This information is stored in the FSCA’s unclaimed benefits database, which you can access. Private retirement funds in South Africa are obliged to disclose all details to the FCSA relating to their unclaimed fund benefits, including amounts. How do I know if I am a beneficiary of an unclaimed pension benefit in South Africa? That’s a lot of unclaimed money in South Africa. Furthermore, according to its 2019 annual report the Government Employee Pension Fund (GEPF) has an additional R1.73bn in unclaimed pension funds. That number is likely to rise once 2019 data has been released after Covid-19 delays. Responsible for monitoring the funds that are bound by the Pension Funds Act, the FSCA has noted that despite the fact that more than R22.93bn has already been paid out to 647,528 beneficiaries that were identified between 20, there was still more than R42.83bn in unclaimed pension benefits in 2018. These benefits are due to members of a pension or provident fund or to their possible beneficiaries where, for example, the beneficiary did not claim their benefit when employment ended. What is an unclaimed pension benefit in South Africa?Īccording to the Pension Funds Act, an unclaimed benefit is any benefit that has not been paid to a beneficiary by a pension or provident fund within 24 months of the date that benefit becomes available or claimable. Before you get your hopes up too high, let’s take a look at what you need to know about unclaimed pension funds and insurance policies. There are currently more than 4.77 million untraced beneficiaries in South Africa, according to data from the Financial Sector Conduct Authority (FSCA). While this might sound unreal, there is a possibility that you could be one of millions of beneficiaries due a share of R42 billion in unclaimed pension fund money and life insurance policies in South Africa. Everyone could use an unexpected windfall in the form of unclaimed money in South Africa.
0 kommentar(er)
