How To Calculate GEPF Pension?
How To Calculate GEPF Pension?
The Government Employees Pension Fund (GEPF) provides retirement benefits to South African government workers to secure their financial lives after long service work. To figure out how much pension you’ll get when you retire, GEPF looks at two main things, which include; how long you have worked (your years of service) and your final salary. This pension is not affected by how the fund’s investments perform.
When you retire, you will get a one-time lump sum (gratuity) and regular monthly payments (annuity). These amounts are based on your final salary, which is the average of what you earned in your last two years on the job.
An employee’s pensionable service begins the day they start making monthly pension contributions and continues until they stop working. As a GEPF member, you contribute 7.5% of your pensionable salary, and your employer adds an extra 16%.
The GEPF pension is guaranteed for five years (60 months). This means if you pass away within those five years after retiring, your beneficiaries will receive the full remaining pension payments until the 60 months are up.
Formula For Calculating GEPF Benefits
The one-time gratuity and annual annuity income are calculated using this formula:
- Gratuity: 6.72% of your final salary multiplied by your years of pensionable service.
- Annual Annuity: (1/55 of your final salary multiplied by your years of pensionable service) plus R360.
How To Calculate GEPF Pension?
Follow the steps below to calculate your GEPF pension benefit;
- 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.
- If the Admission date is before 1996/05/01 (before amalgamation of the GEPF) select the relevant previous fund code. This is necessary as a down or upscaling will be applied to the period before 1996/05/01
- If the Admission date is no or after 1996/05/01 this will not be applicable and not be displayed.
- The service years will be displayed for the period before amalgamation until i.o.w. 1996/04/01 as “Previous fund service” The service years will be displayed for the period after amalgamation in other words w.e.f. 1996/05/01 until exit date.
- Or the service years will be displayed for the period from admission until exit date.
- 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 calculator for the next activity.
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
To get an estimate of your pension, you can use the official GEPF pension calculator or talk to a GEPF consultant who can help you calculate it based on your specific information. I hope the provided information is helpful, share your thoughts below in the comment section.