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Business Times reports that jittery members of the Government Employees Pension Fund (GEPF) are considering resigning from the fund to get hold of their retirement savings for fear of the Public Investment Corporation (PIC) falling victim to ‘state capture’.
This is even though resigning would result in them having to forfeit certain benefits. The PIC manages the GEPF, which has about 1.2m active members and more than 406,000 pensioner members and beneficiaries. Financial advisers said this week the problem was weighing heavily on the minds of members of the GEPF and advisers. Craig Gradidge of Gradidge-Mahura Investments said the best advice for some retiring GEPF members used to be that they should remain in the fund and take the pension on offer, because "it was very difficult for industry products to beat". But it was near impossible to give that advice now, because members wanted to avoid anything related to the PIC. Magdeleen Cornelissen of PSG Wealth Menlyn described the challenge facing GEPF members as "one of the most debated topics in our industry". Tracy Jensen of 10X Investments said the GEPF was traditionally a hotbed of rumours, but "there is no real cause for concern for GEPF members".
- Read this report by Angelique Ardé in full at BusinessLive
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