South Africa faces a significant and growing issue of unclaimed benefits across retirement funds, shares, and other financial instruments on the JSE and from various institutions. A sizable portion of the population is unaware that they may be entitled to funds from former employers, retirement funds, provident funds, stock splits, and unclaimed share estates. While precise nationwide figures are hard to pin down due to fragmentation across funds and platforms, industry estimates suggest the total value of unclaimed benefits runs into billions of rand. These funds accumulate over time as members lose contact, change job roles, or forget about dormant accounts, leaving a substantial cache of capital that rightly belongs to individuals or their beneficiaries.

How to claim unclaimed benefits

• Identify potential sources: Start with old retirement funds, provident funds, pension schemes, and vested shares or dividends from the JSE. Check annual statements, old appointment letters, and tax certificates (IRP5/IT3(a)).
• Contact the institutions: Reach out to fund administrators, the South African Pension Funds Register (if accessible), and former employers for service history and roll-over options.
• Use trace services wisely: Many institutions appoint traces to locate members. This can involve providing identity documents, proof of former employment, and current contact details.
• Verify authenticity: Be cautious of scammers. Reputable professionals and trace agents are often paid by the fund or by the member only after funds are recovered. Always request transparent fees, written engagement letters, and confirmation of regulatory compliance.
• Visit the FSCA website: Navigate to the unclaimed benefits section and complete the search fields to see if there is anything on record.

Tracing and avoiding scams

• Work with registered financial service providers (FSPs) and legacy fund administrators.
• Beware upfront fees or “finders” guarantees; legitimate traces emphasize recovery success and documented processes.
• Check for regulatory oversight and accessibility of the trace results through the fund or regulator.