June GEPF invest R115-million in a private hospital. broader spectrum of South African society, added Badal.
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1 fundtalk June 2013 The quarterly newsletter for active members of the Government Employees Pension Fund GEPF invest R115-million in a private hospital GEPF, through the Public Investment Corporation, has recently invested R115-million in the construction of the R233- million Kiaat Private Hospital in Mbombela, Mpumalanga. This is in line with the Fund s development investment (DI) policy that commits GEPF to invest in financially viable projects in affordable healthcare, education and other economic infrastructure projects. At the sod-turning ceremony, GEPF s Deputy Chairperson Prabir Badal said, This investment represents an important milestone in the implementation of the DI policy that seeks to invest in projects that make good investment sense while contributing to South Africa s developmental agenda. Private healthcare has become expensive in South Africa and unaffordable to low- and middle-income earners which includes most GEPF members. In fact, we need more initiatives such as Kiaat Private Hospital to make healthcare affordable to a broader spectrum of South African society, added Badal. The building of Kiaat Private Hospital will contribute to job creation both short and long term. An estimated 347 jobs will be created during the construction period and incrementally over a period of five years 290 nurses, porters and pharmacists will be employed. This investment will also give access to private healthcare to low- and middle-income earners, including GEPF members and pensioners residing in the Mbombela area. Through this investment, GEPF will contribute to new enterprise development by giving previously disadvantaged doctors and nurses the opportunity to own shares in the hospital as well as supporting small businesses in the catchment area through the awarding of various hospital management services contracts. PIC CIO Dr Dan Matjila and GEPF Deputy Chairperson Prabir Badal
2 R325-million for solar energy In line with its developmental investment policy that seeks to invest in projects that deliver superior investment returns while contributing to economic growth and job creation, GEPF, through the Public Investment Corporation (PIC), has recently invested R325 million in two solar projects in Limpopo, Witkop Solar Park and Soutpan Solar Park. At the recent sod-turning ceremony to mark the commencement of construction of Witkop and Soutpan solar plants in the Capricorn District of Limpopo, Deputy Chairperson of the GEPF s Board of Trustees, Prabir Badal said, We believe that our economy will not develop without a secure electricity supply. The performance of GEPF s investment portfolio is dependent on a well-functioning economy and a secure supply of energy is critical in this. During the 2008 power crisis, we saw a number of mines slowing production and this had an adverse effect on our investment portfolio due to our significant exposure in the mining industry. While we need to increase our generation capacity, we also realize that the first developmental goal of South Africa is to keep power flowing in the short to medium term, whilst investing in renewable energy projects such as these solar energy plants for the mediumto long-term, added Badal. GEPF believes that such large-scale and long-term infrastructure investment opportunities are well suited to the needs of the Fund a large investor with long-term liabilities and an eye on the future. We want to set an example to other local and international institutional investors by leveraging our investments for the benefit of South Africa, said Badal. L to R, PIC s Dr Matjila, Limpopo Premier Cassel Mathale (middle) GEPF Deputy Chairperson Prabir Badal and Pashu Gopalan, Vice President: SunEdison 2
3 The best way to preserve your retirement savings When you change jobs, you receive a pension payout, but the best thing to do with these funds is to keep them invested for your retirement. The National Treasury is investigating ways to enforce preservation in response to an alarmingly high withdrawal rate prior to retirement. You are already incentivised to preserve the funds through the tax structure. Currently, any withdrawal is taxed at the taxpayer s marginal rate, which can be up to 40%. In addition, drawdowns of these savings can reduce your likelihood of being able to earn enough income in retirement to sustain a desired lifestyle. When starting a new job, you have a choice to move your pension to the new employer s fund, or you could opt to retain the assets in a provident fund. What should you consider when making this decision? Both the new company s pension fund and preservation funds are governed by the Pension Funds Act, but there are differences. These relate primarily to accessing the funds, investment choice offered, costs and the type of fund at your existing company and at your new company. Access A pension fund will only allow you to access your savings upon retirement, while a preservation fund will allow one full or partial withdrawal before retirement. In addition, you may transfer from one preservation fund to another at no cost and at any time. Even if you think you may not wish to withdraw your savings, this difference may be critical at another stage in your savings lifecycle. Choice The new company s pension fund may allow investment choice subject to the rules of the fund, but some pension funds have a predefined portfolio. It is recommended you enquire about the specific fund s rules. Most perseveration funds, on the other hand, offer more investment flexibility, usually through a choice of unit trusts. For a more sophisticated investor, a preservation fund may offer the investment flexibility required. However, for many investors, too much choice can be problematic and difficult to manage. Costs Costs may also be very different in both products. It would be critical for you to establish the all-in cost of the funds you may be considering. Costs can significantly reduce the performance of a member s 3 account in a fund. What might appear to be a small difference in cost yearly, will have a significant effect on the value of the investment when this is measured over 30 years. The cost differential may thus be a major factor in making a decision. Fund type The above assumes that the current savings are in a similar type of fund to the one your new employer offers. If the current fund is a pension fund and the new fund is a provident fund, it may not be possible to transfer the funds and hence a preservation fund would be necessary to house your savings. City Press: 14 April 2013
4 R60-million investment set aside for quality education GEPF, its asset manager the Public Investment Corporation (PIC) and Old Mutual Investment Group SA (OMIGSA) have signed an agreement to finance BASA Educational Institute Trust schools. The agreement will see the renovation and expansion of Soweto-based BASA Protea Glen Primary School and the development and operation of a new high school, to be called the BASA Protea Glen High School, at a cost of R60-million. Collectively these schools aim to educate learners a year. The financing will be done through the R1.2-billion Schools and Education Investment Impact Fund of South Africa, to which GEPF has contributed R1-billion and Old Mutual R200- million. BASA is a non-profitorganisation founded in 1992 to establish and run low-fee independent primary and secondary schools to address the shortage of such facilities in previously disadvantaged communities. GEPF Principal Officer, John Oliphant, said the Schools Fund reflected the Fund s focus on developmental investments. One of the four pillars of GEPF s developmental investment policy is investing in social infrastructure such as affordable housing, healthcare and, of course, education. PIC Chief Investment Officer Dr Daniel Matjila echoed these sentiments. A key focus of our investments for GEPF is to support initiatives that have positive and long-term economic and social outcomes for South Africa. BASA Executive Director Luigi Sekoakoa said that the innovative financing partnership provides BASA with an opportunity to expand the provision of quality education. All stakeholders are solidly committed to ensuring the success of the Schools Fund. What is most pleasing about this investment is that it will directly impact the lives of the people of Soweto, including our own members, in a very tangible way as quality education is a very potent weapon against generational poverty, said Oliphant. GEPF COMMUNITY ROADSHOW IN THE NORTHWEST PROVINCE GEPF will be In the North West during June to provide information about its services and benefits! GEPF members / pensioners / beneficiaries are invited to a roadshow where complaints, enquiries and requests will be addressed on site. GEPF ROADSHOW Date: 22 June 2013 Towns: Klerksdorp, Makapanstad and Mogwase Time : 8am - 4pm For more information about the Roadshow call: GEPF Toll Free number:
5 Keeping in touch with our modernisation Mobile offices Many GEPF members live in rural areas in and around South Africa, far from a GEPF office. To provide the highest level of service to all members, no matter what their location, GEPF s mobile offices have been travelling countrywide to service members, pensioners and beneficiaries. Call Centre improvements GEPF is focusing on improving its Call Centre and is testing changes to its technology and training its staff to enable them to provide a higher level of customer service to callers. It is hoped that this project will improve the customer s experience by improving query escalation management; reducing customer complaints; and improving customer satisfaction. Taxation of divorce order related retirement benefits Various rules exist for the taxation of divorce benefits paid in terms of a divorce order by GEPF. These rules are broadly outlined below. Divorce orders issued before 13 September 2007 Rules were implemented as an interim measure to exempt amounts payable to a non-member ex-spouse by private sector funds under divorce orders issued before 13 September 2007 from tax. However, the exemption only applied if the non-member exspouse claimed the benefit on or after 1 March The purpose of the exemption was to protect non-member ex-spouses from unanticipated tax consequences that would result if the nonmember ex-spouse was suddenly subject to tax on his/her portion of the lump sum benefit. Tax applicable from 1 March 2012 If an amount becomes payable by a retirement fund on or after 1 March 2012 to a non-member ex-spouse, that person (and not the member) will be subject to tax in respect of that amount. However no tax will be payable on any amount that becomes payable on or after 1 March 2012 in terms of a divorce order that was issued before 13 September
6 REPORT FRAUD! UPDATE YOUR DETAILS DO YOU LIKE THE FUNDTALK? GEPF s fraud hotline is running at full steam and we encourage members, pensioners and the community at large to use it to report any corruption, fraud or unethical conduct relating to pensions and GEPF. Calls to the hotline are free and callers do not have to give their names when reporting a matter. The fraud hotline number is ( GEPF) and calls are answered 24 hours a day. Please remember to let us know about your latest postal address and contact details, including your cell phone number, so that we can stay in touch with you. This will assist us in processing your benefits efficiently and effectively and will ensure that you continue to receive your fundtalk newsletter regularly. Our toll free Call Centre ( ) will assist you with updating your contact details; alternatively you can send an to enquiries@gepf.co.za, or visit the GEPF Regional Office nearest to you. Please let us know if you like fundtalk by sending us your comments. The best letter or will be published in the next edition of fundtalk and the author will win a GEPF-branded pen. Your opinions and inputs are important to us, so please send your suggestions to: The Editor, GEPF Communication, Private Bag X63, Pretoria, 0001 Or communication@gepf.co.za HEAD OFFICE (Gauteng: Pretoria) 34 Hamilton Street Arcadia Pretoria PROVINCIAL OFFICES Eastern Cape No. 12, Global Life Office Centre Circular Drive Bhisho Free State No. 2 President Brand Street Bloemfontein KwaZulu-Natal 3rd Floor, Brasfort House 262 Langalibalele Street Pietermaritzburg Limpopo 87(a) Bok Street Polokwane OUR OFFICES Mpumalanga 19 Hope Street Ciliata Building Block A, Ground Floor Mbombela North West Mmabatho Mega City Office No. 4/17 Ground Floor, Entrance 4 Mafikeng Northern Cape 11 Old Main Road Kimberley Western Cape 21st Floor, No. 1 Thibault Square Long Street Cape Town SATELLITE OFFICES Johannesburg: 2nd Floor, Lunga House, 124 Marshall Street (Cnr Marshall & Eloff Gandhi Square Precinct) Marshalltown Port Elizabeth Ground Floor, Kwantu Towers Sivuyile Mini-Square, next to City Hall Mthatha: 2nd Floor, PRD Building Cnr Sutherland & Madeira Streets Durban: 8th Floor, Salmon Grove Chambers 407 Anton Lembede Street OUR CONTACT DETAILS Toll free no: Fax: Web address: / enquiries@gepf.co.za Postal address: GEPF Private Bag X63 Pretoria 0001 DISCLAIMER The information provided in this document is protected by applicable intellectual property laws and cannot be copied, distributed or modified for commercial purposes. While every effort has been made to ensure that the information contained herein is current, fair and accurate, this cannot be guaranteed. The use of this information by any third party shall be entirely at the third party s discretion and is of a factual nature only. The information contained herein does not constitute financial advice as contemplated in terms of the Financial Advisory and Intermediary Service Act, GEPF does not expressly or by implication represent, recommend or propose that products or services referred to herein are appropriate to the particular needs of any third party. GEPF does not accept any liability due to any loss, damages, costs and expenses, which may be sustained or incurred directly or indirectly as a result of any error or omission contained herein. 6
June GEPF invest R115-million in a private hospital. broader spectrum of South African society, added Badal.
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