More than a quarter of unclaimed R20bn owed to mine workers or their beneficiaries STORED information on retirement fund members is a major concern for the entire industry and is not limited to a particular type of fund or financial product, a retirement fund solutions provider said on Thursday.On Wednesday, the Financial Services Board said unclaimed benefits for last year would rise to an estimated R20bn this year, partly because retirement funds or their administrators did not maintain valid or complete records. More than a quarter of this amount was owed to mine workers or their beneficiaries."The challenge is not so much the record-keeping but more the quality of the information stored," said Arno Loots, head of umbrella fund solutions at Liberty Corporate.The mining industry has a number of pension funds, most of which have an umbrella structure, such as the Sentinel Mining Industry Retirement Fund and Mineworkers Provident Fund.These funds manage retirement and other benefits...
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