Dear pensioner 

Our commitment to caring for you means that we work hard every year to deliver on our pension promise. We are pleased to let you know that an annual pension increase and discretionary bonus have been approved by EPPF’s Board.
 

EPPF’s pension increase process

We are committed to ensuring that your pension benefits remain aligned with inflation and the rising cost of living, 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 has approved a pension increase of 3.8%. This is equivalent to 100% of CPI.

Pension increases can vary year by year

While pension increases are intended to help you keep pace with inflation, they can vary depending on the Fund’s performance, affordability and other economic factors. We strive to protect your interests by balancing inflationary pressures with the need for sustainability.

Pension increase of 3.8% from 1 January 2025 
The approved pension increase of 3.8% will apply to all pensions, effective 1 January 2025. 

• The increase will start with your 1 January 2025 pension payment.
• The increase will reflect in your December 2024 payslip.
• If you began receiving a pension after 1 January 2024, you will receive a prorated increase (according to the number of months your pension has been paid during the year).

Pension bonus per household

EPPF’s Board has, after considering affordability, approved a discretionary pension bonus per household that amounts to:

• R8 150,00; plus
• An additional special bonus payment of R1 000,00, given the investment performance for the year.
• This total bonus of R9 150,00 will reflect in your November 2024 payslip. 
• This bonus will be paid with your 1 December 2024 pension payment.
• If you began receiving a pension after 1 December 2023, you will receive a prorated bonus (according to the number of months your pension has been paid over the year).

Bonuses are discretionary and only considered by the Board when it is affordable, considering long term sustainability. This means that in years where it is not affordable, bonuses will not be paid.

Pensioner engagement sessions
EPPF’s team is always excited and ready to meet with you. We regularly schedule in-person and online sessions. Please look out for communication about these sessions. If you’d like to update your contact information especially if you’ve changed your details recently, please get in touch with us using a channel of your choice. You’ll find all the options by clicking on this link to the contacts’ page on our website.  

Our next session will be online on 20 November 2024

Our next session is to present our year-end results. It will be on 20 November 2024 from 10:00 to 12:00. The session will be hosted online by the Chairman of the Board Ms Caroline Henry, and Chief Executive & Principal Officer Mr Shafeeq Abrahams.  Together with the EPPF Executive Team, they’ll take you through the Fund’s financial and operational developments during the last financial year and the focus for the current year. Click on this link to join the online session on 20 November 2024 at 10:00.

Kind regards
The EPPF Team