R47.3bn retirement funds unclaimed
The Actuarial Society of South Africa (ASSA) says there are R47.3 billion in unclaimed retirement funds in the country.
The organisation’s Jeanine Astrup says most people are unaware that they are members of retirement funds.
“In many cases, people join a company uninformed that the employer is deducting retirement funds; therefore, they are unaware of the benefits,” she says.
Astrup says beneficiaries do not cooperate, assuming they are being scammed.
“With all the scams out there, it is no surprise that members are sceptical when, out of the blue, they receive a phone call or email advising them that the employer they left five, 10 or even 20 years ago would like to pay them money,” she notes.
“To be safe, ask the tracing agent what company they are doing the tracing for and what the company may have been called before. If you did not work for that company, then you would not have a benefit due.”
