Can I Withdraw Money From GEPF?

Can I Withdraw Money From GEPF?

How to Access Your GEPF Funds: GEPF Withdrawal Process

NO. You can withdraw money from GEPF if you have not retired. Withdrawing money from GEPF means accessing the savings for South African government employees registered under the Government Employees Pension Fund. However, GEPF has strict rules, and you can not withdraw money as easily as you would from a regular savings account or other retirement funds.

GEPF members are not allowed to withdraw any funds early. The only times you can access your money are when you leave the fund, whether due to retirement, ill health, being discharged from service, or resigning, according to the rules in the GEP Law.

Am I Allowed to Access My GEPF Funds?

YES. You will only be able to access your Government Employees Pension Fund once you have retired. As a member of the GEPF, you can not withdraw money early or while you are still employed.

How To Claim GEPF Money After Retirement

To make sure you get your first pension payment smoothly when you retire, start working on your paperwork at least six months before your retirement date. It is important to follow up with your employer (government department) to ensure they send accurate and complete documents to the GEPF. After you have signed everything, double-check with your employer to confirm they have sent the forms to the GEPF.

Members can also use the GEPF self-service app and portal to submit claims for their two-pot system. Once GEPF has all the correct documents, it should take no more than 60 days to process your claim. Follow the steps below to claim your fund as a new self-service and active user;

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.

NOTE:

• Remember to check that the GEPF has your email and your mobile number to receive SMS. If you have not received the SMS, go back to your HR and ask for an update.
• Failure to submit all documents, or submitting documents with errors such as not having signed the correct documents, where certification has expired as well as outstanding tax affairs will delay the process.

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

Members are encouraged to think long-term when it comes to their retirement savings. Keeping a preservation mindset and planning can help ensure financial stability and comfort in retirement. By diversifying their financial strategies and holding onto their savings, individuals can better protect their future. Visit the official website of GEPF for more information. I hope the provided information is helpful, share your thouyghts below in the comment section.