Dear Member, 

As the curtain prepares to fall on 2022, I take this opportunity to thank you for your ongoing support to the EPPF. You have been incredible in giving us feedback during engagements over the last few months. We commit to continuing to listen to what you have to say, explain to you why we do things the way we do, and look at ways of improving the service we deliver to you. 

Demonstrating the EPPF’s C.A.R.E values to you
Now that in-person activities have recommenced, the Fund continues its member engagement sessions. We also ensure that we host these sessions online so that members who aren’t able to make it to our in-person sessions are accommodated. It is important that you update your contact details with us so that we can keep you informed of EPPF-related news and activities. 

The Integrated Annual Report has been published with a highlights version for you

I wrote in our recently released Integrated Annual Report (IAR) that each member of the EPPF team shows up every day with the intention of doing better than the day before. When we don’t get it right, we find out why quickly and we fix it. We don’t just want you to know that we value you. You must feel that we value you.

• Click here to read the full IAR
• Click here to read the IAR 'Highlights for Members'

The EPPF remains financially sound

With assets under management valued at about R170 billion at the financial year that ended on 30 June 2022, compared to R166 billion at 30 June 2021, and a funding level of 139% at 30 June 2022 compared to 145% at 30 June 2021, the EPPF remains financially sound. The Fund will continue to maintain a liability-driven approach while maximising 

risk-adjusted returns. Our investments created 54 117 direct jobs, spent R9.26 billion on procurement of local goods and services, and contributed R1.03 billion in taxes. 

Key global events in this financial year included vaccinations and conflict
The first half of the financial year saw the worldwide rollout of Covid-19 vaccinations and the easing of pandemic restrictions that led to a market recovery across major investment asset classes. The second half of the year witnessed the Russia/Ukraine conflict, China’s zero-Covid lockdown and the associated supply chain disruption, price instability, record inflation, and steep hikes in the interest rate here at home, and abroad.

South Africa is mainly shielded from the Russia/Ukraine conflict but because the Eurozone is such a significant trading partner, the slowdown in Europe had a negative impact on our domestic growth. This has been somewhat offset by a surge in commodity and coal prices. However, low growth and high unemployment remain key challenges in South Africa. And in the first half of 2022, central banks in most regions hiked interest rates to curb rising inflation and applied other tools to tighten monetary conditions. 

Rule changes were approved during the financial year

The Financial Sector Conduct Authority approved rule changes that the Fund submitted during the previous financial year to:

• allow deferred members under the age of 55 years to withdraw their benefits; or
• transfer their benefits to other approved funds.

The EPPF Board approved another rule amendment to allow deferred members who are over the age of 55 and below retirement age to withdraw their deferred benefit from the Fund or transfer the benefit to another approved fund. This is in line with regulations that encourage easy portability. Click here to read about the rule amendments. 

Pension increase review completed, increase and bonus announced

We advised pensioners earlier this month that a 4.0% increase across-the-board would take effect on 1 January 2023 and this complies with the Pension Increase Policy, the Rules (click here to read the rules) and applicable legislation. The bonus for this year is a flat amount of R8 150 to all households.

We carried out a pension increase review of how we have been calculating pension increases. There was analysis of 20 years’ data which showed our established method yielded increases in line with headline inflation. 

The review also revealed our increases were fair and above-market in many cases.

However, the review team recommended that the EPPF should improve the provision on the minimum pension increase from an absolute rate of 2% to an inflation-linked rate to protect members from sharp, but usually short-lived, increases in headline inflation. This proposal was presented to pensioners with positive support. The EPPF Board has approved the proposal and this rule amendment will be submitted to the Financial Sector Conduct Authority as the next step. We’ll advise you on the outcome.

The latest on the Brian Molefe pension payment

Throughout the year, we kept you updated on key matters that you have asked us about including the latest on the Brian Molefe pension payment. Click here to read the latest information on the matter.

It is important to ensure we have your contact details so we can keep you informed

We want to be able to send personal information directly to you and would never allow your contact information to be knowingly compromised. 

Here is how you can get in contact with us at the EPPF:

Our member portal: 

Step 1: Go to www.eppf.co.za 

Step 2: Login to the relevant member portal (in-service members, deferred members or pensioner and beneficiaries) using your unique number. 

If not registered, click the register button and follow the prompts. 

Step 3: Explore the portal. 

Our mobile app: 

Step 1: Download the EPPF app on iOS or Android. 

Step 2: Login using your unique number and password. 

Step 3: Explore the app. 

WhatsApp: 

Step 1: Download or go to your WhatsApp app on your phone. 

Step 2: Text “Hi” to 072 741 7774 

Step 3: Follow the prompts. 

USSD (remember you will not be charged airtime or data for requesting info): 

Step 1: Dial *120*1037# 

Step 2: Follow the prompts for more information. 

Our Call Centre:

Call us toll-free on 0800 11 45 48 or email us on info@eppf.co.za

Regional offices:

If you’d like to visit us in-person, click here for the contact details for our various regions.

As we gear up for the festive season, I wish you and your families a wonderful and safe end to 2022. Here’s hoping we all enjoy a bright and hopeful 2023. 

Kind regards
Shafeeq Abrahams
Chief Executive and Principal Officer