Can I Get My Pension While Still Working?

Can I Get My Pension While Still Working?

You cannot access your pension fund while employed by the sponsoring employer, therefore you would need to resign to do so. The GEPF prohibits any withdrawals from the pension fund during employment. However, to provide some flexibility in retirement planning, GEPF implements the two-pot system.

This system allows members of a retirement fund to withdraw a limited amount of their savings before retirement, specifically for emergencies. The majority of the savings will remain intact until retirement. This system applies to all South Africans with a pension fund, provident fund, retirement annuity, or preservation fund.

Under the two-pot system, members’ retirement benefits are split into two components: a savings pot and a retirement pot. For GEPF members, one-third of the benefits, calculated based on their pensionable service, will be allocated to the savings pot, while the remaining two-thirds will be assigned to the retirement pot.

Members may make one taxable withdrawal from the savings pot each year, provided the balance is at least R2,000. The benefits in both pots are influenced by the member’s years of pensionable service.

How To Claim Retirement Money From GEPF

Follow the steps below to claim your benefits from GEPF;

SELF-SERVICE ACTIVE USERS

Open the Self-Service App or visit the website.
Enter your username and password.
To submit a new claim, review past claims, or track your current claim, click on the “Claims” button.
Click on “Submit a Claim” to start a new claim.
After selecting “Submit a Claim,” you will see the rules related to the two-pot system.
You will be shown the amount available for withdrawal from your savings pot. To proceed, you must accept the terms and conditions.
Use the “Withdrawal Calculator” to see how a withdrawal will affect your years of service.
Click the “email icon” to request a withdrawal quote to be sent to your email.
Confirm the accuracy of your banking details by clicking the confirmation button. You must accept the terms and conditions to continue.
Confirm your income tax number. If it’s incorrect, you can update it before submitting it. You must also accept the terms and conditions to proceed.
Click the “Continue” button to submit your claim.
Payment will be processed within 60 working days after your claim is submitted.

NEW SELF-SERVICE USERS

Download the GEPF Self-Service App from the appropriate app store for your device.
Register your profile on the app, ensuring you provide up-to-date personal information, including your cell phone number and email address.
You will receive an OTP (One-Time Password) and a temporary password via SMS or email.
Use the temporary password to log in, then change it to a new password of your choice.
To submit a claim, view historical claims, or track your current claim, click the “Claims” button.
Then follow the subsequent steps starting from Step 5 in the Two-Pot Withdrawal Process for Self-Service Active Users above.

CONTACT GEPF

Toll-free number: 08 00 117 669
Fax: 012 326 2507

enquiries@gepf.co.za

Postal Address
GEPF Private Bag X63,
Pretoria,
0001

For more information, visit the official website of the Government Employees Pension Fund. I hope the provided information is helpful, share your thoughts below in the comment section. Can I Get My Pension While Still Working?

Bernice Asante