JOHANNESBURG - South Africa has R88-billion worth of unclaimed assets across the financial sector – most of it from retirement funds.
The Financial Sector Conduct Authority says unclaimed retirement benefits constitute 53% of that amount.
Its proposing a centralised fund be established that would reunite beneficiaries with their unclaimed funds.
The country’s unclaimed retirement funds are an historic one where the apartheid-era migrant labour system had poor record keeping and identification methods.
FSCA commissioner Unathi Kamlana explains how the board the fund would work.