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Johannesburg – The Government Employees Pension Fund
(GEPF) would like to reiterate and to assure its members, pensioners and
beneficiaries that their pension savings are safe.
In a statement issued on Thursday, it notes that last
week National Treasury told the National Assembly that it is considering
various options to recapitalise South African Airways (SAA) which includes the
Public Investment Corporation (PIC) as a possible equity partner.
The PIC is the GEPF’s fund manager.
However, it says, Treasury speculation is perceived as
confirmation that the GEPF’s assets will be used through the PIC to fund SAA.
“The GEPF would like to assure its members, pensioners
and beneficiaries that the fund has not received or been approached with such a
proposal and no discussions have been held with GEPF on this matter.”
As a result, it says, it urges “all our members and
pensioners not to panic or read too much into this speculation”.
Read also: #Budget2017: SAA to receive further bailout
The GEPF, through the PIC, receives many requests all the
time and rigorously considers the merits of all investment opportunities and
invests prudently in the best interests of its members, pensioner and
beneficiaries, it explains.
“The GEPF adheres to strict regulations governing its
financial liability to members, beneficiaries and pensioners, as well as its
financial soundness. Moreover, the GEPF has confidence in the PIC’s ability to
prudently invest funds on its behalf in terms of the agreed investment mandate. The
GEPF constantly monitors and evaluates the PIC’s performance in accordance with
its investment policy and mandates.”
It adds: “GEPF members, pensioners and beneficiaries are
reminded that the primary role of the GEPF is to protect the wealth of its
members and pensioners by safeguarding their retirement benefits through proper
administration and prudent investment.”
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