3.1.4 The fund invests in different sectors of the economy. It remains by far the most powerful investor in the South African economy with significant holdings in government bonds, including more than 50% of the government inflation-linked bond portfolio; corporate bonds; listed equity, including 10% of the Johannesburg Stock Exchange All Share Index; unlisted equity; and property. The fund has tremendous power at its disposal to be a responsible and positive investor looking for healthy returns for its members and pensioners, while directly contributing to South Africa's economic development and the correction of social backlogs. 3.1.5 Investments by the pension fund are carried out under the Developmental Investment (DI) policy of the Fund, which was introduced by the board of trustees, the executive staff of the fund, the National Treasury, the Public Investment Corporation (PIC), senior members of Government, the business community, labour, academia, the financial industry, and development agencies. The objective of GEPF's developmental investment policy is to earn good returns for the members and pensioners of the fund, while also supporting positive, long-term economic, social and environmental outcomes for South Africa. The DI policy stems from the view that it is possible to generate positive sustainable long-term returns, while, at the same time, supporting useful outcomes such as making South Africa more competitive economically, which will see the reduction of social backlogs; greening the economy; creating jobs; and supporting transformation. 3.2 Key Observations - GPAA 3.2.1 The Committee was concerned that, despite the assertion by GPAA that it processed claims on time, members were inundated with calls in their respective communities of pension claims that had not been processed for over 365 days. A huge number of beneficiaries have not had access to their pension funds over the years. The Committee heard that employer departments have also had their fair share in the problem, as they do not submit exit documents on time and, if they did, there were a lot of errors supplied to the GPAA. 3.2.2 Client calls (prospective pensioners and pensioners) are not taken on time, until the client drops the call. GPAA reported that it takes an average of two minutes to take up a call, but many calls were dropped, because it had taken more than two minutes for client to be received. 3.2.3 It was commendable that there are currently 13 regional offices across the country; however, there has not been much improvement in accessibility to information and benefits, despite the establishment of these regional offices in all nine provinces. 3.2.4 The unclaimed benefit and tracing policy, which was approved by the board of trustees in December 2012, has not been implemented yet - it was scheduled to be implemented as from 01 April 2012 3.2.5 The delay in the processing of claims could be as a result of the unlegislated working relationship with employer departments. This concerned the Committee, as it hampered, or made it difficult for, the speedy payment of claims. The lack of a Memorandum of Understanding with government departments was a grey area, especially with the Department of Public Service and Administration as the employer. 3.2.6 The Committee was concerned about the money that was paid to fictitious bank accounts. Even though 12 cases against GPAA employees were opened, this was a cause for concern. 3.2.7 There were backlogs that spanned from 2005. GPAA had to process 20 000 documents. 3.3. Government Employees Medical Scheme (GEMS) 3.3.1 The mandate of GEMS is to provide public service employees with healthcare cover that is efficient, cost-effective and equitable, while affording additional choices to those employees that wish to purchase more extensive cover. The Scheme is governed and managed in accordance with the Rules of GEMS (articles of association), which are duly registered by the Registrar of Medical Schemes in accordance with the Medical Schemes Act. The Scheme reports to the Council for Medical Schemes and is defined as a body corporate that undertakes liability related to its members' healthcare benefits in exchange for contributions.