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.
clean-break principle implemented in to GEP Law
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.
On 14 December 2011 the The GEP Law Amendment Act 2011 amended the law to provide for the implementation of the “clean-break” principle. This means that former spouses 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.