GEPF

What Is The Formula For Pension

A pension is a retirement benefit typically provided by employers to their employees after a certain period of service. The calculation for pension benefits depends on some elements and also the type of retirement plan. The amount of pension is usually determined by a formula and this formula takes into account:

Number of years of service
Salary
Accrual rate

By using this element, the pension formula will provide you with a structural way to calculate how much a retiree will receive monthly

Formula Used To Calculate For Pension

Below is the formula which is used when it comes to the calculation of pension

Annual Pension: Accrual Rate * Years of Service and * Final Average Salary

Payment Dates Of Pension

30 April
31 May
30 June
30 July
31 August
30 September
29 October
30 November
31 December
31 January
28 February
31 March

How Does The Two-Pot System Work

The two-pot system gives members access to some of their savings for urgent needs, whilst protecting the steady and reliable income after retirement. It’s an approach that carefully balances the need for long-term retirement security with the ability to meet immediate financial challenges.

What The Government Employee Pension Funds Invests In

Here are the four classes the GEPF invests in

Equities
Fixed income
Properties and
Isibaya Funds

Pension Calculation Tools

Pension Calculator by Bankrate
Retirement Calculator by Kiplinger
Pension Estimator by Social Security Administration

Benefits Of GEPF

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

Client Centre

GEPF Administration Office

Building 2A, Trevenna Campus

Corner Meintjies and Francis Baard

Street

Sunnyside, Pretoria

Knowing the formula for calculating your pension will help you know your contributing balance with GEPF and avoid fraud from people who assist pensioners in calculating their contributions. Visit the official website for more updates.

Linda Nartey