Kaya 959 Reporter
New information from the Financial Sector Conduct Authority (FSCA) indicates that there are many South Africans who are not claiming their pension funds.
According to the Financial Sector Conduct Authority (FSCA), the total amount of unclaimed pension funds in the South African retirement industry is sitting at R44.9 billion since end of 2019.
Kaya Biz with Gugulethu Mfuphi unpacked the reasons behind unclaimed pension funds in South Africa with Takalani Lukhaimane, who is a Manager of Retirement Fund Conduct Supervision.
This figure, which is likely to change as the FSCA awaits 2020 numbers, can be linked to some 4.5 million beneficiaries who have not claimed for reasons including migrant labour and failure of employers to provide fund administrators with complete details of the members of the fund, among other reasons.
Thomas and Skhumba went further to ask Kaya 959 listeners about how well they understand pension funds, they also wanted to know if they were aware of where they must go to make a claim when the time comes.
😂 I see it on the payslip but never really check the amount Im contributing 🙈even if Im robbed I doubt I’ll notice #ThomasAndSkhumba I only notice if my net income has changed ukuthi haiiii something extra has deducted 👀@KayaON959 @KayaOnAir @thomasmsengana @djkeyez @skhumbi
— _maradebe_lwandi (@_maradebe_) October 12, 2021
Here are some of the views from Kaya 959 listeners: