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Dormant retirement funds – Unpaid Benefits Campaign takes action

Alexander Forbes is one of the administrators of the dormant retirement funds that were cancelled by the Financial Services Board (now the Financial Sector Conduct Authority, or FSCA), between January 2007 and December 2013. The FSB cancelled dormant retirement funds, transferring beneficiaries’ money — estimated to be R42billion and affecting 4-million beneficiaries — into “unclaimed benefit funds” of various administrators.

Last week protesters put Alexander Forbes under pressure to pay unclaimed benefits. Financial Mail reported on the campaign and quoted one of the protesters who have been struggling to get the money they saved for retirement through their working lives: “I have saved enough to retire peacefully. But now I will turn in my grave because I will die in poverty.”

The Unpaid Benefits Campaign gave the pension fund administrator 14 days to act decisively.

Click here to read the Financial Mail article.

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