An unclaimed benefit is money owed to a retirement fund member or their beneficiaries but has not yet been claimed or paid. This could include a withdrawal benefit after leaving a job, a retirement benefit, a death benefit, or a share of a fund surplus.
Benefits often go unclaimed for very ordinary reasons. The fund may have lost contact with the member, personal or employment details may have changed over time, or the claim process may never have been completed.
So, who should check?
If you worked for an employer that offered a retirement fund and left without claiming or transferring your benefit, it may be worth checking whether you have an unclaimed benefit. The same applies if you resigned, retired or were retrenched and never followed up on a benefit afterwards.
Importantly, unclaimed benefits do not expire. Someone who belonged to a retirement fund, even as far back as 1981, may still be entitled to a benefit.
Families should also take note. If someone close to you passed away while they belonged to a retirement fund, you may be entitled to a benefit as a dependant or beneficiary. Even if many years have passed, old payslips, benefit statements, fund correspondence or the name of a former employer can help identify the relevant fund.
Search only through verified channels. Never pay anyone to conduct an FSCA search on your behalf. Protect your personal and banking information and remember any potential match must be verified by the fund or administrator before payment.
WATCH OUT FOR SCAMS!
The FSCA search is free.
Be cautious if someone:
• Requests an upfront fee or a percentage of the benefit
• Promises immediate payment
• Refuses to identify the fund involved
• Requests your banking PIN, password or one-time PIN.
Legitimate tracing agents are appointed and paid by the fund, not by members or beneficiaries.
If in doubt, stop communicating with the individual who contacted you and contact the fund or administrator directly using verified contact details.
While finding an unclaimed benefit can take time, the process is often simpler than people expect. The key is to start with trusted sources, keep accurate records, and follow up directly with the relevant fund or administrator. A few minutes spent checking today could uncover money that rightfully belongs to you or your family.
Further reading
Unclaimed benefits: Where are we at?
Trustees and tracing: What are your responsibilities?
Sources
FSCA: Unclaimed Benefits Guide; Search for Unclaimed Benefits
FSCA mymoney: Safeguard Your Finances
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