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Badge of the South African Police Service.
The Police and Prisons Civil Rights Union (POPCRU) has raised concern over unexplained pension fund reduction that its members have reported.
POPCRU says its members have reported a drop in their balances in their Government Employees Pension Fund (GEPF) statements for the period from July to September.
The GEPF has attributed the reductions to actuarial projections but the union has argued that these should not affect existing balances.
POPCRU is demanding full disclosure from the GEPF Board and the Government Pensions Administration Agency on who authorised the adjustments.
Richard Mamabolo is the union’s spokesperson, “Actuarial tools are meant for future planning, not for retrospective deductions of members funds and I think we’ve got a lot of questions that we need to ask as to who made these changes, how these actuarial reviews were done and why labour representatives were not consulted. One of the things that’s also concerning is the fact that the GEPF had made previous assurances to workers that their pensions would not be negatively affected by internal adjustments and of course, this is clearly a breach of trust.”
