Unclaimed benefits sitting in retirement funds have probably swelled to R20bn‚ the Financial Services Board (FSB) reported on Wednesday.
The R20bn is an estimate and the amount will be confirmed once retirement funds submit their financial statements for last year to the FSB.
By the end of 2013‚ R15.8bn was owed to at least 3.07-million people. Of this‚ an estimated R5.2bn is owed to mine workers’ beneficiaries.
Public sector retirement funds have been excluded as they are not regulated by the board.
Rosemary Hunter‚ the FSB’s deputy executive officer responsible for retirement funds‚ said pension funds or their administrators did not maintain valid or complete member records‚ making it difficult for beneficiaries to claim their due.
Unclaimed benefits in retirement funds set to swell to R20bn
Unclaimed benefits sitting in retirement funds have probably swelled to R20bn‚ the Financial Services Board (FSB) reported on Wednesday.
The R20bn is an estimate and the amount will be confirmed once retirement funds submit their financial statements for last year to the FSB.
By the end of 2013‚ R15.8bn was owed to at least 3.07-million people. Of this‚ an estimated R5.2bn is owed to mine workers’ beneficiaries.
Public sector retirement funds have been excluded as they are not regulated by the board.
Rosemary Hunter‚ the FSB’s deputy executive officer responsible for retirement funds‚ said pension funds or their administrators did not maintain valid or complete member records‚ making it difficult for beneficiaries to claim their due.
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