Part III: Solving the R47 Billion Cold Case
An unclaimed retirement benefit is a cold case pending new evidence. That evidence? It’s in your hands. Here is how to solve the mystery and claim what is yours.
Step 1: Gather Your Clues
Before approaching the targets, you need “New Evidence.” The older the case, the more vital these details become. Collect as much of the following as possible:
- Full names, surnames, and ID numbers
- Previous employer names (and holding companies)
- Exact dates of service/employment
- Old payslips showing fund deductions
- Old benefit statements or letters
- Names of retirement funds or administrators
- Death certificates (if searching for a loved one)
Step 2: Probing the Targets
Every case is unique. Use these avenues to track down the trail of your unclaimed funds:
The FSCA Search Engine
The Financial Sector Conduct Authority website has a centralised database. Due to POPIA, searches are now “refined” to specific combinations (e.g., ID number OR Surname + Date of Birth). If a match is found, it will point you to the correct Fund and Administrator.
Retirement Fund Administrators
Contact administrators directly. If they no longer manage the fund, they should have records of where the benefit was transferred. Don’t stop if a call centre agent says “nothing found”—if you never claimed, keep probing for the trail.
Previous Employers
If the company still exists, they can identify the fund you contributed to. If they were bought out, find out who the new owners are and what happened to the unclaimed benefit fund.
The “One Pot” of Benefits
The proposed COFI Bill may lead to a central unclaimed benefit fund. This would see all unclaimed monies transferred into one government-regulated pot. Proactive probing now ensures your benefit doesn’t get lost in this massive transition.
Conclusion: The Search Continues
Even if you have claimed before, you may be due additional “agterskots” or surplus distributions. The older these cases get, the harder they are to solve. Use your evidence, ask the right questions, and reclaim your share of the R47 billion.
Need an Investigator?
Tracking down old benefits can be daunting. A Certified Financial Planner® can help you navigate the jargon and tackle the task professionally.
Carol Lenzi, CFP®
FPI Member | Professional Financial Planner
*Amount sourced from FSCA 2020/21 Annual Report. Actual amounts including interest may be significantly higher.
