How Do I Check If I Have Unclaimed Funds?
How Do I Check If I Have Unclaimed Funds?
Many South Africans may not be aware that they have unclaimed retirement savings waiting for them. This money stems from contributions made to retirement funds during their working years. Currently, retirement fund administrators are actively working to locate these former members or their beneficiaries to ensure they receive the funds owed to them. It is estimated that at least 4.8 million people in South Africa have not claimed a total of around R42 billion in unclaimed benefits.
To tackle this issue, the Financial Sector Conduct Authority (FSCA) and retirement fund administrators have introduced a search engine to help the public check for unclaimed benefits. The FSCA’s website features a central database managed by the Registrar of Pension Funds, allowing individuals to see if they have any unclaimed benefits.
To use the Unclaimed Benefits Search Engine, you will need to provide some basic information, such as your name, surname, identification number, fund name, and employer name. This information will help the search engine determine if there are any matches for you.
What Are Unclaimed Funds?
Unclaimed funds refer to money that a beneficiary is entitled to but has not collected yet. These funds can be found in various financial products, such as bank accounts, uncashed checks, stocks, insurance policies, and more. They become classified as unclaimed when the beneficiary hasn’t received them within 24 months of becoming eligible to do so.
How To Check Unclaimed Funds
Simply visit the FSCA website and use their search tool. You will need to enter some basic information, such as your name, surname, identification number, fund name, and employer. If there is a potential match, they will provide you with the contact details of the relevant fund or administrator. You can then reach out to them directly and follow their standard claims process.
Reasons For Unclaimed Funds
- Lack of Information Updates:
Many asset owners fail to keep their contact details and their beneficiaries’ information current with financial institutions. They may also forget to inform their beneficiaries about the assets they have and where those assets are held.
- Poor Record-Keeping:
Some financial institutions and their intermediaries do not maintain accurate records, which can complicate the process of accessing these funds.
- Employer Oversight:
Employers occasionally do not provide complete information about their employees to retirement funds, leading to gaps in records.
- Changes in Intermediaries:
When intermediaries and administrators change, it can create confusion and make it more challenging to keep track of unclaimed assets.
Contact FSCA
Contact Centre
- 0800 20 37 22
Switchboard
- +27 12 428 8000
Fascimile
- +27 12 346 6941
Media Queries
- +27 12 422 2823
Postal Address
- P.O. Box 35655
- Menlo Park 0102
Discovering whether you have any money in your name, such as unclaimed benefits or financial assets, is straightforward. By using the FSCA website, you can quickly check if any unclaimed funds are yours. I hope you find this information helpful, Feel free to share your thoughts in the comments below.