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Billions in pension funds yet to be claimed By Lethu Nxumalo Share Durban - About five million South Africans are yet to claim their pension benefits which have accrued to at least R42 billion and can be traced back to as far as the apartheid years and the migrant labour system. According to the Financial Sector Conduct Authority (FSCA), a financial institutions regulator, the majority of the beneficiaries are miners who came from different countries and provinces seeking greener pastures. They are believed to be African and low income earners, given the average amounts per individual beneficiary. Some are likely to have changed jobs but did not update their personal information or were not informed by employers of the benefits. Others are those who might have left their funds prior to the passing of the surplus apportionment law in 2001.

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