GEPF: What is a Five Year Balance and who qualifies?

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GEPF members may be entitled to receive a monthly pension after they have retired. This benefit is informed by the number of pensionable service years a member has accumulated in the public service. If the member has more than 10 years pensionable service and retires from the public service, they will receive a once off payment or gratuity and a monthly pension or annuity for the rest of their lives.

These benefits are informed by a formula in the rules of the Fund. Should a member pass on within five years of retirement, the GEPF will pay the balance of annuities up to five years after retirement to the eligible spouse and/or beneficiaries of the deceased pensioner. For example, if a member retires and within a year they pass on, GEPF will pay the remaining pension which is equivalent to four years’ worth of pension to the deceased’s eligible spouse and/ or beneficiaries. If a member, for instance, passes on after five years of retirement, there will be no five year balance payable. The member must complete a Nomination Form (WP102) whilst in service to indicate who should get the benefits.