Government Pension Fund

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Welcome to Government Pension Fund

Government Pension Fund

The Government Pension Fund (GPF) was established under the Government Pension Fund Act B.E. 2539. The objectives are to ensure member benefits upon retirement, to encourage member saving consciousness, as well as to provide members with other welfare and benefits. For the sole benefits of members, GPF invests in compliance with ministerial regulations.

GPF has two categories of members; contributing and non-contributing. Members who joined the civil service after March 27, 1997 must be contributing members. Those who served the government earlier had the rights to choose to be either contributing or non-contributing members.
For contributing category, members have to contribute 3% of salary on a monthly basis. Employers have to match up 3% as employer contribution and provide another 2% for post-reform compensations. For non-contributing category, employers provide pre-reform compensations based on new formula and post-reform compensations at 2% of monthly salary.

Assets under management stem from member accounts and government accounts.

Member accounts comprise:

1.	Member contributions are 3% of monthly salary.

2.	Employer contributions are 3% of monthly salary. Non-contributing members are not entitled to receive this amount.

3.	Pre-reform compensations are to compensate members for the fewer amounts received from the defined benefit scheme, for the period of start working and reform. Members must opt for pension, not gratuity, at PAYG scheme to entitle pre-reform compensations.

4.	Post-reform compensations are to compensate members for the fewer amounts received from the defined benefit scheme, for the period of reform and stop working. The amounts are 2% of monthly salary and paid to members who opt for pension at PAYG scheme.

5.	Unidentified remittance is the amount received by GPF and will be allocated to the member contribution, employer contribution and post-reform compensation when GPF receives the complete individual data.

6.	Forgone-member remittance is the amount that GPF receives after member expiration. GPF has to return this money to the government.

Government accounts comprise:

1.	Government reserve account is an arrangement specified in section 72 of the Government Pension Fund Act B.E.2539. The government shall allot no less than 20% of its annual expenditure budget to GPF as the government reserve account. If the total amount of government reserve account, general account and their returns exceeds three folds of the country's annual pension budget, GPF shall remit the excess money to the government.

2.	General account is the amount that was once distributed to individual accounts but then drawn back as member opted for lump sum withdrawal (gratuity) from PAYG scheme. Members are not entitled to receive this amount at their membership expiration.