1 minute read
19 Oct 2021
6:15 am

Government must step up its efforts in pension fund education


The vast amounts of unclaimed funds represent a huge windfall for them in terms of management fees and investment potential?

Picture: iStock

Given the high levels of poverty in South Africa – and the fact that most middle class people are struggling to keep their heads above water in a flagging economy – it is quite shocking that more than R43 billion has not been claimed by pension fund beneficiaries. The figure comes from the latest annual financial statements for the year ending 2019 submitted to the Financial Sector Conduct Authority (FSCA) by retirement funds. The funds place the value of unclaimed benefits at R43 billion – with approximately 4.8 million members who have not claimed. Professor Jannie Rossouw from the Wits...