Do You Have Unclaimed Pension Benefits?

Posted by:

Estimated R20bn owed to roughly 3.5m beneficiaries.
JOHANNESBURG – The total value of unclaimed retirement benefits has steadily risen over the last few years and is estimated to have reached around R20 billion owed to roughly 3.5 million beneficiaries by 2014.

This is according to the latest Annual Report of the Registrar of Pension Funds.

Screen Shot 2015-08-19 at 3.38.57 PM

Source: Financial Services Board (FSB)

The statistics

Rosemary Hunter, deputy registrar of pension funds at the FSB, says a recent survey suggests the average amount of unclaimed benefits held by an unclaimed benefit fund (not the original pension fund) is roughly R5 000.

While R5 000 is not a significant amount of money, for a lot of South Africans it would offer the opportunity to send a child to school or to pay for a taxi ride to apply for a job, she says.

Hunter says there are about 50 “active” registered unclaimed benefit funds. Others have been registered, but are still getting off the ground.

These funds have an estimated R4.6 billion in unclaimed benefits owed to around 792 000 beneficiaries. Most of the unclaimed benefits are parked in the original funds in which these benefits accrued and only about a quarter is held in unclaimed benefit funds.

Reportedly, about 60% of unclaimed benefits in mining industry funds are for foreign workers which include people who had to leave the country when their visas expired. This has made it difficult for them to claim their benefits.

The statistics do not include unclaimed benefits of the Government Employees Pension Fund (GEPF), which apparently has about R500 million in unclaimed benefits of its own. It also excludes Telkom’s pension fund, the Post Office retirement fund, the three Transnet retirement funds and a few other funds.

Why beneficiaries don’t claim

Hunter says a lot of member data maintained by pension funds and administrators are incomplete and aren’t kept up to date – for example when mobile numbers change.

Some funds also seem to have a lack of expertise or resources to trace beneficiaries and unfortunately one of the consequences of this is that a lot of people have set themselves up to be intermediaries – offering to claim benefits on behalf of beneficiaries in exchange for a portion of the benefits.

Hunter says while pension funds may hire intermediaries, members shouldn’t be signing up to pay people to claim their benefits.

“They are entitled to get their benefits for free. If the funds want to hire people to go out and trace [beneficiaries] they can do that – then the funds must pay [the intermediary]. But unfortunately a lot of people think that they can’t make a claim unless they go through a lawyer or some financial services provider and that means that they lose a lot of value.”

Some people aren’t aware that they are entitled to the benefits. This include instances where members were previously fired for misconduct or may be deceased.

“Our law says that your rights to your pension benefit are completely separate to your rights to remuneration.”

There are also cases where employees have already left the organisation and the employer don’t see the benefit to assist in finding the beneficiary.

“Particularly if they left on bad terms the employers can be very unhelpful.”

There are also instances where members believe the amounts are too small to claim, they may not want to provide personal payment information to the fund or its administrator or are trying to avoid tax-related issues.

What beneficiaries should do

Where members suspect that they have unclaimed benefits, the first port of call should be their former employer, which will most likely be in the best position to identify the fund to which the member belonged.

Hunter says if the employer can’t help or doesn’t exist anymore, beneficiaries should contact the fund or administrator if they know these parties. Payslips or benefit statements may point beneficiaries in the right direction.

If these efforts don’t deliver results, beneficiaries can also contact the FSB by sending an e-mail to pensions.queries@fsb.co.za.

Hunter says the FSB is often approached first, but unfortunately it does not have the capacity to deal with the significant number of queries.

The FSB’s call centre currently deals with more than 1 000 queries related to unclaimed benefits every month.

“We would like to encourage people to go first to their employers and funds and administrators if they can. But we will try and help if that doesn’t yield anything.”

Source: http://www.moneyweb.co.za/news/south-africa/unclaimed-pension-benefits/

404

About the Author:

  Related Posts
  • No related posts found.

Comments

You must be logged in to post a comment.

  1. turn your kitchen into a chef's kitchen  December 7, 2018
  2. daily verse for Christians  December 7, 2018
  3. jack rabbit signature thrusting rabbit  December 7, 2018
  4. butt plug set  December 7, 2018
  5. preparing your portfolio for retirement  December 7, 2018
  6. خرید اکانت next vpn  December 7, 2018
  7. best vibrators  December 8, 2018
  8. your credit rating  December 8, 2018
  9. plus size strap on  December 8, 2018
  10. نصب فیلتر شکن برای موبایل اندروید  December 8, 2018
  11. best selling dildo  December 8, 2018
  12. پروکسی تلگرام  December 8, 2018
  13. Job Opportunity  December 8, 2018
  14. destiny carries  December 9, 2018
  15. סקס  December 10, 2018
  16. סיפורי סקס  December 10, 2018
  17. redbubble  December 10, 2018
  18. redbubble stickers  December 10, 2018
  19. s128  December 10, 2018
  20. check my blog  December 10, 2018
  21. Happy New Year 2019  December 10, 2018
  22. preventivo sito web  December 10, 2018
  23. twitter video downloader  December 11, 2018
  24. sexleketøy  December 11, 2018
  25. #machuelo el bibliotecario  December 11, 2018
  26. Jean-Louis Crozier critiques de produits  December 11, 2018
  27. download twitter for android  December 11, 2018
  28. Priscilla Kingsley product reviews  December 11, 2018
  29. bmw vin decoder  December 11, 2018
  30. Ham & Cheese Empanadas  December 11, 2018
  31. Smo-King  December 11, 2018
  32. Adult dating in india  December 11, 2018
  33. Modelaje Webcam  December 12, 2018
  34. play free zeus new jersey  December 12, 2018
  35. play casino slots in new jersey  December 12, 2018
  36. strap on reviews  December 12, 2018
  37. Take my online class for me  December 12, 2018
  38. vibrating panties review  December 13, 2018
  39. best pleasure toys for couples  December 13, 2018
  40. realistic dildo  December 13, 2018
  41. movie reviews  December 13, 2018
  42. IoT  December 13, 2018
  43. 918kiss  December 13, 2018
  44. free find  December 13, 2018
  45. affordable home car life  December 13, 2018
  46. licensed and insured mover  December 13, 2018
  47. دانلود هات اسپات شیلد برای ویندوز 10  December 14, 2018
  48. lg lw5011 manual  December 14, 2018
  49. traduction i fink u freeky  December 14, 2018
  50. clothing  December 15, 2018
  51. opt out  December 16, 2018
  52. Religion  December 16, 2018
  53. https://twitter.com/adultsexparadis  December 16, 2018
  54. tabela saude  December 16, 2018
  55. planos de saude  December 16, 2018
  56. https://facebook.com/pg/sexycamslife/about/  December 16, 2018
  57. sarkariresult.com  December 17, 2018
  58. Net Worth  December 17, 2018
  59. 2 piece sets  December 17, 2018
  60. http://2sex.club  December 17, 2018
  61. ???????? ???? ????  December 17, 2018
  62. http://sexycamslife.com  December 17, 2018
  63. http://sexycamslife.com/become-a-cam-model/  December 17, 2018
  64. ??????  December 17, 2018
  65. luxury car rental enterprise  December 18, 2018
  66. entrepreneur magazine  December 18, 2018
  67. Terrenos en Cancun  December 18, 2018
  68. http://sexlive.ltd  December 18, 2018
  69. https://twitter.com/adultsexparadis?lang=en  December 18, 2018
  70. adult flash games  December 19, 2018
  71. http://sexycamslife.com/feed-items  December 19, 2018
  72. msn hotmail login  December 19, 2018
  73. https://m.facebook.com/sexycamslife/posts/168863397149453  December 19, 2018
  74. mens shirts  December 19, 2018
  75. lisbon tours  December 19, 2018
  76. Baby  December 19, 2018
  77. him the funeral of hearts перевод  December 19, 2018
  78. Sexy cams videos  December 20, 2018
  79. перевести с русского на азербайджанский  December 20, 2018
  80. sexy cam  December 20, 2018
  81. casti de copiat  December 20, 2018
  82. free sex videos  December 21, 2018
  83. Sexy live chat  December 21, 2018
  84. http://freexxxvideos.us  December 21, 2018
  85. http://www.hotbabes.website  December 21, 2018
  86. หวยหุ้นออนไลน์  December 22, 2018
  87. get more instagram followers and likes  December 22, 2018
  88. get instagram followers and likes  December 22, 2018
  89. accessories  December 22, 2018
  90. Cool shirts  December 22, 2018
  91. Hip hop gossip  December 22, 2018
  92. 918kiss  December 22, 2018
  93. White canvas shoes for men  December 22, 2018
  94. Taste remix  December 22, 2018
  95. nicole ray  December 23, 2018
  96. ส่งของด่วน  December 23, 2018
  97. Hot Latina dance  December 23, 2018
  98. sexy Latina dance  December 24, 2018
  99. Cheap wireless headphones  December 24, 2018
  100. dv448agpxaa  December 24, 2018
  101. forum dvojnoe proniknovenie  December 24, 2018
  102. tienda de f¨²tbol online  December 25, 2018
  103. La Liga Jerseys  December 25, 2018
  104. sexy cam performers  December 25, 2018
  105. sexy female cams  December 25, 2018
  106. make money from home online  December 25, 2018
  107. Tellybuzz  December 25, 2018
  108. Sex live  December 25, 2018
  109. Ninh Binh Tour  December 25, 2018
  110. خرید vpn  December 25, 2018
  111. vpn رایگان برای رسیور  December 26, 2018
  112. Free adult sex  December 26, 2018
  113. Utoptens  December 26, 2018
  114. Free sexy cams  December 26, 2018
  115. Daily Top 10 Lists  December 26, 2018
  116. Pest Control Jupiter FL  December 26, 2018
  117. Jupiter FL Pest Control  December 26, 2018
  118. Funny Instagram  December 26, 2018
  119. سایت پیش بینی  December 27, 2018
  120. Free adult  December 27, 2018
  121. Free chat  December 27, 2018
  122. Weightloss  December 27, 2018
  123. https://bit.ly/2qNYEfz  December 27, 2018
  124. فیلتر شکن قوی  December 27, 2018
  125. Yeah yeah  December 27, 2018
  126. эпитеты словарь  December 28, 2018
  127. silvercrest clé d'acquisition video usb  December 28, 2018
  128. hot girls live  December 28, 2018
  129. Stoner Clothing  December 28, 2018
  130. Hip hop videos  December 28, 2018
  131. beeg porn  December 28, 2018
  132. teen porn  December 29, 2018
  133. Hot girls stream  December 29, 2018
  134. connor and khabib  December 29, 2018
  135. mega millions 10/19/18  December 29, 2018
  136. Too sexy  December 29, 2018
  137. Threatpost.com  December 30, 2018
  138. ThreatPost  December 30, 2018
  139. تبلیغ در گوگل ادوردز  December 30, 2018
  140. kona coffee  December 30, 2018
  141. free instagram followers  December 31, 2018
  142. das beste silbermond text  December 31, 2018
  143. 100% kona coffee bean  December 31, 2018
  144. единоличный  December 31, 2018
  145. digital marketing agency  December 31, 2018
  146. 脱毛  December 31, 2018
  147. hip hop memes  December 31, 2018
  148. modelos webcam medellin  January 1, 2019
  149. Funny videos  January 1, 2019
  150. the design studio london cheater  January 1, 2019
  151. 100% pure kona coffee brands  January 1, 2019
  152. Funny song  January 2, 2019
  153. shuttle booking  January 2, 2019
  154. kona coffee  January 2, 2019
  155. kona coffee  January 2, 2019
  156. Hip hop videos  January 2, 2019
  157. Hot rap song  January 2, 2019
  158. 100% pure hawaii coffee  January 2, 2019
  159. Comedy Hip hop  January 2, 2019
  160. How To Sell on Amazon And Ebay  January 3, 2019
  161. juicy chat  January 3, 2019
  162. space_miamii chat  January 4, 2019
  163. hot mixtape  January 4, 2019
  164. Asd hot webcam chat  January 4, 2019
  165. crystal and stones  January 4, 2019
  166. Hot rap mixtape  January 5, 2019
  167. chanson buona sera  January 5, 2019
  168. controleur pci de communications simplifiées hp  January 5, 2019
  169. PCB manufacturer Shenzhen China  January 5, 2019
  170. tiles Richmond  January 5, 2019
  171. Leeb Hardness method  January 5, 2019
  172. sex enhancement products to spice up your sex life  January 5, 2019
  173. get a live tarot card reading with a psychic  January 6, 2019
  174. bridge the gap in between pay days with a personalized payday loan  January 6, 2019
  175. fun chat  January 6, 2019
  176. harmonizing the body  January 6, 2019
  177. free bitcoin cash  January 6, 2019
  178. lc-43lb371u manual  January 6, 2019
  179. fun chat  January 6, 2019
  180. Arquitectos  January 7, 2019
  181. Sexy girls  January 7, 2019
  182. Hot chat  January 7, 2019
  183. Free chat with girls  January 7, 2019
  184. Gucci  January 7, 2019
  185. Sexy girls  January 7, 2019
  186. Mobile erotic chat  January 8, 2019
  187. Mobile erotic chat  January 8, 2019
  188. LV  January 8, 2019
  189. Dime Bag  January 8, 2019
  190. 1515  January 8, 2019
  191. Tiny  January 9, 2019
  192. custom apparel  January 9, 2019
  193. custom apparel  January 9, 2019
  194. webpage  January 9, 2019
  195. Black Spades  January 9, 2019
  196. LV  January 9, 2019
  197. دانلود فیلترشکن رایگان  January 9, 2019
  198. دانلود فیلتر شکن رایگان  January 9, 2019
  199. ареопаг  January 9, 2019
  200. Mini  January 10, 2019
  201. i nonni ascoltano testo  January 10, 2019
  202. Bags  January 10, 2019
  203. wunderino  January 10, 2019
  204. GambleJoe Casino  January 10, 2019
  205. Armani  January 10, 2019
  206. magic wand massager  January 10, 2019
  207. how to use a dildo with suction cup  January 10, 2019
  208. real estate testimony  January 11, 2019
  209. where do i buy cbd?  January 11, 2019
  210. SEO  January 11, 2019
  211. rough sex compilation  January 11, 2019
  212. indian group sex party  January 11, 2019
  213. hobby lobby management salary  January 11, 2019
  214. firstanalquest com  January 11, 2019
  215. خرید وی پی ان  January 11, 2019
  216. xlxx porn  January 11, 2019
  217. Tiny  January 12, 2019
  218. friction belts  January 12, 2019
  219. Online casino Malaysia  January 12, 2019
  220. خرید سی سی کم کیان ست  January 13, 2019
  221. млат  January 13, 2019
  222. архоизм  January 13, 2019
  223. MAAS COMPUTERS AND ELECTRONICS  January 13, 2019
  224. نمایندگی vpn  January 13, 2019
  225. attacco di panico  January 14, 2019
  226. خرید اکانت cisco anyconnect  January 14, 2019
  227. sexy gaming Chat  January 14, 2019
  228. プログレッシブ•ジャックポット  January 14, 2019
  229. sexy Latina duo  January 14, 2019
  230. プログレッシブ•ジャックポット  January 14, 2019
  231. sweet Sofia cam  January 14, 2019
  232. sexy Melody webcam  January 14, 2019
  233. скрипка-лиса  January 15, 2019
  234. build amortization schedule  January 15, 2019
  235. build amortization schedule  January 15, 2019
  236. пахабный  January 15, 2019
  237. gucci handbags  January 15, 2019
  238. Tory Burch  January 15, 2019
  239. Sexy chat  January 16, 2019
  240. Hot webcam  January 16, 2019
  241. funny hip hop  January 16, 2019
  242. Comedy rap  January 16, 2019
  243. فني صحي في الكويت  January 16, 2019
  244. hot hunk sexy  January 17, 2019
  245. کد پروکسی برای تلگرام  January 17, 2019
  246. جت هیتر  January 17, 2019
  247. کوره هوای گرم  January 17, 2019
  248. Hosting en Chile  January 18, 2019
  249. kona coffee  January 18, 2019
  250. www.awaporn.mobi  January 19, 2019
  251. امتیاز کیفیت در تبلیغات گوگل  January 19, 2019
  252. تبلیغات در گوگل Adwords  January 19, 2019
  253. doc johnson dildo  January 19, 2019
  254. feiyu g4 pro 3 axis handheld stabilizer for smartp  January 19, 2019
  255. wrist smart watch bluetooth screen touch smartwatc  January 19, 2019
  256. luxury vibrator  January 19, 2019
  257. microcurrent face lifting  January 19, 2019
  258. remedies to cure insomnia  January 19, 2019
  259. deep pore cleanser  January 19, 2019
  260. mist humidifer  January 19, 2019
  261. best essential oils for anxiety  January 19, 2019
  262. ssd web hosting in ontario  January 20, 2019
  263. contract packing  January 20, 2019
  264. 海外新闻发布  January 20, 2019
  265. тексты песен  January 20, 2019
  266. значение слова призрение  January 20, 2019
  267. Stokesley locksmith  January 20, 2019
  268. icicles glass toys  January 20, 2019
  269. investment  January 21, 2019
  270. anal play  January 21, 2019
  271. سکس داستانی  January 21, 2019
  272. کلیپ سکسی  January 22, 2019
  273. Rock in A  January 22, 2019
  274. De bello gallico VI  January 23, 2019
  275. Baricco  January 23, 2019
  276. download songs  January 23, 2019
  277. mp3 songs  January 23, 2019
  278. automobiliu nuoma kaune  January 23, 2019
  279. Wall NJ Pavers Contractors  January 24, 2019
  280. юрод  January 24, 2019
  281. Sports Betting  January 24, 2019
  282. Sportsbooks  January 24, 2019
  283. Pavers Contractors in Brielle NJ  January 24, 2019
  284. Zapatos Providencia  January 24, 2019
  285. сухая корочка на ране  January 24, 2019
  286. та что бумбокс  January 24, 2019
  287. mua mat ong nguyen chat o dau  January 24, 2019
  288. что значит имя дамир  January 24, 2019
  289. сегодня какая луна  January 25, 2019
  290. Brunswick Laptop Repair  January 25, 2019
  291. новогодний сценарий для взрослых  January 25, 2019
  292. что сегодня за день  January 25, 2019
  293. unique  January 25, 2019
  294. Brunette chat  January 25, 2019
  295. Hot chat  January 25, 2019
  296. Eyebrows embroidery  January 25, 2019
  297. Free cams  January 26, 2019
  298. Free cams  January 26, 2019
  299. فیلترشکن ویندوز  January 26, 2019
  300. AR  January 26, 2019
  301. VR  January 26, 2019
  302. pagseguro  January 26, 2019
  303. فيلم سكس سالب  January 26, 2019
  304. escuchar musica gratis mp3  January 26, 2019
  305. desilady  January 26, 2019
  306. desi girl  January 27, 2019
  307. Textos Biblicos  January 27, 2019
  308. نيك نسوان سمينة  January 27, 2019
  309. خرید vpn WhatsApp  January 27, 2019
  310. clit pump  January 27, 2019
  311. 라이브바카라  January 27, 2019
  312. vpn  January 28, 2019
  313. adam and eve g spot vibrator  January 28, 2019
  314. prostate massage  January 28, 2019
  315. Adult Social Network  January 28, 2019
  316. 토토사이트  January 29, 2019
  317. steel drum band lessons  January 29, 2019
  318. 안전놀이터  January 29, 2019
  319. polythene  January 30, 2019
  320. breaking news video  January 31, 2019
  321. technology  January 31, 2019
  322. fake id  January 31, 2019
  323. Chinese tuition in Singapore  January 31, 2019
  324. 먹튀검증  February 1, 2019
  325. 토토사이트  February 1, 2019
  326. ترمیم مو بانوان  February 1, 2019
  327. ترمیم مو  February 1, 2019
  328. 안전공원  February 1, 2019
  329. #MusicVideo  February 1, 2019
  330. quartz countertops cost  February 1, 2019
  331. #MusicVideo  February 1, 2019
  332. #AbsoluteENT  February 1, 2019
  333. #NewMusic  February 1, 2019
  334. Kıbrıs İş İlanları Sitesi  February 1, 2019
  335. #cherry  February 2, 2019
  336. Fenstersysteme  February 2, 2019
  337. Kamagra 100mg Pills  February 2, 2019
  338. psychic reads  February 2, 2019
  339. special weight loss offers  February 3, 2019
  340. love horoscopes provides secret advantages to enhance your love life  February 3, 2019
  341. academia guardia civil  February 3, 2019
  342. Curso guardia civil  February 3, 2019
  343. городок песня  February 3, 2019
  344. Amigo Ecosystem  February 3, 2019
  345. samsung rf261biaesr  February 3, 2019
  346. закадычный  February 3, 2019
  347. ртутный эретизм  February 3, 2019
  348. 먹튀검증  February 4, 2019
  349. 토토사이트  February 4, 2019
  350. iosgg.com  February 4, 2019
  351. https://trendstwitter.com/india  February 4, 2019
  352. research chemical  February 4, 2019
  353. 3cmc  February 4, 2019
  354. https://trendstwitter.com/canada  February 4, 2019
  355. what is nidhi company  February 4, 2019
  356. روش ترمیم مو  February 5, 2019
  357. 海外营销  February 5, 2019
  358. 海外营销  February 5, 2019
  359. 안전공원 추천  February 6, 2019
  360. 네임드사다리  February 6, 2019
  361. Knee brace  February 6, 2019
  362. Dessouskleider  February 7, 2019
  363. horny sex toys  February 7, 2019
  364. molybdenum wire  February 7, 2019
  365. oxalan oxandrolone  February 8, 2019
  366. hi tech pharmaceuticals anavar reviews  February 8, 2019
  367. caregiving  February 9, 2019
  368. afch  February 9, 2019
  369. best dentist palm beach  February 9, 2019
  370. zyxel emg2926-q10a  February 9, 2019
  371. мусорный ветер текст  February 9, 2019
  372. наука изучающая взаимоотношения организ  February 9, 2019
  373. русско польский словарь  February 9, 2019
  374. ample penis enhancer  February 10, 2019
  375. metal nipple clamps  February 10, 2019
  376. butt beads  February 10, 2019
  377. vps server  February 12, 2019
  378. Скачать песни  February 12, 2019
  379. p spot massager  February 12, 2019
  380. realistic vibrator  February 12, 2019
  381. vibrating anal beads  February 12, 2019
  382. p spot massager  February 13, 2019
  383. adams true feel dildo  February 13, 2019
  384. anal butt plug  February 13, 2019
  385. visqueen roll  February 13, 2019
  386. ferienwohnung büsum am hafen  February 13, 2019
  387. canadian online pharmacy  February 14, 2019
  388. visqueen  February 14, 2019
  389. visqueen  February 14, 2019
  390. Equipment rentals miami  February 14, 2019
  391. کادو تولد  February 15, 2019
  392. فیلم سکسی خارجی  February 15, 2019
  393. سكس تحرش مترجم  February 15, 2019
  394. سكس محارم مترجم عربي  February 15, 2019
  395. LolyCam 18+  February 16, 2019
  396. mature sex  February 17, 2019
  397. Kneipp Douche 2 In 1 men  February 18, 2019
  398. Bulgari BLV Pour Homme Man  February 18, 2019
  399. شركة نقل عفش في الكويت  February 18, 2019
  400. film streaming hd  February 18, 2019
  401. fishing for beginners  February 18, 2019
  402. تحميل اغاني mp3  February 18, 2019
  403. web 2.0  February 18, 2019
  404. google contacts  February 18, 2019