JOHANNESBURG - Absa has taken over the safekeeping and administration of South Africa’s largest pension fund.
The bank is now the master custodian of the R3.5-trillion Government Employees’ Pension Fund (GEPF).
Absa said the change is mainly institutional and shouldn’t affect members’ or pensioners’ daily experience.
The new custody framework is expected to strengthen governance, transparency, and oversight of the Fund’s assets.
The GEPF serves over 1.2-million active members and 500,000 pensioners and beneficiaries.
Standard Bank held the mandate for 30 years, starting at the GEPF’s establishment in 1996.
READ | Municipalities among worst offenders in pension contribution crisis
Absa will now manage investment settlements, cash, reporting, and broader custody and governance functions.