Jittery members of the Government Employees Pension Fund are considering resigning from it to get hold of their retirement savings for fear the Public Investment Corporation falls victim to state capture - even though resigning would result in them having to forfeit certain benefits. The PIC manages the state pension fund, which has assets of more than R1.6-trillion. It has about 1.2million active members and more than 406000 pensioner members and beneficiaries. Financial advisers said this week the problem was weighing heavily on the minds of members of the GEPF and advisers. Craig Gradidge, a certified financial planner and director of Gradidge-Mahura Investments, says that the best advice for some retiring GEPF members used to be that they remain in the fund and take the pension on offer, because "it was very difficult for industry products to beat". But it's near impossible to give that advice now, because members want to avoid anything related to the PIC. "We read the same news...
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