South Africa is sitting with R47 billion in unclaimed pensions – right here’s easy methods to see when you can declare

South Africa continues to see an enormous quantity of unclaimed pension fund advantages, with billions of rands owed to roughly 5 million members.

The determine was first reported at R42 billion in 2020, however has subsequently elevated to R47.3 billion in 2021, a report revealed by the Monetary Sector Conduct Authority (FSCA) on Tuesday (5 April) exhibits.

“80% of the unclaimed funds are with commerce union-affiliated pension funds and the vast majority of these unpaid members are low-income miners,” the regulator mentioned.

“The important thing cause for the excessive stage of unclaimed funds is that members change jobs with out updating their private data, they usually lack the monetary literacy to know the implications, and directors even have poor data of their member base. Asset managers and fund directors proceed to earn charges from these unclaimed property.”

The FSCA mentioned some progress has been made in direction of the repossession of unclaimed advantages during the last 12 months, with the regulator’s unclaimed advantages search engine serving to over 14,000 people obtain funds value roughly R1.2 billion.

The Nationwide Treasury has additionally introduced plans to introduce laws to consolidate unclaimed advantages within the retirement trade and set up a single registry.

“The FSCA continues to prioritise the honest remedy of shoppers, and thru the Know-Your-Buyer (KYC) directive, the regulatory physique hopes to additional cut back unclaimed advantages sooner or later.”

search in case you are a beneficiary

The registrar of pension funds supplies a central database on the FSCA web site to help members of the general public to establish by way of the search engine if there are any unclaimed advantages as a consequence of them.

An enquirer might be required to enter fundamental data onto the unclaimed advantages search engine, comparable to an individual’s identify, surname, identification quantity, fund identify, and identify of employer.

On a profitable match, the enquirer might be supplied with the contact element of the fund and/or administrator, the FSCA mentioned,

The FSCA mentioned it could actually solely help by offering the contact particulars of the related fund and/or administrator whereafter the enquirer must contact the fund straight after which observe the conventional claims means of a fund to show a legitimate declare.

Alternatively, the next search channels can be utilized to seek for unclaimed advantages:

Search channel Contact particulars
On-line searches – FSCA web site Click on right here to seek for unclaimed advantages…
E-mail enquiry – ID quantity [email protected]
E-mail enquiry – normal request [email protected]
SMS enquiry – ID quantity 30913
SMS enquiry – normal request 30766
Fax submissions 086 578 1183
Toll-free phone enquiries 0800 20 3722 (toll-free)
Stroll-in shoppers River Stroll Workplace Park, Block B, 41 Matroosberg Highway, Ashlea Gardens
Written enquiries PO Field 35655 Menlo Park Pretoria 0102

Learn: SARS is sending this letter to individuals who go away South Africa – what you must know

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