Protesters put Alexander Forbes under pressure to pay unclaimed benefits
The Unpaid Benefits Campaign has given the pension fund administrator 14 days to act decisively
The Unpaid Benefits Campaign has given pension fund administrator Alexander Forbes 14 days to act decisively on unpaid benefits it administers. Alexander Forbes did not disclose the amount of unclaimed benefits in its books. But the industry watchdog, the Financial Sector Conduct Authority (FSCA), reported in September 2017 that there was more than R42bn in unclaimed benefits in SA and about 4-million beneficiaries were affected. Demonstrators who descended on the administrator's head office on Monday were from pension funds including those of Mittal and Telkom, as well as the Global Pension Fund. Carrying placards that read “Telkom is here” and “We demand our own money”, beneficiaries handed over six boxes full of application forms and supporting documents for Alexander Forbes to process. They also made the administrator sign a memorandum demanding among other things that Alexander Forbes report back within 14 days on how far it has come in paying beneficiaries and reinstating canc...
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