Today's Labour News

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AlexanderForbesBusinessLive reports that the Unpaid Benefits Campaign has given pension fund administrator Alexander Forbes (AF) 14 days to act decisively on unpaid benefits it administers.  

While AF did not disclose the amount of unclaimed benefits in its books, the Financial Sector Conduct Authority (FSCA) reported in September 2017 that there was more than R42bn in unclaimed benefits in SA and about 4-million beneficiaries were affected.  Demonstrators who descended on AF’s head office on Monday were from pension funds including those of Mittal and Telkom, as well as the Global Pension Fund.  Carrying placards that read “We demand our own money”, beneficiaries handed over six boxes full of application forms and supporting documents for AF to process.  They also made the administrator sign a memorandum demanding among other things that AF report back within 14 days on how far it has come in paying beneficiaries and reinstating cancelled funds.  The group said its next target would be Old Mutual and it would also deliver application forms and supporting documents to the insurer “to prove that the people they say are not claiming are claiming”.

  • Read this report by Londiwe Buthelezi in full at BusinessLive

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