Almost R90 billion in unclaimed assets in SA – How to check if you’re owed

4 Views

South Africa has a total of approximately R89 billion in unclaimed assets. This was revealed in a report by the Financial Sector Conduct Authority (FSCA) in September 2022. These assets include insurance benefits, bank accounts, pensions, dividends and more.

Daily Investor reported on 29 October 2024 that about 4.5 million people are owed pension benefits totalling about R48 billion. There are now numerous ways available to help you find out I you’re owed.

WHAT ARE UNCLAIMED ASSETS?

Nedbank defines unclaimed funds as “money that a beneficiary is entitled to but has not collected.” Their website further said: “Funds become unclaimed when the beneficiary does not receive them within 24 months of becoming eligible to do so.”

Daily Investor, on 16 September 2024, said reasons for these assets not being claimed are:

Poor record keeping
Information not being updated
Changes in intermediaries
Employer oversight

HOW DO YOU FIND OUT IF YOU ARE OWED?

There are various channels the public can use to find out if they are owed, with FSCA being one of them. They have an unclaimed benefits search engine on their website where you can enter your details to check.

STANDARD BANK

Standard Bank clients can use their banking app to find out if they are owed unclaimed assets. The bank collaborated with Robin Hood, an unclaimed benefits tracing company. According to their website, they streamlined the process by notifying customers who are potentially owed, so they don’t have to do any checks.

Daily Investor also provided a list of contact details you can use to check for unclaimed assets.

Individuals can check if they are owed unclaimed assets in various ways. Image: Pexels.

EMAIL ENQUIRIES

You can send an email enquiry using your ID number to this address Pensions.UBmemberID@FSB.co.za or if you want to do a general request email Pensions.UBQuery@FSB.co.za.

SMS ENQUIRIES

Send a SMS enquiry using your ID number to 30913, or 30766 if it’s a general request.

FAX AND TELEPHONE

You can also fax to 086 578 1183 or call the tollfree number 0800 20 3722 for telephone enquiries.

WALKINS

Another way to check is to visit River Walk Office Park, Block B, 41 Matroosberg Road, Ashlea Gardens.

WRITTEN ENQUIRIES

Written enquiries can be sent to PO Box 35655 Menlo Park Pretoria 0102.

Regarding what happens during the search, Nedbank said: “If there’s a potential match, they’ll provide you with the contact details of the relevant fund or administrator. You can then contact them directly and follow their usual claims process.”

CLAIMING ON BEHALF OF A DECEASED PERSON

Individuals are able to claim on behalf of a loved one who is late. Nedbank mentioned on their website that the Association for Savings and Investment South Africa (ASISA) can be contacted if you want to claim on behalf of a deceased person.