Billions unclaimed from pension funds

Over R50-billion in unclaimed pensions is waiting for the rightful owners to show up. The Financial Sector Conduct Authority is urging South Africans to go online through their database and NOT using tracing agents to check if they qualify. eNCA anchor, Sally Burdett to Takalani Lukhaimane of the FSCA for more on this story. Courtesy #DStv403

JOHANNESBURG - Takalani Lukhaimane of the Financial Services board says over R50-billion worth of pension funds have not been claimed by the rightful beneficiaries.

The Financial Sector Conduct Authority is urging South Africans to go online through the FCSA database to check if they qualify.

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"We have various ways in which people can make an enquiry, one is the database that you would submit an electronic enquiry, so you would complete a form online and the form will require you to provide basic information, which will be protected.

"The system would then automatically check if there is a benefit that is potentially payable to you because the money doesn't actually sit with the FSCA, they sit with the retirement funds to which the person used to belong," she said.

Potential beneficiaries can also SMS their ID number to 30913 or email an enquiry to [email protected] 

Source
eNCA