GEPF Retirement Benefits Fund was established by Act of Parliament No. 8 of 2013 to replace the Act No. 51 (R.E 2002) of the former Government Employees Provident Fund. GEPF operates both Compulsory and Voluntary Scheme to cover the wide range of members from formal to informal employment. (New Act can be found in Funds documents).
Formally under Act No. 51 (R.E 2002), GEPF covered only government employees working under contractual terms and those who are not eligible for pensions under existing laws. The reforms taking place in Social Security Sector has necessitated the Fund to come up with new Act No. 8 of 2013 which gives a mandate to cover employees from every sector including self employed.
The reforms have also changed the status of the Fund from Provident to fully fledged Pension Fund.
The main functions of the Fund as iterated in the Act are:
i) Members Registration;
ii) Collection of Contribution;
iii) Investment of members contributions;
iv) Benefits payment to members.