The Government Pension Fund (GPF) is a defined contribution fund. It was established on March 27th, 1997 under the Government Pension Fund Act B.E. 2539 (1996).
The GPF is designed to provide an add-on defined contribution scheme to the existing defined benefit scheme administered by the Finance Ministry (Old Civil Services Scheme) and to promote contractual saving and long-term investments.
Contributing membership is mandatory for eligible officials who join the government service after the fundís inception (March 27th, 1997). Membership, however, is voluntary for officials who entered the government service prior to the Fundís inception. GPF members will receive two composite portions of retirement income; one from the old civil service (PAYG scheme), financed by the government out of the annual budget, and the other one from GPF, which came from the contributions of the government and the member plus the investment return made by the GPF.
All eligible officials and their families will continue to enjoy medical and incapacitation benefits, among others, provided by the Royal Thai Government (RTG), which is financed out of the national budget.
Also, as one of the countryís largest institutional investors and of the UN PRIís signatories, GPF plays a leading role as a responsible investor by both adopting and encouraging corporate governance and ESG practices in the investment community.