Critics say what GEPF
pension fund members need to decide is whether government's influence over pension fund board members' investment direction is appropriate.
The GEPF is honoured to be associated with Nedbank and State Street, whose combined expertise will render a world class service to all GEPF members," said Peet Maritz, the chief director of pension fund administration for the National Treasury of South Africa.
Nedcor's Black Economic Empowerment (BEE) initiatives played a significant role in the GEPF appointment.
We are pleased that GEPF has selected the alliance," said Rob Wassenaar, General Manager in Nedbank's Corporate Banking division.
Our view is that members of the GEPF should benefit during their active working years and during retirement and this is a social return.
Abel Sithole, Principal Executive Officer of the GEPF, said: We believe there are many GEPF members who often do not qualify for bank-issued housing loans and housing subsidies offered by the government.
Mashwahle Diphofa, Director-General of the Department of Public Service and Administration sai d: The DPSA welcomes the participation of the GEPF through the PIC in the Government Employees Housing Scheme.
Ntukamazina noted that GEPF
has invested more than 6 bn/- to support various community development groups which includes small-scale investors and entrepreneurs, fishermen and women traders.
John Oliphant, Head of investments and actuarial at GEPF, said, "Our continent is ripe for investment.
We look forward to welcoming the GEPF as a shareholder.
The PIC s released statement has stated that the development is along the lines of GEPF s investment approach that had selected the African continent as the next limit for investment enlargement, minus South Africa.
To this end, GEPF has allocated five percent of its nearly one trillion rand of assets under management to be invested in the rest of the continent, stated John Oliphant, the Head of Investments and Actuarial of GEPF.