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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?

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?

The Liberty Unclaimed Benefits Funds are managed and overseen by a Board of Trustees, comprised mainly of independent trustees in accordance with the Funds' registered rules. The Board comprises:

• Chairman: Michael Clifford (Liberty employee and Liberty-appointed trustee)
• Douglas Maila (independent trustee)
• Jerry Mnisi (independent trustee, ex STANLIB)
• Eva Kekana (independent trustee)
• Jeremy Gill (independent principal officer)

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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