Established in 1996 through the consolidation of various funds, including the Government Service Pension Fund, the GEPF is the largest pension fund administrator in Africa with approximately 1.197 million contributing members, 318 000 pension recipients (excluding members of other funds administered by the GEPF as an agent) and more than R639, 7 billion of assets under management.
It is a self-administered, defined benefit pension fund committed to effectively and efficiently providing benefits to members, pensioners and beneficiaries. The Fund is managed by a Board consisting of equal employer and member representation including a pensioner representative, and a member employed by the South African National Defence Force, National Intelligence Agency and the South African Secret Service - each with an appointed substitute. The GEPF administration also administers benefits on behalf of National Treasury, including medical subsidies special pensions, military pensions and other sundry benefits. The GEPF is the largest client of the PIC, which acts as its investment manager. The investments held on behalf of the fund represent over 90% of the total assets under its management.