That is why we aim to exceed the industry standard in tracing and tracking the beneficiaries of unclaimed benefits.
Paying those who need it mostUnclaimed benefits are defined as those not paid by a fund to a member, former member, or beneficiary within 24 months of the date on which it became legally due and payable.
As legislation within the Pension Funds Act and Revenue Laws Amendment Act dictates that funds cannot remain in an active provident fund indefinitely, unclaimed benefits have to be transferred into an unclaimed benefit fund. These funds are therefore established to receive and administer these unclaimed benefits, which originate from various retirements funds where members or beneficiaries have not claimed the benefits that are due to them.
The main purpose of unclaimed benefit funds is therefore to provide a vehicle to safeguard benefits and to trace members or beneficiaries in an effective and efficient manner, ensuring that the funds get to those for whom they were intended.
The funds are governed by their own rules, which are registered with the Financial Services Board (FSB) and are approved by the South African Revenue Service (SARS).