GEPF assures its funds are not used to bail out troubled SAA
The Government Employees Pension Fund (GEPF) on Thursday assured that it was not funding the recapitalisation of ailing national airliner South African Airways (SAA), nor had it been approached to contribute.
Speculation emerged last week that the GEPF’s assets will be used, through its fund manager Public Investment Corporation (PIC), to fund SAA, after the National Treasury told the National Assembly that it was considering various options to recapitalise the State-owned national carrier, including the PIC as a public equity partner.
Trade union Solidarity last week raised concerns over what impact this would have on the GEPF, stating that SAA was haemorrhaging an estimated R250-million a month and that the retirement money of government employees should not be used to bail out the airline.
“The GEPF would like to reiterate and to assure its members, pensioners and beneficiaries that their pension savings are safe,” the group said in a statement on Thursday, pointing out that the fund had not received nor had it been approached with such a proposal and no discussions have been held with GEPF on this matter.
While the GEPF said it received many requests through the PIC, it rigorously considered the merits of all investment opportunities and adhered to strict regulations governing its financial liability to members, beneficiaries and pensioners, as well as its financial soundness.
“Moreover, the GEPF has confidence in the PIC’s ability to prudently invest funds on its behalf in terms of the agreed investment mandate,” it said, concluding that the fund constantly monitors and evaluates the PIC’s performance in accordance with its investment policy and mandates.
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