Pension showdown looms as public servants are excluded from their funds

Another showdown between the government and public sector unions is looming over the exclusion of public servants from early access to a portion of their retirement funds. pensions retirementfunds busrep

“It is expected that the earliest that any changes would become effective for a new withdrawal mechanism is 2022,” it said.

The GEPF is the largest pension fund under the government-controlled asset management company, the Public Investment Corporation. Mboweni said the matter had been discussed at Nedlac ad nauseum and the National Treasury and other relevant officials should speed up this matter. The funds, he said, could among other things be used to settle bond repayments or “sort out whatever debt positions they might be in”.

It said the government had been engaging with trade unions, retirement funds, regulators and other stakeholders to discuss how to increase savings and improve preservation and allow limited withdrawals, without creating liquidity and investment risks.

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