Union challenges GEPF over pension cuts despite claims that ‘no money was stolen'
The Police and Prisons Civil Rights Union (POPCRU) has raised alarm over "unexplained" cuts to members’ pensions
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The Police and Prisons Civil Rights Union (POPCRU) has raised alarm over "unexplained" cuts to members’ pensions, calling for urgent answers from the Government Employees Pension Fund (GEPF).
IOL previously reported that, in a move that will not sit well with many public servants, the Government Employees Pension Fund (GEPF) has implemented updated actuarial interest factors, effective from October 1, 2025, which will reduce pre-retirement exit benefits by an average of 15%.
"The revised factors result in actuarial interest values that are, on average, 15% lower than those that would result from the 2021 factors," GEPF said.
"The extent to which individual members’ actuarial interest will differ between the 2021 and 2024 factors depends on their age and category (i.e., whether they are Service members or not)".
In a statement issued to the media, POPCRU said it was “deeply troubled” by the lack of consultation and transparency.
"We find it deeply troubling that such material changes appear to have been implemented without any consultation, prior notice, or adequate explanation to the affected members," the union said.
"The GEPF has attributed these reductions to actuarial projections, yet POPCRU finds this reasoning problematic. By definition, actuarial projections are forward-looking tools meant to assess and plan for future risks and obligations — not to be applied retrospectively in ways that affect existing member balances. This raises serious questions about the legitimacy, timing, and governance of this decision".
The union added that it was demanding immediate answers from the GEPF Board of Trustees and the Government Pensions Administration Agency (GPAA), including a clear explanation of who authorised the changes, and when the actuarial review was conducted.
"POPCRU reminds the GEPF of its public commitment that workers’ pensions would not be negatively affected by any internal actuarial recalculations or administrative adjustments".
"We view any deviation from that commitment as a serious breach of trust between the Fund and its members".
Meanwhile, the GEPF has moved to calm growing public concern, insisting that members’ pensions remain safe and guaranteed despite the reductions seen in certain benefit values.
"The GEPF is aware of messages and social media posts that are doing the rounds about the recently implemented actuarial interest factors. Many people are worried that they have seen the value of their pension funds, especially the resignation benefits, the vested port values and the savings port values being reduced," GEPF spokesperson Smanga Selemani
"As a result of this, many people have even distorted what could be the reason for this reduction in the values of certain of their benefits to a point that others are saying their money has been stolen. That is not the truth. No money has been stolen".
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