South Africa is sitting with R47 billion in unclaimed pensions – here’s how to see if you can claim – BusinessTech

South Africa continues to see a huge amount of unclaimed pension fund benefits, with billions of rands owed to approximately five million members.

The figure was first reported at R42 billion in 2020, but has subsequently increased to R47.3 billion in 2021, a report published by the Financial Sector Conduct Authority (FSCA) on Tuesday (5 April) shows.

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

“The key reason for the high level of unclaimed funds is that members change jobs without updating their personal information, and they lack the financial literacy to understand the implications, and administrators also have poor records of their member base. Asset managers and fund administrators continue to earn fees from these unclaimed assets.”

The FSCA said some progress has been made towards the repossession of unclaimed benefits over the last year, with the regulator’s…

Read Full Story: https://businesstech.co.za/news/finance/574804/south-africa-is-sitting-with-r47-billion-in-unclaimed-pensions-heres-how-to-see-if-you-can-claim/

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source: https://news.oneseocompany.com/2022/04/06/south-africa-is-sitting-with-r47-billion-in-unclaimed-pensions-heres-how-to-see-if-you-can-claim-businesstech_2022040617521.html

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