A newspaper article over the weekend alleged that, with effect from 1 April 2015, the GEPF had effected a change to the formula for the calculation of actuarial interest. The article claimed that GEPF had amended the so called F(Z) and A(X) factors in the formula resulting in a reduced benefit in those instances where the actuarial interest is used for calculation purposes (e.g. resignation, discharge for misconduct or discharge for ill-health occasioned by a member’s own doing, or early retirement with less than 10 years’ service).

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