Carina Koen
2 minute read
28 Nov 2019
6:27 am

Unclaimed pensions affair needs thorough probing

Carina Koen

More than that, however, a system which allows such abuse of financially vulnerable people must be drastically changed.

Pensioner. Image: iStock

One of the biggest social problems facing South Africa is that when people retire, they don’t have enough to live on, which creates financial pressure both on the state and their families. At the same time, government and personal finance experts urge people to save for that proverbial rainy day. So, it is shocking to hear that more than R51 billion in unclaimed pension benefits is lying in pension funds and investment houses. A campaign to reclaim these benefits is being spearheaded by the Unclaimed Benefits Committee, representing a group of claimants, together with nonprofit organisation Open Secrets. The two...