the public to the Government and vice versa. Thank you for registering on GEPF… When we receive a claim for the payment of benefits (due to resignation, retirement, death of a member or so on), we process and pay it as quickly and accurately as possible. <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> To this end, GEPF has created a calendar of payment dates up to March (although it is important to remember that. o Number of members impacted by the NSF provisions are ± 24 500. o GPAA has embarked on the payment process. For any other funds benefit calculations, please contact the Government Pensions Administration Agency. Further to this, we do payments only on Thursdays as that is the only way we can manage the load. For example, if you have 18 years of service and the divorce settlement entitles the non-member spouse to 50% of the pension fund interest, then the years of service would be reduced to nine years in terms of benefit calculations. The GEPF offers two options for the payment of the resignation benefit: Have it paid into a bank account as a cash lump sum; or. GEPF offers two options for the payment of this resignation benefit: Have it paid into a bank account as a cash lump sum; or; Transfer it to an approved pension preservation fund. Members with 10 or more years’ service receive a gratuity and a monthly pension annuity. %���� Pension redress was an additional task given to GEPF to handle the payment after PSCBC made all the decisions. endobj Government Employees Pension Fund has confirmed that there are some delays in pay-outs. The client should login via the link below, click on forgot password and enter their details. The modernisation objective for the years 2016 to 2019 were to decrease the payment turnaround time from 60 days to less than 30 days, to enhance the client experience through innovation, to automate the benefit payment process end to end, to create a paperless environment and to implement self-service. T}���QgQ�ܭW���u Three questions. Monthly Payment Run: Available 6th of March Saturday 07:00 Sat 19:00 Not available 6th of March Saturday from 19:00 till the 7th of March Sunday 07:00 Available 7th of March Sunday from 07:00 Sun 17:00 2021/03/12 - 2021/03/14: CIVPEN, PEKWA, PORTAL, PCM/BPA and ACCPAC: Available (refer to above paragraph) 2021/03/19 - 2021/03/21
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