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CONTENTS
01 Introduction 02 Who and what is the GEPF? 04 How is the fund managed? 06 Everything you need to know about your membership 09 All the details about your contributions 10 Overview of your benefits

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INTRODUCTION
This booklet is a summary of the main benefits, procedures and processes contained in the Rules of the Fund.The Fund is governed by the Government Employees Pension Law and Rules and if there is any discrepancy between this booklet and the law and rules, the law and rules will prevail.The rules are contained as a schedule to the Government Employees Pension Law of 1996, as amended. The rules, financial statements, newsletters, other publications and forms are available on the GEPF website: www.gepf.co.za/www.gepf.gov.za or on request through our call centre number 0800 117 669.
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INTRODUCTION

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Who and what is the GEPF?

Saving money is one of the most important things to do. It is often also one of the most difficult things to do. People save to provide for the future, especially for their retirement.The Government Employees Pension Fund (GEPF) makes saving easier. The Funds primary aim is to provide members with retirement benefits. However, it also provides resignation, disability and death benefits. The GEPF is established in terms of the Government Employees Pension (GEP) Law, Proclamation 21 of 1996. In terms of the Income Tax Act, the GEPF is classified as a Fund established by Law. 02 The mandate of the GEPF is:

To make provision for the payment of pensions and certain benefits to persons in the employ of Government, certain bodies and institutions and to the dependants or nominees of such persons and to provide for matters incidental thereto.

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The GEPF was established by consolidating the funds of the former TBVC (Transkei, Bophuthatswana,Venda and Ciskei) states, self-governing states and various other funds, including the Government Service Pension Fund. Section 10(2) of the GEP Law requires the Board of Trustees to report on:

cover the costs of managing the GEPF from the Fund, and these rules empower the Board to take any steps necessary to achieve the GEPFs objectives. Although the GEPF is self-funded, it tables an annual report in parliament. The GEPF is a defined benefit pension fund and the benefits are defined in terms of the rules.The benefits are guaranteed and are not dependent on the investment returns of the Fund or on the level of employer contributions, and the employer generally takes the risk of poor investment returns. A range of other benefit and pension schemes including military pensions, special pensions, post-retirement medical assistance, the Temporary Employees Pension Fund and the Associated Institutions Pension Fund are also administered by Pensions Administration on behalf of the Government.

the functions and objectives of the GEPF; the extent to which the objectives of the GEPF have been achieved; and the efficient and effective application of the resources of the GEPF.

The GEPF Board of Trustees submit the report to the Minister of Finance.The Board was appointed in June 2005. Up to that stage, the Minister of Finance was the sole interim trustee. Rule 4.1.1. of the GEP Law states that the Board has to manage the GEPF effectively and efficiently. Rules 4.2.8. and 4.2.9. allow the Board to 03

WHO AND WHAT IS THE GEPF?

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How is the Fund managed?

The Fund is managed by the Board of Trustees.The Board consists of 16 members eight employer representatives and eight employee representatives (including a pensioner-elected member). Each member has an appointed substitute. The Board members representing employees consist of:

one pensioner-elected member, whom pensioners elect by postal ballot; one person elected by members employed by the SANDF (South African National Defence Force), the National Intelligence Agency and the South African Secret Service; and six representatives elected by the labour representatives in the Public Service Co-ordinating Bargaining Council.

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The GEPF has the largest asset portfolio of the Public Investment Corporation (PIC), which acts as its investment portfolio manager. The investments held on behalf of the Fund represent 92,3% of the total investments under its administration. The PIC invests in a range of five asset classes consisting of:

fixed interest instruments (eg long-term Government bonds); equities (shares in listed companies); money market (eg short-term interest-earning deposits); property (commercial and residential); and other investment instruments.

The PIC manages capital, money market and property portfolios internally, while the bulk of its equities portfolio and certain investment classes have been outsourced to external investment portfolio managers, monitored by the PIC.

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INVESTMENT INFORMATION

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Everything you need to know about your membership

Who are members of the GEPF? All Government employees are members of the GEPF, unless they are required by law to belong to another pension fund, or are excluded from membership of the Fund. Membership to the Fund terminates when a person retires, resigns, is discharged or dies. How to update your details It is very important to let the Fund know of any change in your personal details, such as when you marry, get divorced, have a child, lose a child, move to a new address, close a post box, and so forth. You do this by completing the personal particulars form (Z864).

The form is available from the: departmental personnel offices; GEPF website (www.gepf.co.za/www.gepf.gov.za); GEPF offices at 34 Hamilton Street, Arcadia, Pretoria; or GEPF call centre.

Remember to attach a certified copy of your bar-coded ID or valid passport (certified within the last six months) whenever you update your details. When you register your spouse, attach one of these documents: A certified copy of the marriage certificate as issued by Home Affairs. Tenet of religion. Customary union certificate. Civil union certificate.

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When you register a life partner, attach the following documents: an affidavit by you and your partner, setting out the nature of the relationship with supporting evidence (preferably documentation); or an affidavit from a member of each partys family, a mutual friend or an authorised member of any organisation of which one or both of you are a member. This affidavit should set out the nature of your relationship with supporting evidence (preferably documentation). When you register a child, attach a certified copy of the birth certificate. For a major child and other person who is financially dependent on you, attach a certified copy of the persons identity document or passport and proof of financial dependency, if applicable. Who are beneficiaries? Beneficiaries are either dependants and/or nominees. Beneficiaries are any people who can receive a gratuity payment from your pension after your death. Beneficiaries can be: a relative; a person not related to you; minor children; or a registered entity, such as a charity.

IMPORTANT: Beneficiaries can only receive the gratuity payment, not an annuity. You may nominate any person or entity to be a beneficiary. You can allocate the full 100% of the pension benefit. A will is not a nomination and will therefore not be used. How do I nominate beneficiaries? You simply complete the WP1002 form and submit it to the GEPF or your employer. IMPORTANT: GEPF must receive the form and date stamp it before your death. The Board of Trustees can decide whether or not to pay in accordance with your wish as indicated on the form. Can I improve my benefit? Yes, you can improve your benefit by purchasing additional service. You can purchase the following types of service: Leave without pay If you take leave without pay, you have to contribute to the Fund for the first 120 days of your leave period.You can, however, buy back any leave over and above 120 days. Once your application has been approved, you and your employer will pay the required contributions.

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EVERYTHING YOU NEED TO KNOW ABOUT YOUR MEMBERSHIP

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How do I purchase leave without pay? Complete an Application for Purchase of Service form (Z215). Submit the form, along with the following documents, to GEPF: A copy of your personnel record card and salary slips before and after the break in service. A copy of the leave form. Previous service in the Government You qualify for this option if you: had worked for Government before; had contributed to the Fund while working for Government; had resigned from your employment; and 18th birthday meaning if one starts working for Government at a later stage in their lives they may purchase service dating back to their 18th birthday. IMPORTANT: You may not have been out of Government service for more than three years. You have to apply to buy back your previous service within the first year after your re-employment. Once your application has been approved, you have to refund the Fund for the payments you had received before, as well as interest for the period it was out of the Fund.

How do I purchase pervious Government service? Complete an Application for Purchase of Service form (Z215). Submit the form, along with the following documents, to the GEPF: A copy of your salary advice that reflects the pension deduction or salary records. A copy of the Withdrawal from Fund Application form (Z102). Other service [F (X) formula] You can apply to buy back any other service period not covered in the two types mentioned above. However, you cannot have been younger than 18 during the service period you want to buy back. Once your application has been approved, you will have to pay the required amount to the Fund.

How do I purchase other service? Complete an Application for Purchase of Service form (Z215). NB: All forms are obtainable from the: 1. GEPF website; and 2. call centre.

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All the details about your contributions

How much is my contribution? You contribute 7,5% of your monthly pensionable salary (also known as emoluments) to the Fund every month. What is my employers contribution? Government, as your employer, also contributes to the Fund every month. After the evaluation of the Fund the Government works with an actuary to determine what contribution is needed to ensure the Fund has enough funds to provide the members with the benefits provided in the Rules of the Fund.The formula used to calculate the employers contribution takes the members gender, age and employment with their contributions and investment returns into account. Did you know? Government has made a commitment to ensure that the funding level of the Fund will be at least 90%. As of 1 April 2005, the employer contribution is 13% of nonuniformed employees salaries and 16% of uniformed employees salaries.

Example Samuels monthly pensionable salary is R3 500. Every month Samuel contributes R262,50 (7,5% x R3 500) to the Fund. If the employer contribution is 13%, Government contributes R525 (13% x R3 500).

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ALL THE DETAILS ABOUT YOUR CONTRIBUTIONS

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Overview of your benefits

When does the Fund pay out my benefits? When you resign: voluntarily; due to misconduct; and due to ill-health (occasioned by your own doing). When you are discharged: due to ill health (not due to own accord); due to your post having been abolished; for presidential or premier appointment; on early retirement; and due to ill health because of injury on duty. When you retire: normal retirement; early retirement in terms of service conditions (with permission from employer); retirement of own choice, with penalties (right to retire); retirement of own choice for teachers with vested rights; and when your contract expires. 10

How to claim your benefits To claim your benefits when you terminate your service, you need to supply the Human Resources office within your department with the following documents: 1. A certified copy of your bar-coded ID or passport. (The certification cannot be older than six months.) 2. Personal details form Z864. 3. Banking details form Z894. 4. Choice forms depending on your termination reason. 5. Copies of a marriage certificate and birth certificates of all children. 6. Any other forms supplied by the Human Resources office for you to complete. Your employer will then complete a Withdrawal from Fund application form Z102 and submit it together with your forms to the GEPF. NB: Incomplete forms will delay the process of paying out your benefits.

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When you pass away: with dependants; or without dependants. IMPORTANT: The Fund can only process documentation and forms that are fully and originally completed.

Getting the money in the bank Your benefits will be taxed according to the relevant tax legislation.The after-tax amount will be paid into your bank account or post bank account or via the Post Office. It is therefore important to let us have your correct details.You may not request to have your payment into a third partys account.
How are my benefits determined? The Fund is a defined benefit pension fund.This means that the benefits are defined in the Rules of the Fund, and are usually based on: your final salary; your years of pensionable service; and a formula/factor. What is my final salary? The Rules of the Fund defines final salary as the average salary earned over the last 24 months of pensionable service. If you were employed for less than 24 months, the final salary will be the average salary for the whole period.

Example Sipho is thinking about retiring. Over the last two years, Sipho earned: R70 000 a year for 182 days, R75 000 a year for 365 days and R80 000 a year for 183 days. Therefore, Siphos final salary used in the formula to calculate his retirement benefits will be: Final salary = (R70 000 x 182 365) + (R75 000 x 365 365) + (R80 000 x 183 365) 2 = R34 904,11 + R75 000 + R40 109,59 2 = R150 013,70 2 = R75 006,85

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What does years of pensionable service mean? Years of pensionable service is made up of: the number of years and fractions of a year that you were employed by the Government and contributed to a pension fund (either GEPF or previous funds) as defined in the rules; plus any service that you may have purchased; and less any leave without pay period. If you had contributed to previous funds before 30 April 1996, that period must be multiplied by a factor.The reason for this is that the previous funds had different levels of contribution and benefits.To ensure fairness between members, the years of pensionable service have been adjusted by this factor. The previous funds and their factors are: Transkeian Government Service Pension Fund Transkeian Government Employees Pension Fund Ciskeian Civil Servants Pension Fund Government Pension Fund of Bophuthatswana Government Pension Fund of Venda Government Superannuation Fund of Venda Authorities Service Superannuation Fund Authorities Service Pension Fund Temporary Employees Pension Fund 1,00 0,90 1,00 1,02 1,00 0,55 0,55 1,00 0,96

Example Sipho is thinking about retiring at the end of 2007 and would like to calculate his years of pensionable service. He joined the Temporary Employees Fund on 1 May 1986 and subsequently joined the Fund on 1 May 1996. He has therefore contributed 10 years to his previous fund, the Temporary Employees Pension Fund, and seven years and 245 days to the Fund. His years of pensionable service therefore equal: Years in previous fund + years in Fund Years in the Fund = 10 x 0,96 = 9,600 Years in the Fund = 11 + 245 / 365 = 11,6712 Therefore his years of pensionable service = 9,600 +11,6712 = 21,2712

IMPORTANT: Periods of service for which you had already received a paid benefit, cannot be included.

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BENEFITS WHEN YOU RESIGN When you resign from Government, or are discharged (due to misconduct, or an illness or injury that was caused by your own doing), you have two options for the payment of your benefit: OPTION 1: Cash resignation benefit paid into your account. The Fund will pay out a lump sum resignation benefit equal to: 7,5% x final salary x years of pensionable service This benefit will be increased by a percentage according to the following table: Completed years of pensionable service 5 or less 6 7 8 9 10 11 12 13 14 15 or more Percentage 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

What you need to do: Let the HR department know you have resigned. Produce a certified bar-coded copy of your latest ID or valid passport. Have your employer sign your original once-off irrevocable resignation choice form. Complete an original bank form (Z894) in black ink pen (sections A, C and D). Funds can only be paid into your personal account and not to a third party, or into home loans and credit cards. Sort out outstanding debts with your employer. Certain debts may be deducted from your pension benefit. Ensure that any tax issues with SARS have been sorted out. Confirm your starting date by submitting documents, such as pay slips, to your HR department. (Your employer has this on record.) If your surname is different to that on your ID or passport, you need a letter from the Department of Home Affairs to confirm your surname, or a marriage certificate. If you are divorced, submit the decree of divorce and settlement agreement to the GEPF. If the agreement states that an amount is payable to your ex-spouse, we also need a bank form and a certified copy of your ex-spouses ID.

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OPTION 2:Transfer to an approved retirement fund. When you transfer your benefit to an approved retirement fund, you will receive no payment in the process. Such a transfer is without deduction of tax and you will be taxed when you exit the approved fund. In this case, the Fund will transfer your cash resignation benefit (as calculated in Option 1), plus any difference between this benefit and the actuarial interest. If the rules of the approved fund into which your benefit is transferred, make provision for a cash withdrawal, it will be limited to one-third of the transfer value (interest included).The balance of the transfer value (interest included) will be used to purchase an annuity for your retirement. IMPORTANT: You can only transfer your benefit to a preservation pension fund and not a provident fund. What you need to do: Let the HR department know you have resigned. Produce a certified bar-coded copy of your latest ID or valid passport. Have your employer sign an original once-off irrevocable resignation choice form. A broker must complete an original Z1525 form. Please note section D on this form. The benefit can only be transferred to an approved retirement fund, such as a retirement annuity or preservation fund.The benefit cannot be transferred to a provident fund. If you transfer money to a preservation fund, first settle all outstanding debts with your employer. 14

Example Max resigned from the Fund after 12 years of pensionable service at the age of 47. He decided to transfer his withdrawal benefit to an approved retirement fund. At the time, his final salary was R48 000. Maxs resignation benefit was calculated as follows: 7,5% x final salary x years of pensionable service 7,5% x R48 000 x 12 = R43 200 Since Max has accumulated 12 years of pensionable service, the above benefit was increased by 70%, ie: R43 200 x 70% = R30 240 Therefore, Maxs total gratuity will be: R43 200 + R30 240 = R73 440 However, since Max is transferring his benefit to an approved retirement fund, the above benefit will be further increased by the difference (if any) between Maxs actuarial interest and the above benefit. Maxs actuarial interest can be calculated as follows: Years of pensionable service x final salary x F(Z) = 12 x R48 000 x 0,205 = R118 080 Therefore, Maxs gratuity, which was transferred to the approved retirement fund, was R118 080.

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If your surname is different to that on your ID or passport, you need a letter from the Department of Home Affairs to confirm your surname, or a marriage certificate. If you are divorced, submit the decree of divorce and settlement agreement. If the agreement states that an amount is payable to your ex-spouse, we also need a bank form and a certified copy of your ex-spouses ID.

Example 1 John resigned from the GEPF at the age of 53, after eight years of pensionable service. Johns final salary at the time was R60 000 and the factor used to calculate his actuarial interest (as found in Annexure A) was 0,228. John decided to transfer his actuarial interest to an approved retirement fund. His actuarial interest was calculated as follows: Years of pensionable service x final salary x F(Z) = 8 x R60 000 x 0,228 = R109 440 Example 2 Mary retired from the GEPF at the age of 60, after seven years of pensionable service. Marys final salary at the time was R72 000 and the factor used to calculate her actuarial interest (as found in Annexure B) was 11,140. Marys gratuity was calculated as follows: G = 6,72% x final salary x years of pensionable service = 6,72% x R72 000 x 7 = R33 868,80

What is actuarial interest? This is the equivalent sum, which is equal in value to your benefits from the Fund.The actuarial interest is calculated according to the following formulae: Members younger than 55 years: Years of pensionable service x final salary x F(Z) F(Z) = factor in Annexure A Members aged 55 years and older: G + [(A x A(X)] G = 6,72% x final salary x years of pensionable service A = (1/55 x final salary x years of pensionable service) + R360 A(X) = factor in Annexure B G and A above are reduced by one-third of a percentage for every completed month prior to a normal retirement date (60th birthday).
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A = (1/55 x final salary x years of pensionable service) + R360 = (1/55 x R72 000 x 7) + R360 = R9 523,64 Gratuity = G + [A x A(X)] = R33 868,80 + R9 523,64 x 11,140 = R33 868,80 + R106 093,31 = R139 962,11 Example 3 Kaya retired from the GEPF at age 58, after nine years of pensionable service. Her final salary at the time was R60 000 and the factor used to calculate her actuarial interest (as found in Annexure B) was 11,556. Kayas actuarial interest was determined as follows: G = 6,72% x final salary x years of pensionable service = 6,72% x R60 000 x 9 = R36 288 A = (1/55 x final salary x years of pensionable service) + R360 = (1/55 x R60 000 x 9) + R36 = R10 178,18

Since Kaya retired two years (24 months) before her normal retirement date G and A should be reduced by: 1/3% x 24 = 8% G is reduced by: 8% of G = 8% x R36 288 = R2 903,04 G = R36 288 - R2 903,04 = R33 384,96 Similarly, A is reduced by: 8% of A = 8% x R10 178,18 = R814,25 A = R10 178,18 R814,25 = R9 363,93 Gratuity = G + [A x A(x)] = R33 384,96 + R9 363,93 x 11,556 = R141 594,54

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BENEFITS WHEN YOU RETIRE OR WHEN YOU ARE DISCHARGED We recommend that you consult a financial advisor at least five to 10 years before you want to retire to ensure that your pension benefits will be enough to meet your needs. Retirement When can I retire? You may retire from the age of 60, unless your employment contract, or the law governing your employment, stipulates otherwise. This also means that you as an employee have attained a prescribed age and thus qualify to retire from your employment in terms of your service conditions. What are my benefits when I retire with less than 10 years of pensionable service? You receive a lump sum cash payment, called a gratuity, which you can invest. The gratuity you receive is equal to your actuarial interests, calculated according to formulae is payable (refer to page 18). What are my benefits when I retire with 10 or more years of pensionable service? You will receive a once-off lump sum called a gratuity and an annuity. The annuity is paid in equal monthly instalments. You can increase your spouses annuity entitlement from 50% to 75% by reducing either the gratuity or the annuity. NB: If you choose to enhance your spouses pension, you have to reduce your gratuity or annuity. Spouses are entitled to your pension up to your death as a pensioner, depending on your choice of your retirement, discharge or severance package. 17

OPTION 1: You decide to keep your spouses annuity entitlement at 50%. Gratuity = 6,72% x final salary x years of pensionable service Annuity = (1/55 x final salary x years of pensionable service) + R360 OPTION 2:You decide to increase your spouses annuity entitlement to 75% by reducing the gratuity. Gratuity = 5,85% x final salary x years of pensionable service Annuity = (1/55 x final salary x years of pensionable service) + R360 OPTION 3:You decide to increase your spouses annuity entitlement to 75% by reducing the annuity. Gratuity = 6,72% x final salary x years of pensionable service Annuity = (1/57 x final salary x years of pensionable service) + R360 How do I change my spouses annuity entitlement? Complete the Spouse Pension Choice form and submit the form to GEPF. IMPORTANT: Once you have selected an option, the decision is irrevocable you cannot change it. With all the above options a lump sum payment and a regular monthly payment will be made.The only difference will be the amounts of each. Years of pensionable service in the above formulae will be increased by 25% for each year of pensionable service after 10 years for members of the Intelligence and Secret Service, and uniformed members of the Police, SANDF and Correctional Services. The gratuity of uniformed members of the SANDF who retire under the age of 53 years, will be increased by 12%.

OVERVIEW OF YOUR BENEFITS

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Example 1 Siphiwe retired from the GEPF after 22 years of pensionable service, at the age of 60. At the time, his final salary was R80 000. Siphiwe decided to keep his spouses annuity entitlement at 50%, ie he chose Option 1. On his retirement the Fund paid out the following benefits: Gratuity = 6,72% x final salary x years of pensionable service = 6,72 % x R80 000 x 22 = R118 272 Annuity = (1/55 x final salary x years of pensionable service) + R360 = (1/55 x R80 000 x 22) + R360 = R32 360 per year (R2 696,67 per month)

Since she was a uniformed member of SANDF, her years of pensionable service was increased by: 25% for each year of completed service after 10 years = 25% x 8 years = 2 years Total years of pensionable service 18 years + 2 years = 20 years Miriam received a gratuity (cash lump sum) equal to: Gratuity = 5,85% x final salary x years of pensionable service = 5,85% x R72 000 x 20 = R84 240 Since Miriam retired after age 53, her gratuity was not increased by 12%. In addition, Miriam received an annuity every year, equal to: Annuity = (1/55 x final salary x years of pensionable service) + R360 = (1/55 x R72 000 x 20) + R360 = R26 541,82 per year (R2 211,82 per month)

Example 2 Miriam was a uniformed member of the SANDF and retired from the GEPF after 18 years of pensionable service, at the age of 60. At the time, her final salary was R72 000. She decided to increase her spouses annuity entitlement to 75% by reducing her gratuity, ie she chose Option 2.

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Example 3 Paulos retired from the GEPF after 30 years of pensionable service, at the age of 60. At the time, his final salary was R75 000. Paulos decided to increase his spouses annuity entitlement to 75% by reducing his annuity, ie he chose Option 3. On his retirement, the Fund paid the following benefits: Gratuity = 6,72% x final salary x years of pensionable service = 6,72% x R75 000 x 30 = R151 200 Annuity = (1/57 x final salary x years of pensionable service + R360) = (1/57 x R75 000 x 30) + R360 = R39 833,68 per year (R3 319,47 per month)

If your service conditions allow you to retire between the ages of 55 and 60. If your contract expires.

What are my benefits when I retire early with less than 10 years of pensionable service? You will receive a gratuity equal to your actuarial interest in the Fund. What are my benefits when I retire early, between the ages of 55 and 60? The annuity and gratuity will be calculated according to the same formulae as for normal retirement.They will, however, be reduced by 0,3333% for each month between your date of retirement and the age of 60. How do I apply for early retirement? This depends on your conditions of service and on the early retirement reason, and this should be an agreement between you and your employer. Early retirement process Z102 should be filled in. Z894 should be filled in. Letter of approval for early retirement signed by HOD. Certified ID copy. Choice form for retirement. Proof of termination-persal printouts. (if more than 10 years of service) Z583 provided at retirement he/she was a member of a medical aid. All the above documents need to be submitted by employer. Incomplete forms will delay the process.

Early retirement When can I go on early retirement? You may retire at any date before your 60th birthday: With your employers consent, you may retire early from the Fund as determined by your conditions of service. 19

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Example 1 Simon decided to take early retirement at age 56, after 16 years of pensionable service. His normal retirement age is 60. Simon also chose Option 1, ie to keep his spouses annuity entitlement at 50%. At the time of his retirement, Simons final salary was R78 000. His normal retirement gratuity would have been as follows: Gratuity = 6,72% x final salary x years of pensionable service = 6,72% x R78 000 x 16 = R83 865,60 However, since Simon retired four years (48 months) early, his gratuity was reduced by: 1/3% x 48 months = 16% Therefore, the total reduction amounted to: 16% x R83 865,60 = R13 418,50 Simons final gratuity was: R83 865,60 - R13 418,50 = R70 447,10

His normal retirement annuity would have been: Annuity = (1/55 x final average salary x years of pensionable service) + R360 = (1/55 x R78 000 x 16) + R360 = R23 050,91 Similarly, Simons annuity was reduced by: 16% x R23 050,91 = R3 688,15 Therefore, Simons final annuity was equal to: R23 050,91 - R3 688,15 = R19 362,76 per year (R1 613,56 per month)
Discharges When can I be discharged? You may be discharged from the Fund for the following reasons: Medical reasons. When jobs are abolished, reduced, reorganised or restructured. To promote the efficiency of the department. When you are appointed to another position by the President or a premier. When you are injured on duty. Incapability (excluding medical reasons) and not as a result of misconduct. NB: The discharge process is subject to approval by your Human Resources department.

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What are my benefits when I am discharged with less than 10 years of pensionable service? You will receive a gratuity according to the following formula: 15,5% x final salary x years of pensionable service x 4/3 Should you be discharged from service due to incapability to perform your duties, your gratuity will be: 15,5% x final salary x years of pensionable service Discharge process (Ill health) Z102 should be filled in. Z894 should be filled in. Letter of approval for discharge signed by HOD. Medical report. Z583 if you have more than 10 years of service, provided on last day of service you were a member of a medical aid. Certified bar-coded ID copy. Choice form for retirement. What are my benefits when I am discharged with 10 or more years of pensionable service? You will receive a gratuity and an annuity. You can increase your spouses annuity entitlement from 50% to 75% by reducing either the gratuity or the annuity. You can do this in one of three ways.

Example 1 Sarah was discharged from the service of the Government due to medical reasons after five years of service, and with a final salary of R48 000. Sarah retired and received a gratuity that was calculated as follows: 15,5% x final salary x years of pensionable service x 4/3 = 15,5% x R48 000 x 5 x 4/3 = R49 600

OPTION 1:The member decides (after 1 December 2002) to keep the spouses annuity entitlement at 50%. Gratuity = 6,72% x final salary x increased years of pensionable service Annuity = (1/55 x final salary x increased years of pensionable service) + R360 OPTION 2:The member decides (after 1 December 2002) to increase the spouses annuity entitlement at 75% by reducing gratuity. Gratuity = 5,85% x final salary x increased years of pensionable service Annuity = (1/55 x final salary x increased years of pensionable service) + R360

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OPTION 3:The member decides (after 1 December 2002) to increase the spouses annuity entitlement to 75% by reducing the annuity. Gratuity = 6,72% x final salary x increased years of pensionable service Annuity = (1/57 x final salary x increased years of pensionable service) + R360 How do I change my spouses annuity entitlement? Complete the Spouse Pension Choice form and submit to GEPF. IMPORTANT: Once you have selected an option, the decision is irrevocable. With all three options, a lump sum payment and a regular monthly payment will be made.The only difference will be the amounts of each. Years of pensionable service in the above formulae will be increased by 25% for each year of completed service after 10 years for members of the Intelligence and Secret Service, and uniformed members of the Police, SANDF and Correctional Services. The gratuity of uniformed members of the SANDF who retire under the age of 53 years, will be increased by 12%. All members, except those discharged because they are incapable of fulfilling their duties, will have their pensionable service increased by the lesser of: five years; one-third of their pensionable service; or unexpired period of service.

Example 1 Themba retired from the GEPF after 12 years of pensionable service at the age of 51 due to medical reasons. His final salary was R72 000. He opted to keep his spouses annuity entitlement at 50%, ie Option 1. His years of pensionable service will be increased by the lesser of: five years; one-third of his service (which equals four years 12 x 1/3); or his unexpired period of service of nine years (60 51). His years of pensionable service are thus increased by four.Therefore his adjusted total years of pensionable service are 16 years (12 + 4).Thembas retirement benefits are: Gratuity = 6,72% x final salary x years of pensionable service = 6,72% x R72 000 x 16 = R77 414,40 Annuity = (1/55 x final salary x years of pensionable service) + R360 = (1/55 x R72 000 x 16) + R360 = R21 305,45 per year (R1 775,45 per month)

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BENEFITS IN THE CASE OF DEATH BEFORE RETIREMENT The Fund provides your family and/or beneficiaries with certain benefits in the event of your death. Death in service gratuity (lump sum payment)

Gratuity = 6,72% x final salary x increased years of pensionable service + 5/55 x final salary x increased years of pensionable service The years of pensionable service in the formula will be increased as follows: Members of the Intelligence and Secret Service, and uniformed members of the Police, SANDF and Correctional Services, will receive an additional 25% for each year of completed service after 10 years. The years of pensionable service will also be increased by the lesser of: five years; one-third of the pensionable service; or unexpired period of service. How do my beneficiaries access the gratuity? If a nomination form (wp1002) was completed and the child is a minor, then the following need to be submitted: (a) A certified copy of a birth certificate. (b) A guardian letter. (c) A certified copy of a guardian ID.

Dont forget! Nominate a beneficiary. Keep the Nomination of Beneficiaries form (WP1002) up to date. Submit certified copies of IDs and/or birth certificates of your nominees, with the updated form, to GEPF.
What happens when I die with less than 10 years of pensionable service? Your beneficiaries or your estate (if you have no beneficiaries) will receive a gratuity.The amount of the gratuity will be the greater of: the actuarial interest; or your final salary. The actuarial interest is calculated according to formulae described on page 24. What happens when I die with 10 or more years of pensionable service? Your beneficiaries or estate (if you have no beneficiaries) will receive a gratuity calculated as follows:

For majors (18+) (a) Z894. (b) Certified ID copy. If a nomination form was not completed or does not comply with the requirements and a gratuity is payable to multiple beneficiaries, the Fund may divide and award the gratuity amongst the beneficiaries.

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Example 1 Anna died at the age of 54 while still a member of the Fund. At the time of her death she had completed 21 years of pensionable service. Her final salary was R67 000. Annas spouse received a gratuity, which was calculated as follows: Annas years of pensionable service is increased by the lesser of: five years; one-third of her service, which equals seven years (21/3); or her unexpired period of service of six years (60 54). Her years of pensionable service were adjusted by five years, bringing the total to 26 (21 + 5). Gratuity = 6,72% x final salary x increased years of pensionable service + 5/55 x final salary x increased years of pensionable service = 6,72% x R67 000 x 26 + 5/55 x R67 000 x 26 = R117 062,40 + R158 363,64 = R275 426,04

Spouses annuity Who may receive a spouses annuity? Your spouse or life partner (if approved as a life partner by the Fund) qualifies for a spouses annuity. It is not payable to other beneficiaries that might have been nominated on the nomination of beneficiaries form. IMPORTANT: Where more than one spouse is left behind, the spouses pension will be divided equally among legitimate spouses. Should spouses and orphans be beneficiaries, the Fund will also treat the deceased parent of the orphans as a spouse for the purpose of apportioning the spouses pension. When does my spouse qualify for an annuity? when you die in service; and when the sum of your years of pensionable service and unexpired period of service is at least 10 years. The sum of the years of pensionable service plus the unexpired service period is for the purpose of this explanation called the full potential service. How much will my spouse receive? The spouses annuity is half of the annuity that you would have received had you retired on the date of death.This annuity is based on the full potential service.

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The calculation is as follows: 50% x [(1/55 x final salary x full potential service) + R360] How does my spouse access the annuity? Your spouse has to complete the Application for Spouse Pension form (Z143).The form is available on the GEPF website (www.gepf.co.za/www.gepf.gov.za) or from the GEPF offices at 34 Hamilton Street, Arcadia, Pretoria. Along with the completed form, GEPF will need the following documents: Certified copy of the applicants identity document (certified within the last six months). Certified copy of the deceased member or pensioners death certificate. Certified copy of the deceased members identity document/ passport with confirmation of death by Department of Home Affairs. Original Z143 form (request your employer to provide you with a copy). A certified copy of the marriage certificate (religious, customary union or civil) as issued by Home Affairs. Alternatively, proof of marriage by means of a certified copy of a customary union certificate, Hindu certificate or Lobola affidavit and confirmation of customary union by representatives from both families. Copy of the death certificate.

Example 1 From the previous example, Anna had more than 10 years of full potential service.Therefore her husband, apart from the gratuity, will also receive a spouses annuity for the remainder of his life. Spouses annuity = 50% x [(1/55 x final salary x full potential service) + R360 Anna died at the age of 54 so her prospective service was six years (60 x 54). Therefore her full potential service was: = actual service years + unexpired period of service = 21 + 6 = 27 years Spouses annuity = 50% x (1/55 x R67 000 x 27 + R360) = 50% x R33 250,91 = R16 625,45 per year (R1 385,45 per month)

Orphans annuity Who qualifies for an orphans annuity? An eligible child who was orphaned as a result of the death of: a member; the spouse of a deceased member; a pensioner who retired on or after 1 December 2002; or 25

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the spouse of a pensioner who retired on or after 1 December 2002. An eligible child who is either the natural or legally adopted child of a member or pensioner or a deceased member or pensioner who is either: under the age of 18; under the age of 22 and a full-time student; or a child over the age of 18 and disabled and factually dependent. What is the old orphans annuity? The old orphans annuity, as explained below, applies to the children of pensioners who died between 1 December 2002 and 30 March 2006. The Fund pays an orphans pension when you, as the member, pass away and there is no surviving natural or adoptive parent to take care of your child or children. The amount of the annuities will depend on the number of eligible orphans that are left behind. Number of orphans Calculated on pension amount of: 1 2 3 and more Death of a member Death of spouse of member Death of spouse of pensioner Death of pensioner

Therefore, the orphans annuities will be the following: Orphan: % (as mentioned in above table) 50% [(1/55 final average salary full potential service) + R360] IMPORTANT: The amounts will always be divided equally between the orphans. The orphans annuities will be adjusted as and when one or more of the orphans are not eligible any more under the rules of the Fund. Other provisions may apply to the orphans annuities if there is more than one spouse. How does an orphan access the annuity? GEPF needs the following documentation to process an orphans application: Appointment letter of the guardian or caregiver of the minor orphans. Proof of full-time studentship from the tertiary institution, for each year from date orphaned to date of application. Birth certificates of all orphans, as well as a copy of the bar-coded ID documents if the orphans are over the age of 16. What is the new orphans annuity? The new orphans annuity applies to children who were orphaned as from 31 March 2006.The annuity will be 10% of the members annuity at the date of termination, with increases.The children will not receive less than R200 per month each.

Spouse pension 40% 60% 80% 40% 60% 80%

Pensioners pension, with increases 20% 30% 40% 20% 30% 40%

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Example 1 Mary died at the age of 50 while still a member of the Fund. At the time of her death, she had completed 15 years of pensionable service with the Fund. Her final average salary was R50 000. Mary had no spouse at the time of her death, but she left three children behind.The orphans annuities for Marys children are calculated as follows: Marys full potential service is calculated as follows: Past service of 15 years. Her prospective service was 10 years (60 50). Full potential service of 25 years (15 + 10). Mary had more than 10 years of full potential service. Therefore, her orphans will receive an orphans annuity while they are eligible. Orphans annuity = 80% x 50% x (1/55 x final average salary x full potential service + R360) Orphans annuity = 80% x 50% x (1/55 x R50 000 x 25 + R360) = 40% x (R23 087, 27) = R9 234,91 per year (R769,58 per month)
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Example 2 Suppose now that after five years the eldest child,Tom, loses his eligible orphan status. At this stage the total orphans annuity is R13 280 per year.The orphans annuity has to be adjusted as there are now only two eligible orphans.The adjusted orphans annuity is calculated as follows: New orphans annuity = 60% / 80% x old orphans annuity = 60% / 80% x R13 280 = R9 960 per year (R830 per month)

DEATH AFTER RETIREMENT What happens when I die within five years of retirement or discharge? Your full annuity is guaranteed for five years after retirement.Therefore, should you die within this five-year period, your beneficiaries or estate (if there is no beneficiary) will receive the balance of the annuity payments up to the end of the five-year period as a cash lump sum. However, the R360 supplement (that is added to the annuity every year) will be excluded.

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Your spouse will also receive an annuity (from the first month after your death) equal to either 50% or 75% of the annuity you received before your death.The percentage will depend on the option you chose when you retired. Remember this option is only available to members who retired after 1 December 2002 and who are entitled to an annuity.

Dont forget! Nominate a beneficiary. Keep the Nomination of Beneficiaries form (WP1002) up to date.
What happens when I die five or more years after my retirement? The Fund will provide your spouse with an annuity of either 50% or 75% of the annuity you received before your death.The percentage will depend on the option you chose when you retired. Remember this option is only available to members who retired from 1 December 2002 and who are entitled to an annuity. IMPORTANT: Your spouse will receive this annuity until he or she dies, regardless of whether or not he or she remarries. How does my spouse access the annuity after my death? Your spouse has to complete the Application for Spouse Pension form (Z143).The form is available on the GEPF website (www.gepf.co.za/www.gepf.gov.za) or from the GEPF offices at 34 Hamilton Street, Arcadia, Pretoria. Along with the completed form, GEPF will need the following documents: Certified copy of the applicants identity document (certified within the last six months). 28

Example 1 Jack retired from the GEPF and received an annuity of R36 000 (R3 000 per month). Jack decided on Option 1, ie keeping his spouses annuity entitlement at 50%. (The options available to Jack are described in the section on benefits on retirement.) Jack died three years after his retirement. At the time of his death, he was receiving an annuity of R45 000 (R3 750 per month). The Fund paid out the following benefits: Balance of annuity payments Jacks annuity is guaranteed for two more years, excluding the R360 supplementary amount.Therefore his beneficiaries received a lump sum payment of: (R45 000 x R360) x 2 = R89 280 Plus spouses annuity Jacks spouse will receive a monthly income of 50% of the annuity that was payable to Jack before his death (as Jack chose Option 1 on retirement): R45 000 2 = R22 500 per year (R1 875 per month)

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Certified copy of the deceased members or pensioners death

certificate. Certified copy of the deceased members identity document/ passport with confirmation of death by the Department of Home Affairs. Original Z143 form. A certified copy of the marriage certificate (religious, customary union or civil) as issued by Home Affairs. Alternatively, proof of marriage by means of a certified copy of a customary union certificate, Hindu certificate or lobola affidavit. Copy of the death certificate.

FUNERAL BENEFITS With effect from 1 December 2002, the Fund provides the following funeral benefits. A cash lump sum of R7 500 for the funeral of: a member; a pensioner; the spouse of a member (or a deceased member); and the spouse of a pensioner (or a deceased member). A cash lump sum of R3 000 for the funeral of: a child of a member (or a deceased member); and a child of a pensioner (or a deceased pensioner). IMPORTANT: The benefits are payable irrespective of the order in which the deaths occur. The funeral benefits for the spouse and eligible children will be paid even after the death of the member/pensioner. 29

How do I, or my family, access the funeral benefit? Complete original Z300 and Z894 forms. Post or hand-deliver these forms to GEPF if payments must be made via ACB. Fax or e-mail the documents if payment must be made to the Post Office. Include the following attachments: Certified copy of identity document or valid SA passport of both deceased member and applicant. Original certified copy of death certificate. Proof of marriage. For deceased minor or major children, proof of age in the form of an original certified copy of their birth certificate or identity document. If the major deceased child was disabled, medical proof of disability. If the major deceased child was a student, proof of student registration. If the major child is claiming the funeral benefit, proof of relationship is required. If an estate is applicable, a certified copy of executorship is needed. When payment is made via the Post Office, faxed or e-mailed copies of the original documents must be submitted to the Post Office.

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Who is an eligible child? This is the natural or legally adopted child of a (living or deceased) member or pensioner, who is: under the age of 18; under the age of 22 and a full-time student; a child over the age of 18 and disabled and factually dependent; or a stillborn child. Example 1 John and his son Mark both died in the same motor vehicle accident while John was still a member of the Fund. A cash lump sum payment of R10 500 will be paid to their beneficiaries.This amount consists of R7 500 for Johns funeral benefit and R3 000 for Marks.

You will receive an additional increase if your annuity is less than the minimum level.The minimum level is 75% of your pension at retirement, increased by full inflation as measured by the consumer price index (all items) from the date of retirement up to the specific increase date. If you retire during a year when an annuity increase is granted, you will receive a pro rata increase. ADDITIONAL BENEFITS The Fund also pays benefits for injury on duty and severance packages. Details of these benefits have not been included in this booklet but are contained in the Rules of the Fund. Any additional financial liabilities arising from these benefits, or from your retirement or discharge, will be covered by the Government and/or your employer. DEFINITIONS The definitions below have been created for ease of reference, however, the definitions which are stipulated in the GEP Law will prevail. GEPF Government Employees Pension Fund. Beneficiary The person or persons who could be entitled to a gratuity as a result of the death of the member. Annuity This is the annual income that may be received from the Fund after retirement or discharge.The annuity will be paid in equal monthly instalments on or before the last or first day of each month.

ANNUITY INCREASES The Fund usually increases annuities on 1 April every year.The increase is usually 75% of the average increase in the consumer price index (all items) for 1 December to 30 November of the previous year. The Funds actuary has to make sure that the Fund can afford the increase before it is granted.

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Gratuity A lump sum payable when service is terminated. Adjusted pensionable service (increased years of pensionable service) This is the period of pensionable service, taking into account all adjustments made thereto in terms of the Rules, as at the date of termination of service. Approved retirement fund A fund other than a related fund, which has been registered in terms of the Pension Funds Act, 1956 (Act 24 of 1956). It has been approved as a pension fund, retirement annuity fund or provident fund in terms of the Income Tax Act, 1962 (Act 58 of 1962). Defined contribution pension fund A defined contribution pension fund is a fund where the benefits are mainly based on the sum of contributions plus investment returns. Benefits are dependent on the level of member and employer contributions as well as on the level of investment return.The member generally bears the risk of poor investment returns. Defined benefit pension fund A defined benefit pension fund is a fund where the benefits are defined in terms of the rules. Benefits are generally guaranteed and are not dependent on the investment returns of the fund or on the level of employer contributions. In such funds the employer generally takes a risk of poor investment returns.The Government Employees Pension Fund is a defined benefit fund. 31

Final salary Most of the formulae for calculating benefits under the Government Employees Pension Fund involve the concept of final salary. Final salary is the average salary earned over the last 24 months of pensionable service, or during the whole period of such service, whichever period is shorter.This does not include allowances paid unless they are specified as pensionable allowances. Full potential service This is the sum of years of pensionable service and the unexpired period of service. Actuarial interest and factor The actuarial interest is a set formula in the Rules. It is determined by the actuary and approved by the Board. This is the equivalent sum, which is equal in value to your benefits from the Fund. It is calculated by means of various formulae according to your age. The actuarial interest that become payable could be paid into your account or approved fund as determined by the Rules. Funding level This is the ratio of the value of the assets to the value of the liabilities. The actuary to the Fund determines both these values. Pension retirement date This is the date on which the member becomes eligible for pension as determined by the law governing employment. If this date is not specified, it will be the date on which the member reaches the age of 60.

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Pensionable salary This is the basic annual salary plus any other allowances that may be recognised as pensionable (also known as pensionable emoluments). Pensionable service This is the number of years (and fractions of a year) that the member has been employed by the Government and contributed to a previous fund and the GEPF, plus service that may have been purchased, less leave without pay periods. If a year has not been completed, the days are divided by 365 days, which will provide the fraction. The period of service that the member has contributed prior to 30 April 1996 to previous funds must be multiplied by a factor.These factors are shown on page 12. The Fund This refers to the Government Employees Pension Fund, unless otherwise specified. Unexpired period of service This is the number of years between the members age when he/she terminates service, and the age of 60. Disabled child In relation to the definition of an eligible child this means any permanent physical or mental impairment that, in the opinion of the Board, renders the person unable or unfit to provide for his or her own maintenance. Spouse This is the person the member is legally married to or who is recognised as the members spouse (according to indigenous law or 32

custom or the tenets of any religion) or the members recognised life partner (including a same sex life partner). Adopted child This is a child who is legally adopted in terms of the Child Care Act, No 70 of 1983, as amended.The adoption order is vested in the member or pensioner or the deceased member or pensioner. Eligible child This is the natural or legally adopted child of a (living or deceased) member or pensioner: under the age of 18; under the age of 22 and a full-time student; over the age of 18 and disabled and factually dependent; or a stillborn child. Eligible orphan This is a child of whom both parents (natural or adopted) are deceased. This is a child who was orphaned as the result of the death of: a member; the spouse of a deceased member; a pensioner who retired on or after 1 December 2002; or the spouse of a pensioner who retired on or after 1 December 2002. Stillborn As defined by the Births and Deaths Registration Act No 51 of 1992, this is the natural child of a member or pensioner, who is: born after 26 weeks of pregnancy; and shows no sign of life. Any termination of pregnancy that is self-inflicted as per the Choice on Termination of Pregnancy Act, No 92 of 1996, is specifically excluded.

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Service periods Please confirm with your department whether your service date is correct, for it is of utmost importance when you terminate your service. If your service date is not correct, request your department to forward a Z125 (Admission to Fund form) including the necessary proof of contribution to the GEPF as soon as possible.This information will be verified and the necessary changes will be made.

ANNEXURE A:F(Z) FACTORS SUMMARISED VERSION Years F(Z) 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 0.090 0.092 0.094 0.096 0.098 0.101 0.103 0.107 0.112 0.116 0.120 0.124 0.129 0.134 0.139 0.145 0.149 0.153 Years F(Z) 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 0.159 0.163 0.167 0.171 0.176 0.181 0.186 0.190 0.195 0.201 0.205 0.210 0.214 0.218 0.221 0.225 0.228 0.231 Years A(X) 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 12.135 11.948 11.755 11.556 11.351 11.140 10.923 10.702 10.475 10.243 10.007 9.768 9.526 9.280 9.033 8.784 8.534 8.285 8.036 7.790 7.547

DISCLAIMER The information provided in this document is protected by applicable intellectual property laws and cannot be copied, distributed or modified for commercial purposes. While every effort has been made to ensure that the information contained herein is current, fair and accurate, this cannot be guaranteed.The use of this information by any third party shall be entirely at the third partys discretion and is of a factual nature only.The information contained herein does not constitute financial advice as contemplated in terms of the Financial Advisory and Intermediary Service Act, 2002.The GEPF does not expressly or by implication represent, recommend or propose that products or services referred to herein are appropriate to the particular needs of any third party. The GEPF does not accept any liability due to any loss, damages, costs and expenses, which may be sustained or incurred directly or indirectly as a result of any error or omission contained herein.

Use age as on previous birthday.

G R A P H I C O R

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