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Govt pension fund recovers from March year-end loss, assets at R1.9 trillion
The pension savings of 1.7 million public servants (including retirees) is managed by the Government Employees Pension Fund (GEPF).
It's is the largest pension fund in South Africa and one of the largest on the continent.
According to its annual report for the financial year 2019/2020, the GEPF's assets fell by more than 10% or R200 billion.
"GEPF asset market value declined by 11.4% from R1.8 trillion in 2019 to R1.64 trillion in 2020. This decrease in the investment value is mainly attributable to the losses incurred in March 2020 as a result of the impact of Covid-19, the downgrade in credit ratings and a persisting low growth environment."
But it should be kept in mind that the year-end fell in March 2020 during a massive market rout, says The Money Show host Bruce Whitfield.
He interviews Musa Mabesa, the GEPF's newly-appointed Principal Executive Officer.
Yes, the timing was very bad for the GEPF but those are market forces and we have to live with it.
Musa Mabesa, Principal Executive Officer - Government Employees Pension Fund
But you'll see in our presentation that we have recovered from those losses at year-end and our fund currently sits at an unaudited value of about R1.9 trillion.
Musa Mabesa, Principal Executive Officer - Government Employees Pension Fund
We are even higher than we were in December last year.
Musa Mabesa, Principal Executive Officer - Government Employees Pension Fund
Mabesa notes that as a long-term investor, the fund can't be shaken by a once-off event in the market.
You'll recall the 2008 global economic crisis - the fund came out stronger after that.
Musa Mabesa, Principal Executive Officer - Government Employees Pension Fund
The long-term focus of the fund keeps us steady and we know where we're going and we remain resilient under those circumstances.
Musa Mabesa, Principal Executive Officer - Government Employees Pension Fund
Listen to the interview on The Money Show:
This article first appeared on 702 : Govt pension fund recovers from March year-end loss, assets at R1.9 trillion
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