Civil servants won’t lose lump sum pension payouts
The GEPF says rumours have been doing the rounds that members will no longer be entitled to a lump sum.
JOHANNESBURG - Government's moved to assure state employees they won't lose their lump sum payouts when they eventually retire or resign.
The Government Employees Pension Fund (GEPF) says rumours have been doing the rounds that members will no longer be entitled to a lump sum as part of their pension schemes.
The GEPF's Jay Morar says thousands of civil servants, mainly teachers, have resigned and cashed in on their pensions.
He says the proposed pension reforms are aimed at harmonising pension and provident funds.
"The proposed legislation changes that we were going to put in place, that has now been postponed, is not affecting the GEPF and we still want to say to the public out there, please do not resign."
Morar says the agency paid out after 4,600 resignations in November last year.
He says thousands of formal civil servants have not yet claimed more than R450 million in pension money.