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Why do unclaimed benefits exist?

  • Members do not provide the fund with updated contact details of themselves and their beneficiaries.
  • Employers do not provide funds/administrators with comprehensive detail of members of the fund.
  • Many employers and/or funds don’t provide members with sufficient fund information, informing them of entitlement to withdraw benefits if they resign, are dismissed or retrenched from their employment and how to claim a benefit when it accrues.
  • Poor administration and record keeping by funds/administrators
  • Insufficient mechanisms to enable foreigners, leaving the country shortly after the expiry of their work permits, to claim their benefits from their home countries and get paid in those countries.
  • Fund members do not inform their dependents that, if they die in service, there may be benefits payable by their funds and which institution to contact.
  • Boards of funds do not take all reasonable steps to trace and pay those entitled to the unclaimed benefits.

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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).