The FSCA's latest Financial Sector Outlook Study shows that unclaimed retirement benefits increased to more than R47.3 billion in 2021. | Fin24
It shows that unclaimed retirement benefits increased to more than R47.3 billion in 2021.
The regulator published the Financial Sector Outlook Study on Tuesday, in which it also detailed progress made in finding people with unclaimed monies in pension funds and guardian funds. The second biggest area housing these funds is the unclaimed benefit funds. These are funds created by private sector investment houses specifically to keep money that has not been claimed for a long time. Beneficiary funds, which predominantly safeguard retirement benefits due to minor children, only have 0.2% of the unclaimed benefits to the value of R118 billion.
The FSCA said while the National Treasury previously announced that it was looking at legislation that can consolidate unclaimed retirement benefits in one place, it continues to prioritise the fair treatment of beneficiaries and hopes to reduce unclaimed benefits further.
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