The purpose of the funeral benefit is to help pay the funeral cost. The GEPF pays a cash lump sum funeral benefit on the death of a member or pensioner. They also pay out on the death of a member or pensioner’s spouse, life partner or eligible child.
Government Employee Pension Fund
Pension interest forms part of your spouse’s assets and depending on your marital regime, you may be entitled to claim a share.
A change to the Government Employees Pension Law was recently approved, whereby the debt that accrues to a member of the GEPF, will be replaced by a reduction in the service period used to calculate the exit benefit of a member.
Pension Redress Program The parties to the PSCBC, on the 02 September 1998 and 29 November 2002 respectively, agreed on a pension restructure process through the Public Service Co-ordinating Bargaining Council (PSCBC) Resolution 07 of 1998 and Resolution 12 of 2002. The aim of the two resolutions is to provide compensation to government employees who …
Which documents must be submitted in support of the application for divorce payment? The GPAA / GEPF requires the following documents to be submitted. Failure to submit the necessary documents, properly certified, will delay payment
Does my pension interest in GEPF form part of my assets for purposes of divorce? Depending on the nature of the marriage, the court may make a ruling as to how the assets shared in the marriage, such as for example a house, vehicles and the like be divided between the parties. The question is whether the pension interest of any party to the divorce forms part of the assets? The answer is: yes. There are three types of marriage regimes in South Africa
How does tax on the portion of the pension interest allocated by the court work? If the parties were divorced on or after 13 September 2007, the non-member spouse will be taxed in his or her own right. If the parties were divorced before 13 September 2007, only the member spouse is taxed. However, should a non-member spouse owe the South African Revenue Service (SARS) any tax, this will be deducted from the benefit by SARS, regardless of whether the parties divorced before or after 13 September 2007
What does it mean, the GEPF is a defined benefit fund, as opposed to a defined contribution fund? GEPF is a defined benefit fund, not a defined contribution fund. This means that benefits are calculated using fixed formulas, based on length of service and final salary, as defined. Therefore, unlike a defined contribution fund, the benefit eventually payable to a member is not the sum of contributions made by a member plus growth. There is no ring-fenced amount per member in GEPF.
Have you claimed your divorce benefit from your ex-spouse Government Employee Pension Fund? Or have you lodge a claim but are not getting any feedback from the GEPF? Have you been waiting longer than 60days for your payment? Because of the implimentation of the clean break principle former spouses (the non-member) of members contributing to the GEPF can now claim their share of the fund as stipulated in their divorce order and don’t have to wait until retirement, resignation or death.
All you need to know about divorce and pension fund benefits. You are entitled to 50% of the value of your spouse’s Retirement Fund or Retirement Annuity if you are married in community of property or out of community of property with Ante Nuptial Contract (ANC ) with accrual. Ensure that your settlement agreement states that you receive …