Johannesburg, 18 Dec 2002
The financial services division of Alexander Forbes, an international provider of financial and risk services, has won the tender to provide actuarial services to the R250 billion Government Employees Pension Fund (GEPF) the company announced.
The tender to provide actuarial services on behalf of the GEPF and its 1.25 million members and pensioners was advertised on 27 September 2002 and was contested by a number of actuarial firms.
After extensive review and with the approval of the Minister of Finance, Trevor Manuel, in his capacity as interim trustee of the GEPF, the tender was awarded to Alexander Forbes.
Howard Walker, Managing Director of Alexander Forbes Financial Services says the GEPF`s decision to appoint Alexander Forbes is a major achievement for the company, which recently announced the sale of 30% of its South African business to an empowerment company controlled by Millennium Consolidated Investments (MCI).
"The sale of 30% to the MCI consortium was a significant development for the group in South Africa and we believe securing the tender for the GEPF is the first of many opportunities the newly empowered Alexander Forbes will enjoy," he says.
The GEPF was formed on 1 May 1996 by the amalgamation of eleven government and previously designated homeland government pension funds. The GEPF is now the only pension fund for all national and provincial government employees and has over 1.25 million members and pensioners.
Share