FSCA sitting with R44bn in unclaimed pension funds

By Thando Kubheka for EWN

The Financial Sector Conduct Authority (FSCA) on Tuesday said it was sitting with over R44 billion worth of unclaimed pensions funds.

The figure has been attributed to around 4.5 million South Africans who have yet to claim.

The regulator said more than R20 billion had been paid to some 600,000 beneficiaries in the past five years.

It said unclaimed pension funds in the country had run into the billions without the rightful beneficiaries coming forward to claim them.

Manager for retirement fund conduct supervision Takalani Lukhaimane cited a number of reasons why the pension funds have not been claimed.

“Beneficiaries would be contributing to a provident fund and would not claiming their money. Some of them would be just not knowing.”

The regulator is calling on South Africans who believe there is money owed to them to contact their offices and to visit their website.

 

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