Martin Hesse's IOL piece discusses the difficulties involved in distributing the R47 billion in unclaimed retirement benefits, and industry encouragement for beneficiaries to actively search for any funds owed to them.
The Actuarial Society of South Africa (ASSA)suggests that people refresh their detail, reach out to past employers or make use of the Financial Sector Conduct Authority's (FSCA) benefits search tool.
In Robin Hood’s view however, these methods, including the FCSA’s engine are not user-friendly enough, making the task daunting. As noted in the article, distrust in tracing agents employed by funds further complicates efforts.
All things considered, this situation highlights the need for a simpler, and more accessible system for beneficiaries to claim their rightful benefits.
To read the full article click here.