South African emigrants living abroad may be missing out on unclaimed benefits back home. On August 2015, the Financial Services Board announced that there are over R20 billion in unclaimed benefits waiting for their rightful claimants.
Why so many unclaimed benefits?
The reason for the tremendous rise in the value of unclaimed benefits has been put down to improved systems and reporting.
Although there are many contributing factors to the unclaimed benefit pot, much of it has been ascribed to the shift from standalone to umbrella funds which now allows dormant funds which previously had no board of trustees to deal with unresolved assets and liabilities. Fund administrators are also becoming more adept at scrubbing and verifying member data, but though they may have established that there are funds available to claimants, there may not be enough resources to get hold of these claimants.
Tracking and tracing of beneficiaries for whom there are no contact details remains a tremendous task, and not necessarily one which is prioritised, which is why it’s important that prospective claimants get the ball rolling from their side.
Do you have money due to you?
Individuals are often not aware that they have unclaimed benefits or that they are beneficiaries of deceased estates. The greatest problem seems to be a lack of know-how. It’s not easy to know where to start to make the necessary enquiries which will get you clear answers.
Who do you contact? What information do you need to provide? What are the legal requirements for fund transfers? These questions aren’t straightforward and will depend on your individual portfolio.
The great part though? You don’t need to do the legwork yourself! Finglobal.com can do a free policy search on your behalf and, should you have money due to you, we can facilitate the transfer on your behalf. We have contact with all South African insurers, banks, SARS, the Reserve Bank and Financial Services Board and know exactly which questions to ask, to whom, and when.
Sidestep all that red tape and leave your details for an obligation-free consultation. Who knows? You may have an unexpected cash injection headed your way.