Liberty Corporate is partnering with the Financial Sector Conduct Authority (FCSA) during Money Smart Week South Africa (MSWSA). The MSWSA is taking place this week (8-12 October) and aims to heighten awareness around the importance of financial education.
Tiaan Kotze, Chief Executive of Liberty Corporate, states, “Liberty believes passionately in the significant role financial education can play in uplifting people’s lives. We are proud to be part of this campaign in conjunction with the FCSA. We aim to empower communities through this campaign with financial knowledge and skills, particularly with respect to unclaimed benefits.”
Liberty is participating at events in Soweto, Alexandra and Mamelodi where they have teams on hand to assist the public in searching for their unclaimed benefits, as well as leading education sessions on how to prevent benefits becoming unclaimed.
Unclaimed benefits, as defined by the Pension Fund Act, are benefits that have not been paid to members in more than two years following termination of their employment from the sponsoring employer.
“Our Liberty Corporate business has unclaimed benefits in both our sponsored Unclaimed Benefit Funds and other occupational funds, which we administer.”
Kotze added, “We take the issue of unclaimed benefits seriously and continue to make good progress on this industry-wide issue. We have significantly increased our capacity to trace and pay unclaimed benefits, and we are now paying over 5,000 claims a month. Our involvement in Money Smart Week is part of our efforts to accelerate our employer and member education. It is also aimed at increasing our engagement with communities and to reduce the incidence of unclaimed benefits in future.”
Liberty Corporate currently administers approximately 177,000 unpaid and unclaimed benefits with an asset value R1.8bn (of which 104,000 benefits with a value of R939m are in our Unclaimed Benefit Funds).
“We are in the process of tracing 96,000 of these members. As we make progress, we will extend our efforts to the remaining members. This has been made possible through the significant increase in tracing activity and payment capability over the last 12 months, allowing us to pay out over R330m in unclaimed benefits in the first nine months of 2018.”