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Business Reporter Online quotes Rosemary Hunter in an article on the success of unclaimed benefit funds

Fasken
Reading Time 1 minute read
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“Vast difference in unclaimed benefit funds’ fees, tracing success” by Laura du Preez, Business Reporter Online

Business Reporter Online quotes Johannesburg lawyer, Rosemary Hunter, in an article on the success of unclaimed benefit funds versus unclaimed retirement-fund savings.

Pension lawyer Rosemary Hunter, of law firm Fasken Martineau, told the conference that unclaimed benefits reported by funds supervised by the Financial Services Board (FSB) in terms of the Pension Funds Act amounted to R34 billion at the end of 2015.

Hunter says a legal issue that retirement funds need to consider is whether or not the original fund or the unclaimed benefits fund can deduct tracing costs and administration fees from the fund account of each beneficiary.

She argues that, because the fund is unlikely to be able to trace and pay all those entitled to the benefits, the fund should estimate what it is likely to pay and use the remainder of the unclaimed benefits to cover the costs.

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