Regulatory Alerts2018-03-31
FSB Information Circular PF No. 3 of 2015: Unclaimed Retirement Fund Benefits
The Financial Services Board issued Information Circular PF No. 3 of 2015 to convene a media roundtable on unclaimed retirement fund benefits and to direct pension funds to update their databases and prepare for increased public enquiries. The circular outlines legislative context, current fund practices, and statistical trends regarding unclaimed benefits to support an industry-wide awareness campaign. It explicitly warns beneficiaries against using intermediaries for claims and mandates fund cooperation to minimize future unclaimed benefit growth.
FINANCIAL SERVICES BOARD
Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6
Pretoria South Africa 0081 PO Box 35655 Menlo Park Pretoria South Africa 0102
Tel +27 12 428 8000 Fax +27 12 346 6941 E-mail info@fsb.co.za
Toll free 0800 110443/0800 202087 Website: www.fsb.co.za
| ENQUIRIES: | Takalani Lukhaimane | D. DIALLING NO.: | 012 422 2196 |
|---|---|---|---|
| OUR REF: | FAX: | 012 347 7204 | |
| DATE: | 18 August 2015 | E-MAIL: | Takalani.Lukhaimane@fsb.co.za |
INFORMATION CIRCULAR PF NO. 3 OF 2015
FSB MEDIA ROUNDTABLE – UNCLAIMED RETIREMENT FUND BENEFITS
The Retirement Funds department of the Financial Services Board (“the FSB”) will be hosting a media roundtable on unclaimed retirement fund benefits with media representatives on Wednesday, 19 August 2015.
The proposed agenda items for discussion at the roundtable event are-
- Context in which there has been a rapid growth in the number of unclaimed benefits in recent years and legislative and regulatory measures taken in the past to address the problem
- Unclaimed benefit statistics
- The various reasons members and beneficiaries do not receive benefits due to them
- Current practices of funds with regard to unclaimed benefits
- Current assistance provided by the Retirement Funds Division of the FSB to members of the public in identifying and accessing unclaimed benefits which may be due to them
- What members and beneficiaries should do if they believe that there are unclaimed benefits due to them
- Advice to the public that they do not need to use intermediaries to claim benefits due to them and warning about unscrupulous conduct by some intermediaries
- Requests to funds and their members to co-operate to create and regularly update the funds data bases to minimise the further growth in the number of unclaimed benefits
Board Members: AM Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime
Prof PJ Sutherland FE Groepe D Turpin HMH Ratshetofa D Msomi I Momoniat O Makhubela (Alternate)
Executive Officer: DP Tshidi
SABS ISO 9001
The FSB’s objective in hosting this discussion is to seek the assistance of the media in making members and beneficiaries aware of their rights in relation to unclaimed benefits that may be due to them. It is anticipated that this awareness campaign will lead to an increase in the number of enquiries to our office, pension funds and administrators. As this is aimed in resolving an industry wide problem, funds and administrators are urged to be prepared and to assist as far as possible in dealing with these enquiries.
Yours faithfully
Corlia Buitendag
for THE REGISTRAR OF PENSION FUNDS