There is a pot of R970 million sitting in retirement funds which former fund members and their beneficiaries have not claimed.
The Financial Services Board (FSB) has launched a campaign to help retirement funds track down former fund members and beneficiaries who have not bothered to claim benefits due to them.
Dube Tshidi, the deputy officer for retirement funds at the FSB, says an unclaimed benefit is a benefit that has not been paid by a retirement fund to a member or beneficiary within a period of 12 months from the date it became legally due and payable.
"The FSB has contacted all pension funds and has created a database from 967 funds which indicate that 135 479 members are owed about R970 million. We are appealing to those members or beneficiaries to apply for those benefits," Tshidi says.
If you think you qualify for unclaimed pension benefits, you should phone the FSB toll-free on 0800 202 087 or 0800 110 443 between 7.30am and 5pm on Mondays to Thursdays, and on Fridays until 4pm. You will be referred to the contact at the fund or fund administrator.
A search facility is also available on the FSB's website, www.fsb.co.za, under "Unclaimed Retirement Fund Benefits Search".
Before you call the administrator, you should ensure that you have the following information available:
- Full names and surname (including maiden surname where applicable) of the fund member;
- Identity number (new or old) and date of birth;
- Name of the fund to which the member belonged;
- Copies of benefit statements or payslips;
- Name of the employer for whom the member worked and for how long;
- Why the member did not claim his or her benefit; and
- Current address and telephone number(s).