How Do I Know How Much Pension I Will Get?
How Do I Know How Much Pension I Will Get?
As a member of the GEPF, you set aside a portion of your salary every month to ensure your pension benefits. Your employer, the government, also contributes a monthly amount on your behalf. All members of the GEPF contribute 7.5% of their pensionable salary to the Fund, while employers contribute 13% of that salary.
However, if you work for the South African National Defence Force or a government agency within the intelligence sector, your employer’s contribution increases to 16% of your pensionable salary.
For instance, if your monthly salary is R4,500 and R3,500 of that amount is pensionable, your GEPF contribution would be R262.50, which represents 7.5% of your pensionable salary. In addition, your employer would contribute R455 per month toward your pension, accounting for 13% of your monthly salary.
The GEPF accommodates normal and early retirement, as well as retirement due to medical reasons (ill health). Members whose jobs have been impacted by restructuring or reorganization can also access retirement benefits.
When Does Your Pensionable Service Start?
Your pensionable service starts on the day you begin making monthly contributions to your pension and continues until you cease working for your employer. Essentially, this period reflects the time when you are an active member contributing to the GEPF.
It is important to understand that there may be a delay between your employment start date and your GEPF membership date. For instance, if you initially worked under a contract that did not qualify you for GEPF membership and you were not making contributions, your pensionable service would only commence once you moved into a permanent position and began contributing regularly.
How Much Does A Member Contribute Towards His/Her Pension?
All GEPF members pay 7.5% of their pensionable salary towards the Fund. New members are, however, allowed to transfer their pension interest from a different pension fund to the GEPF.
How Much is The Employer Contribution?
The employer contributes 13% of a member’s pensionable salary; however, this rate is increased for those in service roles, such as the Police, Defence, and Correctional Services. For these members, the employer contributes 16% of their pensionable salary.
Additionally, members of the Intelligence Services also benefit from a 16% contribution based on their pensionable salary.
How To Calculate Your Pension
Calculate your pension amount using the steps below;
- Double-click the internet icon on the desktop.
- Go on with www.gepf.co.za to access the web calculator.
- Select Benefit Calculations and press enter to continue.
- Press enter to continue.
- Fill in the personal information as required in relevant fields. Enter the admission date, exit reason and exit date.
- Accept the terms and conditions, always with each transaction.
- Enter all salary periods and salary notches for the last 24 months (730 days) or the whole period if shorter
- Select “Calculate benefits”
- View the benefits and clear the calculator for the next activity.
GEPF CONTACT DETAILS
Toll-free number: 08 00 117 669
Fax: 012 326 2507
enquiries@gepf.co.za
Postal Address
GEPF Private Bag X63,
Pretoria,
0001
Visit the official website of the Government Employees Pension Fund for more information. I hope the provided information is helpful, share your thoughts below in the comment section. How Do I Know How Much Pension I Will Get?