The GEPF administration also administers benefits on behalf of National Treasury, including medical subsidies special pensions, military pensions and other sundry benefits. The GEPF is the largest client of the PIC, which acts as its investment manager. The investments held on behalf of the fund represent over 90% of the total assets under its management. The GEPF administration also administers benefits on behalf of National Treasury, including medical subsidies special pensions, military pensions and other sundry benefits. The GEPF is the largest client of the PIC, which acts as its investment manager. The investments held on behalf of the fund represent over 90% of the total assets under its management.