Dear pensioner

We are pleased to announce the pension increase and discretionary bonus as approved by the EPPF Board.
 
Pension Increase of 9% from 1 January 2024
The EPPF Board has approved an increase of 9% for all pensions, effective 1 January 2024. This comprises a full Consumer Price Index (CPI) increase of 5.4% and a special inflation catch-up increase of 3.6%. The Board was able to afford this increase after considering the good performance achieved by EPPF over the year.

• The increase will start with your 1 January 2024 pension payment.
• The increase will reflect in your December 2023 payslip.
• If you began receiving a pension after 1 January 2023, you will receive a prorated increase (according to the number of months your pension has been paid during the year).

Pension bonus of R13 150,00 per household
The EPPF Board has also approved a discretionary pension bonus per household that amounts to:

• A discretionary bonus payment of R8 150; plus
• An additional special bonus payment of R5 000, given the excellent investment performance for the year. 
• The bonus will be paid with your 1 December 2023 pension.
• The bonus will reflect in your November 2023 payslip. 
• If you began receiving a pension after 1 December 2022, you will receive a prorated bonus (according to the number of months your pension has been paid over the year).

 
The increase and bonus are determined after the annual actuarial valuation
EPPF conducts an annual actuarial valuation exercise where the independent actuary compares the assets and liabilities of the Fund. These valuations are necessary to assess the long-term sustainability of the Fund. Following the latest actuarial valuation, EPPF had a healthy funding ratio. This means that the Fund is in a sound financial position and is able to meet its financial obligations through a solid investment strategy, despite global economic instability. Bonuses are paid at the discretion of the Board and are only declared after taking into account affordability and the sustainability of the Fund. 

Remember, your pension increase balances inflation with Fund sustainability and affordability
Our objective is always to assist you as best we can in your retirement years. Our aim is therefore to provide an increase that matches the rate of inflation as measured by CPI. However, this is dependent on the Fund’s affordability each year.

Pensioner engagement sessions
Our team looks forward to meeting and engaging with you soon. Please look out for communication on these online and in-person sessions. If you’d like to update your contact information, please get in touch with us using any of the following channels. Please click here for all our contact information.
 

Kind regards
The EPPF team