R1.8bn of pension money in Concor, now in rescue. Is your GEPF safe?
Concor, owned by the GEPF and UIF, has entered business rescue with R15,000 in cash and receivables after about R1.87bn of PIC funding. Here's what it means for government pensions and Concor's jobs.
Your Government Employees Pension Fund (GEPF) benefits are not at risk, according to the fund's own rules. Construction group Concor, which the GEPF and the Unemployment Insurance Fund (UIF) together own outright, has gone into voluntary business rescue with almost no cash left, after the Public Investment Corporation (PIC) put about R1.87 billion of their money into it (BusinessTech). But the GEPF is a defined benefit fund, so what you get when you retire is set by law, not by how any single investment performs (GEPF).
What happened at Concor?
The boards of Concor Holdings, Concor (Pty) Ltd, Concor Construction and Concor Mining resolved in October to enter business rescue under section 129(1) of the Companies Act. Joint business rescue practitioners Nndingeni Moses Singo and Paula Anna-Mart Müller now run the companies in place of the boards (BusinessTech).
The PIC told Moneyweb that the Concor board informed it on 6 October 2026 that it had filed for business rescue.
In a sworn statement supporting the filing, CEO Marius Koen set out how little is left (Moneyweb):
| Item | Amount |
|---|---|
| Cash and cash equivalents | R4,000 |
| Trade and other receivables | R11,000 |
| Contingent liabilities on current projects | More than R1.6 billion |
| Contingent liabilities from litigation | About R218 million |
| Estimated creditors, mainly shareholder loans | R190 million |
| Investments in subsidiaries and inter-company receivables | R811 million |
Source: Moneyweb.
Koen said the final numbers will only be known once outstanding financial information has been obtained and verified (Moneyweb).
How much pension money went into Concor?
According to BusinessTech, the PIC's support added up to about R1.87 billion:
| When | What the PIC provided |
|---|---|
| 2017 | About R277 million to fund the buyout of Murray & Roberts' construction business |
| 2022 to 2024 | R692.6 million in distressed-asset and emergency funding |
| May 2025 | R1.18 billion of shareholder debt converted into preference shares |
Source: BusinessTech.
After the 2025 restructuring the GEPF held 81.25% of Concor and the UIF 18.75% (Moneyweb). The PIC, which manages money for both funds, said Concor first defaulted on its loans from the GEPF in 2022, and that it will work with the practitioners "to protect the value of client investments" and look at ways to keep the business running and save jobs (Moneyweb).
Whatever happens next, a business rescue does not mean the money is written off yet. The practitioners must first try to save the company or get a better result for creditors than a liquidation would.
Will this affect my government pension?
Not the amount you are owed. The GEPF says its benefits "are not calculated on the basis of how the fund is invested", and that pensions and benefits "are guaranteed in terms of the law" (GEPF).
Your benefit is worked out from your years of service and your final salary. For members retiring at the normal age, the pension is 1/55th of the last 12 months' pensionable pay for each year of service, plus a cash gratuity, according to the fund's investment policy statement. You pay 7.5% of your pensionable pay in, and government as employer pays the balance of the cost, so it must contribute more if the fund falls short (GEPF investment policy statement).
Annual increases for pensioners must be at least 75% of average inflation over the previous year (GEPF member guide). Increases above that minimum are at the trustees' discretion and depend on affordability (GEPF investment policy statement). That is the part where large investment losses could matter in future, though nobody has linked Concor to any change in increases.
The GEPF has more than 1.8 million active members and over 375,000 pensioners and beneficiaries, according to its member guide.
What about Concor's workers?
That is where the real risk is. BusinessTech reports up to 3,400 jobs are on the line (BusinessTech). Moneyweb puts the number of jobs in jeopardy at more than 2,200, including about 600 permanent head office staff and 1,500 fixed-term contractors (Moneyweb).
Concor's projects include the R1.65 billion Msikaba bridge on Sanral's N2 Wild Coast toll road in the Eastern Cape, built in a joint venture with Mota-Engil (Moneyweb). Its finances were hit hard after it lost a high court bid in May 2025 to stop guarantees being called on the Wolf Wind Farm project, a joint venture with Murray & Roberts' OptiPower division (Moneyweb, BusinessTech).
How do I check my GEPF benefits?
Use only the GEPF's own channels, listed on its contact page:
| Channel | Details |
|---|---|
| Call centre | 0800 117 669 |
| [email protected] | |
| Fraud helpline | 0800 203 900 |
Source: GEPF.
Nobody needs to pay a fee or an agent to "secure" your GEPF pension after this news. Report anyone who asks to the fraud helpline.
FAQ
Is my GEPF pension affected by Concor's business rescue?
The GEPF is a defined benefit fund. Its benefits are set by law and based on your years of service and final salary, not on how individual investments perform.
How much pension money went into Concor?
BusinessTech reports the PIC provided about R1.87 billion in funding to Concor between 2017 and 2025, including R1.18 billion of debt converted into preference shares in May 2025.
Who owns Concor?
The Government Employees Pension Fund owns 81.25% and the Unemployment Insurance Fund 18.75%. The PIC manages money for both funds.
How do I contact the GEPF?
Call the GEPF on 0800 117 669 or email [email protected]. Report fraud on 0800 203 900.