Retirement funds | FSCA: R88bn in unclaimed assets

JOHANNESBURG - South Africa has R88-billion worth of unclaimed assets across the financial sector – most of it from retirement funds.

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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.

Source
eNCA

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