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GEPF has different benefits if you resign from government service rather than retiring. If you have more than 10 years of service and you decide to resign rather than retire, you will lose the following benefits offered by GEPF:
GEPF Monthly Pension
You will only receive a once-off lump sum payment, called a gratuity, rather than receiving your lump sum and monthly pension, called an annuity (which is for life). Your spouse or life partner will also not receive anything from GEPF after you pass away, whereas they would have received 50% or 75% of your monthly pension, based on your choice on retirement, for as long as they live.
GEPF Medical Aid Subsidy
You will not receive any contribution towards your medical aid from the state if you resign. If you have 15 or more years of service, you may have been eligible to receive a government subsidy towards your monthly medical aid membership for the rest of your life if you had chosen to retire as per the conditions set out in the PSCBC resolutions. If you have less than 15 years’ service, you may have received a once- off medical benefit (the amount payable depends on whether you have less than five years’ service, less than 10 years’ service, or less than 15 years’ service). These all fall away when you resign.
GEPF Funeral Benefit
GEPF pays a funeral benefit to help its members and pensioners pay the funeral costs when a GEPF member or pensioner dies. These benefits are also paid out on the death of the spouse, life partner or eligible child of a member or pensioner. This benefit consists of R7 500 for the funeral of a member or pensioner. The same amount is also payable for the funeral of a member or pensioner’s spouse or life partner. For the funeral of an eligible child of a member or pensioner, the benefit is R3 000. This benefit is not paid if you resign.
WHAT YOU NEED TO KNOW
