Despite ongoing efforts by regulators and the retirement industry to trace beneficiaries, unclaimed retirement fund benefits have grown from approximately R47 billion at the end of 2021 to more than R51 billion today.
This growing pile of money belongs to approximately 4.3 million South Africans and migrant workers from neighbouring countries.
Why is the pile growing?
Significant challenges remain on all fronts. The FSCA has found that many retirement funds still hold incomplete or outdated member records, particularly for former members. In many cases, the costs of tracing a beneficiary exceed the value of the benefit ultimately paid out.
Many people are unaware that they belong to a retirement fund or may be entitled to a benefit. At the same time, scams and illegal tracing operations have created mistrust, making potential beneficiaries reluctant to engage with tracing efforts or provide the documentation needed to process claims.
Nomnikelo explains….
Unclaimed benefits vs Unclaimed assets
Unclaimed benefits are amounts owed by a retirement fund to a member, former member, beneficiary or dependant that have not yet been paid. Unclaimed assets, estimated at close to R90 billion in South Africa, include retirement benefits, bank deposits, insurance policies, investments and shares. Unclaimed dividends refer specifically to share-related payments that rightful owners have not claimed.
Are large payouts happening?
Some organisations are making meaningful progress in tracing beneficiaries and reconnecting them with unclaimed funds. One major bank reunited customers with about R100 million; another matched roughly 6 000 customers with about R10 million, both through partnerships with the fintech firm Reunyte.
The JSE also launched its Claim It campaign in February 2025, which focuses specifically on unclaimed dividends. Unclaimed dividends are profit payments sent by companies to their shareholders that were never received, cashed, or deposited because the owner changed address, forgot about the account, or passed away.
To date, the campaign has identified 15 000 eligible shareholders, with claims exceeding R18 million.
Yet even when combined, these publicly reported successes account for only a fraction of the estimated R90 billion in unclaimed financial assets.
Could a central administrator be the answer?
In the February 2026 Budget Speech, Finance Minister Enoch Godongwana confirmed that National Treasury will introduce reforms to create a central administrator responsible for unclaimed benefits record-keeping and tracing.
During an online discussion hosted by EBnet, Alvinah Thela, Chief Director: Financial Sector Development at National Treasury, clarified that while the government intends to centralise the administration and management of unclaimed benefits, it is not proposing the creation of a central fund.
Proponents argue that a central administrator could help address potential conflicts of interest, create greater consistency across the industry, and improve tracing outcomes by pooling resources, expertise and technology.
In the meantime, members, employers, trustees and fund administrators all have a role to play in ensuring that member records remain accurate and up to date. Better data remains one of the most effective ways to prevent the pool of unclaimed benefits from continuing to grow.
In the meantime, members, employers, trustees and fund administrators all have a role to play in ensuring that member records remain accurate and up to date. Better data remains one of the most effective ways to prevent the pool of unclaimed benefits from continuing to grow.
Further reading
FSCA Unclaimed Benefits Search
How to check for unclaimed retirement benefits?
JSE Claim it: Is there a dividend with your name on it?
Trustees and tracing: What are your responsibilities?
Unclaimed benefits: Understanding the challenges and solutions
Sources
BusinessTech: Big changes for R88 billion in unclaimed assets in South Africa
IOL: Millions in unclaimed cash: Are you owed money by the motor industry?
Moonstone: Unclaimed retirement benefits – a problem that won’t go away
National Treasury: 2026 Budget Review Financial Sector Update, 2026 Budget Speech
The Citizen: Nearly R90 billion in unclaimed assets, says FSCA
Sowetan: Unclaimed dividends could be waiting for you
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All content is for general educational purposes and does not constitute formal financial advice. Always consult a qualified, licensed financial professional before making any financial decisions.