The Government Employees Pension Fund (GEPF) will, on Tuesday, 14 October 2014, launch its Free State Province leg of the Retirement Member Campaign (RMC) in Botshabelo.
This event is to be held at the Botshabelo Sports Arena starting from 14:00 until 16:30.
The main objective of the campaign is to reduce the turnaround time for the exit process, from retirement date to the date of first payment. Furthermore, the campaign is aimed at updating the member’s details to ensure that the exit process is not delayed due to inconsistent data.
While GEPF is committed to paying members within 60 days after receiving correctly submitted withdrawal documents, there are still cases where members are paid very late, sometimes after more than one year, due to several factors. These include incorrect member details, wrongly submitted withdrawal documets, and so on. In order to improve this situation, the RMC was envsaged to address challenges and ensure that these factors are totally eliminated.
The delay in timeous payment continues to affect members negatively, some of them being under the threat of losing their hard-earned houses, possible repossesion of ther motor vehicles and at times failure to finance their children or grandchildren’s education.
The succesful implemetation of the campaign will lead to an improved retirement experience for most members retiring, including reduced time, money and frustration spent in resolving exit process delays which should not have occured in the first place.
Some of the issues that GEPF will address include the rumours relating to the cessation of pension gratuity payouts and unclaimed benefits of untraceable beneficiaries.
Added to this, it is hoped that the campaign will significantly reduce GEPF’s Unclaimed Benefit account. Any pension benefit not paid out to eligible beneficiaries within a period of 24 months of such a benefit becoming legally due and payable, is paid into the Unclaimed Benefit account.