How to hand over an enquiry for unclaimed retirement funds

How to submit an enquiry for unclaimed retirement funds

Cape Town – The Financial Services Board is at the ready to provide support to claim billions of rands in outstanding benefits owing to former mineworkers.

Fin24 reported that there is R10bn of unclaimed former mineworkers’ retirement benefits in various pension and provident funds, with some dating back to the 1970s.

“The Financial Services Board is providing support to provident and pension fund administrators to identify former mineworkers who need to receive the pension and provident funds due to them some dating back to the 1970s,” the Presidency announced

The FSB assists members or beneficiaries in trying to trace benefits or shares of allocated surpluses they believe to be due to them if provided with relevant and sufficient information.

A Fin24 user wanted to know the correct channels to follow to make a claim after unsuccessfully dealings with an administrator.

“My father and grandfather used to be mine employees on the mines in North West Klerksdorp area. We’ve been struggling endlessly to claim their surplus and never seem to get on top of it.”

The user said the hassle with the last company who contacted the family was because of a shortage of documents that he said he wasn’t sure even his father knew about.

“We don’t come from a well-off background and after my father passed we were left in a minus so for my mother to receive any benefits due to my father would mean the world to her.”

“Before approaching the FSB, individuals who believe that they are entitled to unclaimed benefits should directly contact the respective retirement fund in order to establish whether they have any benefits attributable to them.”

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The details of the fund can be obtained from the member’s employer at the time.

If the enquirer wishes to complain about the non-payment of a benefit that was due and payable during the last three years, the Pension Fund Adjudicator should be approached for assistance.

Should individuals experience difficulties in contacting the retirement fund directly, they must submit an enquiry form together with certain supporting. Once the documents are received, the FSB will contact the fund with the enquiry and provide them with 30 days to respond to the query.

There is also a section of the form that can be completed by individuals to assist family and friends with lodging an enquiry with the FSB.

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