GEPF leadership crisis an opportunity to clean up

NYANISO QWESHA

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THE suspension of the Government Employees Pension Fund (GEPF) CEO is more than a routine leadership change. It is a warning sign flashing over Africa’s largest pension fund, an institution that holds the retirement security of millions of South Africans in its hands.

With assets worth more than R2.38 trillion, the GEPF is not only the backbone of retirement for 1.27 million active members and over half a million pensioners; it is also a pillar of South Africa's financial system.

Yet today, this pillar is wobbling under the weight of governance failures, political interference, and deepening public mistrust.

Fundamentally, the central issue pertains to trust. Pension funds are built on the belief that decades of contributions will pay off when members need them most.

That belief is gradually fading. Allegations of over R500 million in mismanagement at the Government Pensions Administration Agency (GPAA), persistent delays in pension payments, and government proposals to use pension funds for risky industrial projects have already dented confidence. The sudden suspension of the CEO only adds to the unease.