The state pension fund is feeling the pain of its stakes in Steinhoff and Independent Media. : Default: The PIC is considering its options after an impairment on an investment in the Independent media group, led by executive chairman Iqbal Survé. (Lerato Maduna/Gallo Images/Foto24) The Public Investment Corporation (PIC) is “assessing its options” regarding the Independent Media stable after the Government Employees Pension Fund (GEPF) declared an impairment on its investment in the group of more than R1-billion.