People spend a lot of time thinking about how they’ll cope financially once they retire. This includes investing a portion of their income in pension funds and investments to secure their financial futures for when they are no longer able to work.
According to the 10X Investments Retirement Reality Report of 2020, more than 50% of people in South Africa had not planned for retirement. The current government assistance for pensioners is R1 890 per month and R1 910 if you are over 75.
However, the Financial Sector Conduct Authority found that more than R40 billion in unclaimed pension fund benefits are entitled to more than 4.5 million people.
The Financial Sector Conduct Authority’s Takalani Lukhaimane says that most of these unclaimed benefits are from historical cases. She explains that most of this unclaimed money is from people who were entitled to pensions in the ’70s and ’80s.
She said, “We would encourage people if they suspect for themselves or for a family member who has subsequently is now deceased and had not claimed or they're not even sure whether the person had claimed or to use database to at least have a starting point to determine whether there is a possible unclaimed benefit for them or not”.
You can also make an enquire with the Finacial Sector Conduct Authority’s offices to see if they are entitled to unclaimed benefits.
You can visit their website at www.fsca.co.za or call them on 0800 230 722. You can also SMS the ID related to your enquiry to 30913.
“We've got a dedicated team that works together with the administrators and the retirement funds to assist members of the public in meeting their unclaimed benefits” concluded Lukhaimane.
Billions In Unclaimed Pension Benefits, Check If You Qualify
People spend a lot of time thinking about how they’ll cope financially once they retire. This includes investing a portion of their income in pension funds and investments to secure their financial futures for when they are no longer able to work.
Check out these other articles
Advertisement
Related Articles
The Building Industry Bargaining Council clarifies the ins and outs of the looming legislation and what it will mean for employers and workers.
The FIRE movement, which stands for “financial independence, retire early”, is a programme of extreme savings and investments that allows people to retire far earlier than a traditional pension plan would permit. JustMoney.co.za, which helps South Africans make good money choices, examines whether this goal is attainable.
Advertisement
Advertisement
Advertisement i
Other People Were Also Interested In
Individuals employed in South Africa are obliged to pay their taxes through the South African Revenue Services. These tax services can be accessed by logging in to the online platform.
Wondering when your September 2024 R350 Social Relief of Distress (SRD) grant will arrive? We've got you covered. In this guide, we'll walk you through the simple steps to check your SASSA status and stay informed about your payment.
Are you eagerly awaiting your Sassa grant payment in October 2024? Millions of South Africans rely on these essential funds to meet their daily needs.
The 2024 academic year is drawing to a close as TVET Colleges across South Africa prepare for the final stretch of the trimester and semester. Applications for the 2025 academic year are now open at TVET Colleges nationwide.
Advertisement m