Investment Principles and Beliefs

What defines and drives the core to the Fund’s investment philosophy

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Investment Principles and Beliefs

What defines and drives the core to the Fund’s investment philosophy

EPPF’s Digital Transformation Journey


The EPPF partners with Equites Property Fund in logistics deal


The Minimum Individual Reserve (MIR) explained


Congratulations to all our winners


THE ENHANCED EPPF MOBILE APP FINALLY HERE!


Amended Fund Rules


Withdrawal of retirement savings by active members


Update: Impact of recent social unrest


EPPF Operations - impact of protests


2021 Tax Certificate re-issue


Scam alert warning


EPPF Message from the Chief Executive and Principal Officer


EPPF INVESTMENT PERFORMANCE UPDATE (Q1, 2021)


MEMBER UPDATE – APRIL 2021


Member Regulatory Update


EPPF appoints new Chief Executive and Principal Officer


Member Update: Business Maverick reporting


EPPF Chief Executive and Principal Officer to step down


2020 Integrated Report


2021 Pensioner increase and bonus


MEMBER UPDATE: NOVEMBER 2020


Member Update: EPPF’s digital transformation journey


UPDATE – BUSINESS MAVERICK REPORTING ON EPPF SANCTIONED BY PRESS COUNCIL


NEW EPPF BOARD APPOINTMENTS


Announcement: COVID-19 relief special bonus for EPPF pensioners


Announcement - Eskom Employee Benefits department


EPPF changes to new pension administration system


EPPF and Global ASP matter


Trustee Elections 2019/20 results announcement


IMPACT OF CORONAVIRUS (COVID-19) AND THE RATINGS DOWNGRADE ON THE EPPF INVESTMENT PORTFOLIO


Provisional Trustee Election Results


UPDATE: EPPF OPERATIONS DURING THE 21 DAY NATIONAL LOCKDOWN AS A RESULT OF COVID-19


EPPF COVID-19 (CORONAVIRUS) MEMBER UPDATE


RESPONSE TO MEDIA ARTICLE ON EPPF’S INVESTMENT IN MPANDE PROPERTY FUND


EPPF Member/Pensioner Update - Message from the Chairman


Media report on EPPF administration


Trustee Elections : Voting phase


Former Eskom GCEO pension pay-out update


2019 PENSIONER INCREASE AND BONUS


Employee Profile: meet Tetelo Mabona


RESPONSIBLE INVESTING BY PENSION FUNDS: THE ABC OF ESG


Appointment of Ms Linda Mateza as EPPF Chief Executive and Principal Officer


Repayment of Benefits by Former Eskom GCEO


EPPF calls for asset owners to promote transformation at the third EPPF Transformation Breakfast


Trustee Elections 2019/20


Supreme Court of Appeal ruling on former Eskom GCEO pension pay-out case


THE POSITION OF THE FUND ON PRESCRIBED ASSETS


Board announcement to stakeholders


The EPPF Transformation Breakfast


Eskom Pension and Provident Fund (EPPF) appoints first-ever female Chief Executive and Principal Officer


High court ruling on former Eskom GCEO pension pay-out case


Impact of Steinhoff International on the EPPF


Advice: Take a stand against fraud and protect yourself


Bonus and Pension Increase Announcement


Update: Former Eskom GCEO pension pay-out


Update: Unauthorised Debit Orders


EPPF’s Affordable Housing Investment to Positively Impact SA’s Development


EPPF investment in China A equities


Eskom Pension and Provident Fund CFO Shafeeq Abrahams steps into CEO role


EPPF head of HR Shyless Nkuna says servant leadership is paramount


Eskom fund supports Pension Funds Act amendments


No reason entities that manage people’s data should not implement Popia now


Technology fulfils human purpose in pension fund environment


The Great COVID-19 Crisis, where is the bottom?


INFRASTRUCTURE: HOW PENSION FUNDS CAN SERVE MEMBERS – AND THE NATION


The future of transformation in the investment industry and the EPPF’s role


Responsible Investing by Pension Funds: The ABC Of ESG


Sound corporate governance depends on ethical leaders – and you and me


Power Talk - June/July 2021


Pensioner Talk June 2021


Power Talk - November/December 2020


Pensioner Talk - November/December 2020


Power Talk July/August 2020


Pensioner Talk July/August 2020


Pensioner Talk May 2020


Power Talk May 2020


December Power Talk 2019


December Pensioner Talk 2019 (Festive Edition)


September Power Talk 2019


August Pensioner Talk 2019


Power Talk 3rd Issue 2019


Pensioner Talk - 2nd Issue 2018


Power Talk 2nd Issue 2018


Pensioner Talk 1st Issue 2018


Power Talk March 2018


Power Talk October 2017


Pensioner Talk November 2017


Pensioner Talk March 2017


Pensioner Talk - September 2016


Pensioner Talk - April 2016


EPPF Member Guide


Power Talk - September 2016


Power Talk - April 2016


Pensioner Talk - July 2015


Power Talk - July 2015


Power Talk - October 2014


Pensioner Talk - October 2014


Pensioner Talk - May 2013


Pensioner Talk - October 2013


Power Talk - June 2013


Pensioner Talk - December 2012


Power Talk - August 2012


Pensioner Talk - July 2012


Power Talk - March 2012


Pensioner Talk - March 2012


Power Talk - October 2011


Pensioner Talk - October 2011


Power Talk - April 2011


Pensioner Talk - April 2011


Power Talk - December 2010


Pensioner Talk - December 2010


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Pensioner Talk - July 2009


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Power Talk - March 2009


Power Talk - January 2009


EPPF Annual Financial Statements 2020


EPPF Annual Financial Statements 2019


EPPF Annual Financial Statements 2018


EPPF Annual Financial Statements 2017


EPPF Annual Financial Statements 2016


Fund Factsheet August


Fund Factsheet July 2021


Fund Factsheet June 2021.pdf


Fund Factsheet May 2021.pdf


Fund Factsheet April 2021.pdf


Fund Factsheet March 2021.pdf


Investment Performance Update Q2, 2021


Investment Performance Update Q3 2020


EPPF_Annual_Final_Financial_Statements_2020


Annual Financial Statements 2019


Annual Financial Statements 2018


Annual Financial Statements 2017


Annual Financial Statements 2016


EPPF_2020_Valuation_Results_Summary


EPPF Full Integrated Report 2020


EPPF_Integrated_Report_2019


EPPF_Integrated_Report_2018


Annual Report 2017


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Annual Report 2015


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EPPF’s Digital Transformation Journey


The EPPF partners with Equites Property Fund in logistics deal


The Minimum Individual Reserve (MIR) explained


Congratulations to all our winners


THE ENHANCED EPPF MOBILE APP FINALLY HERE!


Amended Fund Rules


Withdrawal of retirement savings by active members


Update: Impact of recent social unrest


EPPF Operations - impact of protests


2021 Tax Certificate re-issue


Scam alert warning


EPPF Message from the Chief Executive and Principal Officer


EPPF INVESTMENT PERFORMANCE UPDATE (Q1, 2021)


MEMBER UPDATE – APRIL 2021


Member Regulatory Update


EPPF appoints new Chief Executive and Principal Officer


Member Update: Business Maverick reporting


EPPF Chief Executive and Principal Officer to step down


2020 Integrated Report


2021 Pensioner increase and bonus


MEMBER UPDATE: NOVEMBER 2020


Member Update: EPPF’s digital transformation journey


UPDATE – BUSINESS MAVERICK REPORTING ON EPPF SANCTIONED BY PRESS COUNCIL


NEW EPPF BOARD APPOINTMENTS


Announcement: COVID-19 relief special bonus for EPPF pensioners


Announcement - Eskom Employee Benefits department


EPPF changes to new pension administration system


EPPF and Global ASP matter


Trustee Elections 2019/20 results announcement


IMPACT OF CORONAVIRUS (COVID-19) AND THE RATINGS DOWNGRADE ON THE EPPF INVESTMENT PORTFOLIO


Provisional Trustee Election Results


UPDATE: EPPF OPERATIONS DURING THE 21 DAY NATIONAL LOCKDOWN AS A RESULT OF COVID-19


EPPF COVID-19 (CORONAVIRUS) MEMBER UPDATE


RESPONSE TO MEDIA ARTICLE ON EPPF’S INVESTMENT IN MPANDE PROPERTY FUND


EPPF Member/Pensioner Update - Message from the Chairman


Media report on EPPF administration


Trustee Elections : Voting phase


Former Eskom GCEO pension pay-out update


2019 PENSIONER INCREASE AND BONUS


Employee Profile: meet Tetelo Mabona


RESPONSIBLE INVESTING BY PENSION FUNDS: THE ABC OF ESG


Appointment of Ms Linda Mateza as EPPF Chief Executive and Principal Officer


Repayment of Benefits by Former Eskom GCEO


EPPF calls for asset owners to promote transformation at the third EPPF Transformation Breakfast


Trustee Elections 2019/20


Supreme Court of Appeal ruling on former Eskom GCEO pension pay-out case


THE POSITION OF THE FUND ON PRESCRIBED ASSETS


Board announcement to stakeholders


The EPPF Transformation Breakfast


Eskom Pension and Provident Fund (EPPF) appoints first-ever female Chief Executive and Principal Officer


High court ruling on former Eskom GCEO pension pay-out case


Impact of Steinhoff International on the EPPF


Advice: Take a stand against fraud and protect yourself


Bonus and Pension Increase Announcement


Update: Former Eskom GCEO pension pay-out


Update: Unauthorised Debit Orders


EPPF’s Affordable Housing Investment to Positively Impact SA’s Development


EPPF investment in China A equities


Eskom Pension and Provident Fund CFO Shafeeq Abrahams steps into CEO role


EPPF head of HR Shyless Nkuna says servant leadership is paramount


Eskom fund supports Pension Funds Act amendments


No reason entities that manage people’s data should not implement Popia now


Technology fulfils human purpose in pension fund environment


The Great COVID-19 Crisis, where is the bottom?


INFRASTRUCTURE: HOW PENSION FUNDS CAN SERVE MEMBERS – AND THE NATION


The future of transformation in the investment industry and the EPPF’s role


Responsible Investing by Pension Funds: The ABC Of ESG


Sound corporate governance depends on ethical leaders – and you and me


Power Talk - June/July 2021


Pensioner Talk June 2021


Power Talk - November/December 2020


Pensioner Talk - November/December 2020


Power Talk July/August 2020


Pensioner Talk July/August 2020


Pensioner Talk May 2020


Power Talk May 2020


December Power Talk 2019


December Pensioner Talk 2019 (Festive Edition)


September Power Talk 2019


August Pensioner Talk 2019


Power Talk 3rd Issue 2019


Pensioner Talk - 2nd Issue 2018


Power Talk 2nd Issue 2018


Pensioner Talk 1st Issue 2018


Power Talk March 2018


Power Talk October 2017


Pensioner Talk November 2017


Pensioner Talk March 2017


Pensioner Talk - September 2016


Pensioner Talk - April 2016


EPPF Member Guide


Power Talk - September 2016


Power Talk - April 2016


Pensioner Talk - July 2015


Power Talk - July 2015


Power Talk - October 2014


Pensioner Talk - October 2014


Pensioner Talk - May 2013


Pensioner Talk - October 2013


Power Talk - June 2013


Pensioner Talk - December 2012


Power Talk - August 2012


Pensioner Talk - July 2012


Power Talk - March 2012


Pensioner Talk - March 2012


Power Talk - October 2011


Pensioner Talk - October 2011


Power Talk - April 2011


Pensioner Talk - April 2011


Power Talk - December 2010


Pensioner Talk - December 2010


Power Talk - May 2010


Pensioner Talk - July 2009


Pensioner Talk - April 2009


Power Talk - March 2009


Power Talk - January 2009


The Fund’s obligation is to pay the benefits defined in the rules. As such, the Fund must establish and maintain a funding status.  An investment process that maximises the probability of maintaining a positive funding status and minimises the event of a shortfall must be core to the Fund’s investment philosophy.

In summary, managing the risk of not meeting these liabilities is as important to the process as achieving optimal return.

1. The primary driver in meeting the Fund’s long-term obligations is the Strategic Asset Allocation (SAA) as set out by the Asset Liability Modelling (ALM) process.

2. Retirement investing is primarily a long-term investment process. It needs to provide returns equal to the funding requirements over a prolonged period of time. Accordingly, the following is considered:

2.1. Consideration of the impact of the Fund’s investments on future generations.

2.2. The Fund is a signatory to the Principles for Responsible Investing (the “Principles”) and subscribes to the Codes for Responsible Investing in South Africa (“CRISA”). The principles are a set of global best-practices for responsible investment and have become the global benchmark for responsible investing. By incorporating environmental, social, and governance (“ESG”) criteria into investment decision-making and ownership practices, the signatories to the principles are influencing companies to improve performance in these areas. The principles reflect the increasing relevance of environmental, social, and corporate governance issues to investment practices.

2.3. Investment managers are encouraged to also consider the impact and long-term consequences of their investment decisions by mandating and incentivising them appropriately. Assessments of manager decision-making and performance should invariably incorporate these considerations.

2.4. The Board recognises the role of the Fund as a responsible and active asset owner. As such, the Board maintains a proxy voting policy. Any voting rights accruing to the Fund in its capacity as a shareholder will be exercised and this function must be monitored accordingly.

2.5. Invest in areas where outcomes may only materialise slowly, such as developmental investing.

2.6. Invest in strategies that may be illiquid over a short-term period.

2.7. A long-term perspective will tolerate more volatility in asset values and returns than a short-term perspective. This long-term period should also inform how we assess our success.

3. The Board recognises that the Fund is one of the largest funds in South Africa and with size comes:

3.1. Responsibilities:

3.1.1. To act in a responsible manner in the markets.

3.1.2. To be cognisant of the economic impact of decisions on the Fund’s external investment managers and service providers and ensure that all parties understand these economic risks should services have to be terminated.

3.2. Restrictions:

3.2.1. In terms of the speed at which transactions can be implemented in the markets.

3.2.2. In terms of the implementation of hedging and insurance strategies.

3.3. Opportunities

3.3.1. To develop emerging asset managers and service providers as per the Fund’s Investment B-BBEE policy.

3.3.2. To engage in developmental investment initiatives.

3.3.3. To develop innovative investment strategies without assuming significant risk.

4. Diversification provides an important foundation for the investment process in that it:

4.1. Efficiently harvests the risk premia of each asset class.

4.2. Accesses additional returns through different investment strategies.

5. Where it is believed that value cannot be added through the active management of a specific strategy or asset class, the default position is a passive strategy.

6. Risk Principles

6.1. In achieving the Fund’s investment objectives, risk does not need to be minimised but optimised for the needs of the Fund. These demands:

6.1.1. Clear assignment of responsibility and accountability.

6.1.2. The resources, processes, and systems to identify, measure, and control risks inherent in the various investment strategies employed.

6.1.3. A culture in which understanding and managing risk is everyone’s responsibility.

6.1.4. An acknowledgement and understanding of the fiduciary responsibilities that are crucial to managing risk.

6.1.5. Timeous, relevant, and accurate performance reporting that identifies whether the investment strategies are rewarded for the risks taken.

6.2. A risk budgeting approach demands a specialist approach to managing the Fund’s assets relative to the liabilities to ensure that each level of risk budget parameters can be addressed. This entails:

6.2.1. Identifying the optimal combination of specialist portfolio mandates to address risk budget considerations for each asset class will be a primary consideration.

6.2.2. The Board adopts a “best of breed”/” best of need” approach insofar as it seeks to appoint and retain the best investment talent available viewed against the potential / expected value to be added to the blend of investment managers, net of costs and fees.

7. Costs

7.1. Managing costs is an important form of delivering on the return objectives of the Fund.

7.2. If the after-cost value-add of an active management strategy for an asset class cannot be measured, a lower-cost passive solution will be adopted.

8. To support the beliefs above, the following is required:

8.1. Adequate resources to ensure that these beliefs are correctly translated into the investment process and that it can be demonstrated how they add value.

8.2. An effective governance framework that balances the ability of the management team to execute efficiently and timeously what is required to meet these obligations with well-defined parameters that can provide those who are responsible for governance oversight with the assurance that any such exercise will be well-defined and controlled.

8.3. Recognise that these beliefs will evolve as resources and research inform better insights. As such, constant interrogations and re-assessments are encouraged.

8.4. Ultimately, a commitment to pursuing global best practice is always made.

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