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FAQ


Unclaimed Benefits

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Administration fees are deducted from unclaimed benefits – are these eroding members' benefits?

After the reinstatement of a fund, is Liberty solely responsible for the fund?

Has liberty unduly benefited from the incorrect deregistration of funds and from member assets in dormant funds?

how are the assets of unclaimed benefits funds invested? are members' assets growing while held in these funds?

What action has liberty taken against its employees who were instrumental in the erroneous deregistration of funds?

What action has liberty taken to ensure that members belonging to de-registered retirement funds with assets and dormant funds are not prejudiced?

What is liberty doing to trace members with lower benefit balances who are exempt from administration fees?

What progress has been made to reinstate the erroneously deregistered funds?

• The first tranche of 25 retirement funds that were erroneously deregistered, was re-instated by the High Court in October 2018, following Liberty's application for reinstatement of these funds. After the reinstatement, the Financial Sector Conduct Authority appointed independent trustees (who have no association to Liberty) to act as boards of management in terms of Section 26(2) of the Pension Funds Act. Liberty is working with these trustees to finalise the affairs of these retirement funds. This includes verifying the correctness of fund assets and their reconciliation, after which members and beneficiaries can be traced and paid their benefits.

• Liberty is working diligently to prepare the remaining funds that require reinstatement via the High Court and aims to bring the next set of applications to the High Court as soon as possible. This process is dependent on a number of factors that fall outside of Liberty’s control.

• We have gained valuable experience from the initial 25 re-instated funds and have adjusted our approach accordingly. To enable the S26 trustees to efficiently deal with the affairs of the funds once reinstated, Liberty is preparing the funds and information required by these trustees ahead of the court application process.

• Once all the correct processes have been followed, we will publish the names of these funds upon submitting the court documents.

What steps has liberty taken to ensure that monies belonging to members in historic funds are paid to members and beneficiaries

Where were the assets of the dormant funds invested and did liberty intentionally deregister funds with assets for financial gain?

Who serves on the current board of trustees of the Liberty unclaimed benefits funds?

Why did Liberty have so many dormant retirement funds under administration?

Why do the historic records of the acquired businesses create administration complexity?

Why were unclaimed benefits from occupational funds transferred to the liberty unclaimed benefits funds?

Will assets belonging to dormant and reinstated funds be subject to an external audit?

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Liberty Group Limited (Reg. no 1957/002788/06) is a registered Long Term Insurer and an Authorised Financial Services Provider (FAIS no 2409).

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