Unclaimed pension benefits should be used for social good, says FSCA executive
First version of Conduct of Financial Institutions Bill provides for creation of such a fund
19 April 2022 - 18:18
Some unclaimed retirement fund benefits totalling more than R47bn should be used for social good, says Olano Makhubela, the divisional executive for retirement fund supervision of the Financial Sector Conduct Authority (FSCA).
Investment returns are generated on the unclaimed benefits, and amounted to R45bn in 2019 and R47bn in 2020. Most of the unclaimed benefits belong to SA workers and others from Southern Africa who came to work on mines...
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