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The Financial Services Board (FSB) has moved to clarify its efforts to resolve the ballooning problem of unclaimed pension benefits, even as civil society campaigners step up a drive to help workers to reclaim billions owed to them.
By 2016, more than R42-billion in unclaimed benefits had been amassed in the pensions system, the FSB said at a media roundtable earlier this week.
About R7.6-billion is held in specially created unclaimed benefits preservation funds, and about R34.7-billion is held in occupational funds, or retirement funds, created by employers for their employees and which are active.