Unclaimed benefits | Liberty applies to reinstate more funds

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As unclaimed benefits accumulate, many of the untraceable beneficiaries are struggling in retirement.
Photo: Gallo Images.
As unclaimed benefits accumulate, many of the untraceable beneficiaries are struggling in retirement. Photo: Gallo Images.

Insurance group Liberty has applied to reinstate 10 more funds that have unclaimed benefits to the value of R30 million. The insurer first announced in 2018 there was a possibility that it deregistered up to 120 funds in error during the Financial Services Board's (FSB) dormant retirement-fund cancellations project.

Liberty applied to reinstate 25 of these funds in 2018. But as it continuously reassesses funds that were cancelled during the cancellation or deregistration "project" and before that, the company is finding that more errors occurred there.

"In 2018, we said that we believe we deregistered in the region of 100 to 120 funds in error. But we didn't stop there. We looked at deregistrations before that as well because the deregistration of funds is business as usual. We have found some more funds where we think we made mistakes," said Tiaan Kotze, the managing executive of Liberty Corporate.

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