In South Africa, almost every industry, large company, and professional association has a pension fund to protect the interests of those working in that industry. That is a good thing because it shows that the workers in the country are well taken care of- or have learned to take care of themselves. So, I listed pension funds in South Africa.
Pension funds, however, should not be mistaken for the Pension Fund Administrators (PFAs) who just manage the money and offer certain related services. PFAs are financial institutions whose primary objective is to make money for their shareholders. They are not the same as the Pension Funds themselves who are set up by the workers, to protect their interests.
When looking for employment it may be a good idea to ensure that the company you wish to work with has a pension fund for its workers; which is usually a good sign: it shows that the company takes care of their workers. It shows that the company is a decent work environment.
List of Major Pension Funds in South Africa (2026)
1. Government Employees Pension Fund (GEPF)
The GEPF is the largest pension fund in South Africa and one of the largest in the world. It was established in May 1996 through the consolidation of various public sector pension funds .
Purpose: The GEPF is a defined benefit fund that manages pensions and related benefits on behalf of government employees. It guarantees benefits according to its rules, meaning benefits are not calculated based on investment performance but on years of service and final salary . Benefits include:
– Retirement benefits
– Withdrawal benefits
– Ill-health or disability benefits
– Death benefits (including spouse and child pensions)
– Funeral benefits (R20,000 for member/pensioner/spouse, R8,000 per child)
Key Statistics (as of 2025):
– Accumulated funds: R2.69 trillion
– Active members: Approximately 1.277 million
– Pensioners and beneficiaries: Approximately 565,221
– Funding level: 119%
Contact Details:
– Call Centre: 0800 117 669
– General Enquiries Email: enquiries@gepf.co.za
– Media Enquiries: Matau Molapo at 012 424 7315 / 079 1910 757 or matau.molapo@gepf.co.za
– Media Enquiries: Sonke Dandala at 084 665 1006 or sonke.dandala@gepf.co.za
– Website: www.gepf.co.za
– Self-service portal and mobile app available for members
– Walk-in Centres located in all nine provinces
2. Unisa Retirement Fund
The University of South Africa Retirement Fund serves employees of one of Africa’s largest distance learning institutions.
Purpose: To manage retirement benefits for UNISA employees, providing for their financial security after retirement.
Contact Details:
– Retirement Benefits Counsellors:
– Siya Maki: siya@infund.co.za or 078 454 9676
– Keabetswe Riet: kea@infund.co.za or 012 880 5982
– INfund Solutions Support Team: info@infund.co.za or 021 915 3567
– UNISA Contacts:
– Lutho Dondashe: tdondals@unisa.ac.za
– Cedrick Pila: tpilamc@unisa.ac.za
– Lavinia Khangala: tkhangl@unisa.ac.za
Types of Retirement Funds in South Africa
To understand the pension landscape, it is helpful to distinguish between the different retirement vehicles available. The table below outlines their key characteristics:
| Fund Type | Who It’s For | Contribution Rules | Access to Funds |
|---|---|---|---|
| Pension / Provident Funds | Employees (via employer schemes) | Contributions from both employee and employer | At retirement: up to one-third as cash, remainder must purchase an annuity. Under Two-Pot System: annual access to savings pot |
| Preservation Funds | Individuals transferring retirement savings when changing jobs | No new contributions allowed after transfer | One withdrawal permitted from vested pot before retirement; annual access to savings pot |
| Retirement Annuities (RAs) | Self-employed individuals or those seeking additional retirement savings | Flexible contributions (regular or lump-sum) | Annual access to savings pot (for emergencies only); retirement pot accessible from age 55 |
How to Find Other Pension Funds
The funds listed above represent major players, but there are hundreds of registered pension funds in South Africa. Here is how you can find information on other funds:
Financial Sector Conduct Authority (FSCA): All retirement funds must be registered with the FSCA . Their website maintains a register of approved funds.
Employer Human Resources Departments: For employer-specific funds, your HR department is the best source of contact details and fund rules.
Industry Bodies: Certain industries have their own retirement funds that may be listed through industry associations.
Frequently Asked Questions About Pension Funds in South Africa
1. What is the Two-Pot Retirement System?
Introduced in September 2024, the Two-Pot System divides retirement contributions into a “savings pot” (one-third) that can be accessed once per year for emergencies, and a “retirement pot” (two-thirds) that must remain untouched until retirement. A “vested pot” contains all funds invested before September 2024, subject to previous rules .
2. Are pension fund benefits taxed?
Lump sum benefits are taxed on a sliding scale from 0% to 36%, with the first R550,000 tax-free. Monthly pensions are subject to income tax, though rebates may apply. Investment returns within the fund are tax-exempt .
3. Can I withdraw from my pension fund before retirement?
Under the Two-Pot System, you can withdraw from your “savings pot” once per year, with a minimum withdrawal of R2,000. These withdrawals are taxed at your marginal tax rate. The “retirement pot” cannot be accessed until age 55 .
4. What is the difference between a pension fund and a provident fund?
The rules for both were streamlined in March 2021. Previously, provident funds allowed full withdrawal at retirement, while pension funds required purchasing an annuity. Now, both require that the majority of funds be used to purchase an annuity providing retirement income .
5. How much can I contribute tax-free?
Contributions are tax-deductible up to the lower of R350,000 per year or 27.5% of the greater of your remuneration or taxable income .
6. What happens to my pension if I change jobs?
When leaving an employer, you can transfer your funds to another provident fund, a preservation fund, or withdraw the savings component under the Two-Pot rules. Alternatively, you may be treated as a “paid up” member and leave the retirement pot invested with the original fund .
7. Are pension funds regulated?
Yes. The Financial Sector Conduct Authority (FSCA) regulates all retirement funds under the Pension Funds Act 24 of 1956. Funds must be registered, regularly report to the registrar, and comply with investment limits set out in Regulation 28 .
8. What investment limits apply to pension funds?
Regulation 28 of the Pension Funds Act sets limits on asset allocation, including a maximum of 45% in infrastructure investments, and specific limits for equities, property, and foreign investments to ensure diversified, prudent investing .
For specific inquiries about individual funds not listed here, it is best to contact the Financial Sector Conduct Authority or your employer’s human resources department for accurate and up-to-date information.
Related:
Conclusion:
The information in this article reflects recent changes in the industry; as you might have noticed there has been a flurry of mergers and acquisitions that have resulted in some name changes in the Pension Funds. Nevertheless, the pension funds in South Africa continue to carry out their duties of building and growing wealth for their clients and members.