An "unclaimed" benefit, as defined by legislation, is a benefit that has not been paid to or claimed by a member within 24 months from the date it became due for payment or claiming. These benefits are due to members of a pension or provident fund, or a possible beneficiary of a member who belonged to such a fund and who did not claim their benefit when their employment ended.

“Unclaimed benefits” are a widespread issue in the retirement fund industry across South Africa. Industry statistics currently place the value in excess of R42bn with approximately 4.5 million unclaimed members.