Dear members and pensioners 

I can’t believe we’re now in the final month of the year. 2024 has turned out to be a year in which EPPF has grown in leaps and bounds. Most importantly, our focus has remained on what we can do for you as your Fund, to ensure that we’re caring beyond tomorrow for you. As I reflect on this year, I’m grateful for your ongoing support. 

We’ve outlined exactly how we’re caring beyond tomorrow

Our Integrated Annual Report has been released. What you’ll find is that despite global economic fluctuations, we have delivered relatively good investment performance. EPPF remains financially sound with assets under management at R203.5 billion at the financial year that ended on 30 June 2024, compared to 

R190 billion in 2023 and R170 billion in 2022. Our funding level was 143% on 30 June 2024, compared to 155% in 2023 and 139% in 2022. The funding level essentially indicates our ability to cover our liabilities as they become due. Since 100% indicates parity, our current figure tells us we’re well able to meet our commitments, which are principally to you, as a member. You can read the Integrated Annual Report by clicking on this link.

2024 saw us rolling out the Two-Pot Retirement System for in-service members

Our commitment to caring for our members through administrative efficiency shone through when we rolled out the Two-Pot Retirement System, during September 2024. We’ve maintained an industry-leading service standard, with our first batch of payments having been processed in 60 hours. Our average payout time is between five to seven days. We also run financial literacy sessions so that in-service members understand the impact that withdrawals have on their long-term savings.

We welcomed a new participating employer to EPPF

The National Transmission Company South Africa (NTCSA) began trading on 1 July 2024. We’ve included the NTCSA as an employer in terms of our Fund Rules and the employees of NTCSA will continue to be in-service members of EPPF. There are no changes to the retirement fund arrangements for NTCSA employees as they continue as members of EPPF. The Fund’s participating employers are now Eskom, Eskom Rotek Industries, NTCSA and EPPF.

We added to our pensioners’ festive cheer with a special bonus

We are aware of the rising cost of living and are committed to ensuring that pension benefits remain aligned with inflation, while also safeguarding the long-term sustainability of the Fund. Pension increases are determined in line with our Pension Increase Policy and EPPF Fund Rules. These provide for pension increases linked to inflation, as measured by the headline Consumer Price Index, or CPI, on 30 September of the preceding calendar year. The minimum pension increase should be no less than 60% of the CPI in any single year. CPI was 3.8% on 30 September 2024. Considering CPI and affordability, EPPF’s Board approved a pension increase of 3.8%, effective on 1 January 2025. This is equivalent to 100% of CPI. EPPF’s Board also approved a discretionary pension bonus per household that amounted to R8 150,00; plus, an additional special bonus payment of R1 000,00 considering the investment performance for the year.

Onward and upward: from 2025 and beyond

Our new five-year strategy, termed EPPF Reimagined, is rolling out. Our plans are in place to take us in the direction of a multi-employer fund with a variety of benefit options. We remain guided by the following objectives: 

• Create peace of mind for our members by ensuring the sustainability of the Fund.
• Serve our members with care, empathy and excellence.
• Lead effectively. 
• Impact positively on our communities and stakeholders.
• Secure our future

As a member of EPPF, you are our pulse. If you need anything Fund-related, there are various ways to get in touch. Click here for the options to contact us.

As year draws to an end, I wish you and your loved ones a blessed festive season. May 2025 provide you with fresh opportunities and an abundance of happiness. 

Kind regards

Shafeeq Abrahams 

Chief Executive and Principal Officer