SOUTH AFRICA - The total value of unclaimed pensions could run into billions of Rands, the Financial Services Board (FSB) announced.
While the exact amount would be difficult to determine, analysis of stats from just 1000 of the nation’s 16000 pension funds had already turned up R970m (US$153m) in unclaimed pensions.
There are a number of reasons behind the phenomenon, explained FSB spokesman Russel Michaels.
“Many workers contributed to pension funds without being aware of it, and also many people gave wrong addresses to secure jobs during apartheid,” he said. “So many cheques posted but never collected, and thus became redundant.”
The FSB has since embarked on an initiative with the pension fund administrators trace beneficiaries, and set up a call free contact centre to help with claims.
By Damian Clarkson
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.