What Happens If I Resign From GEPF

Are you a member of the Government Employee Pension Fund who wishes to resign from duty due to some reasons such as ill health or any other reasons? Do you wish to know your fate after resigning, worry less this article will assist you with everything you wish to know after resigning from your job. Follow carefully as we delve into it.

READ ALSO: Can I borrow money from my GEPF?

Benefits of the Government Employee Pension Fund

Here are some benefits of the GEPF

Retirement Benefits
Unclaimed Benefits
Divorce Benefits
Death Benefits
Funeral Benefits
Resignation Benefits
Child Pension
Spouse Pension

What Happens If You Resign from GEPF

Following your resignation, a member will become entitled to receive the combined balance of their savings pots as a lump sum payment on the exit date. It’s vital to note that this lump sum payment will be subjected to taxation. On the other hand, members have the option to transfer the payable lump sum to an approved retirement savings vehicle. And if a member chooses to transfer the funds to such a vehicle, this transfer will not be subject to taxation.

The Retirement Pot, however, will need to be preserved and will only become accessible when a member reaches retirement age or in the event of their earlier death. Members will have the flexibility to decide whether they wish to keep the Retirement Pot within the Fund or transfer it to an approved retirement saving vehicle. If so, the retirement pot remains within the fund, it will be retained as a service credit for a deferred pension.

This deferred pension will be calculated based on the final salary and pensionable salary at the date of resignation. The deferred pension will be increased with pension increases each year.

Contact Details

Tel: +27 80 011 7669

Fax: +27 12 326 2507

Email: enquiries@gepf.co.za

When planning for your resignation make sure you put everything in place to avoid any uncertainty when you resign. Visit the website for more updates and don’t forget to leave your suggestions in the box provided below

Linda Nartey