Liberty Accelerates Unclaimed Benefits Pay Outs
As part of its ongoing Unclaimed Benefits Funds tracing efforts, this year, Liberty has identified in excess of 13 000 people and paid over R105 million to members and beneficiaries who had a legitimate claim.
Direct community outreach
Over and above the usual efforts employed to trace members and beneficiaries, Liberty is also active on the ground and has embarked on community outreach programmes. These initiatives make it convenient for potential members and beneficiaries to check and immediately claim any monies owed to them.
“Our up-to-date systems make it efficient for members of the public to check if they may have benefits owed to them,” says Head of Unclaimed Benefits at Liberty, Kabelo van der Merwe. “All they need to do is to bring valid proof of their identification.”
The financial services provider’s commitment to reaching members and beneficiaries and paying out all benefits owed has taken the business’ Unclaimed Benefits team far and wide across South Africa this year.
In Mthatha, Eastern Cape province, more than 250 individuals have been assisted to claim a total of R769 550 over two days. While in Mpumalanga, the group partnered with previous employers and distributed more than R1.4 million in unclaimed benefits to former farm and mine workers in Amsterdam and Witbank.
In the Northern Cape, R2.8 million has been distributed to 178 members and beneficiaries in Jacobsdal, Ritchie and Kimberley. And R2.1 million has been paid out to 229 members and beneficiaries in Soweto, Wynberg and Alexandra in Gauteng Province.
Finally, in the Northwest, the company has visited Rasimone, Chaneng, Mafenya, and Robega villages and paid out R865 000 to more than 120 former mine workers. The tracing efforts were done in collaboration with local mining companies and traditional leaders from the local communities.
“We appeal to anyone who suspects that a benefit from a previous employer might be owed to them to come forward and check with us. All we need is their positive identification document. For too long, our clients have not been aware of what's owed to them, and how to go about claiming it. Please make use of this opportunity to get what’s due to you,” concludes van der Merwe.
How do I check if I have an unclaimed benefit?
There are various ways to find out if you have an unclaimed benefit due:
- Visit the FSCA website, which has a built-in search engine to check if you are owed any benefits.
- Visit the Liberty website and add your details for a quick and easy check.
- You can call Liberty on 011 558-2997 or visit any of Liberty’s offices or satellite branches located nationwide.
How do I claim my benefits?
*An Unclaimed Benefit is any benefit that was due to a member from a retirement fund in terms of the rules of the fund, that is not claimed by the member or beneficiary within a period of 24-months from the date the benefit became legally due and payable to a member. Unclaimed Benefits include benefits such as
- Withdrawal benefit – as a result of termination of employment, retrenchment, or resignation.
- Death benefit – where the members dies and the beneficiary was identified but does not claim their benefit.
- Surplus benefit – benefit that became payable as a result of a distribution of surplus in the fund to active and former members of the fund.
- Retirement benefit – as a result of retirement from the fund.