Unclaimed Provident Funds for Deceased in South Africa

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Unclaimed Provident Funds for Deceased in South Africa

Provident funds aim to save money to create pleasant living and a safe lifestyle for employers when they retire. Unclaimed benefits or unclaimed provident funds are the funds in which the employer’s leaving reason from the fund and the final day of employment is known. 

If the benefit is not paid to that employer, within two years of the last day of his service in line, it is called an unclaimed provident fund. Here in this article we will look at the details about unclaimed provident funds for deceased in South Africa, who are eligible for the funds, that causes funds to go unclaimed, and other relevant information about it.

Unclaimed Provident Funds for Deceased in South Africa

Unclaimed Provident Funds for Deceased in South Africa 

Unclaimed Provident funds or benefits are the benefits that an individual or employer gets when, his last day of service and the reason for him leaving the funds both is known. Those individuals who are members of GEPF and have retired and are no longer functional can claim for unclaimed benefits. Similarly those beneficiaries who are GEPF members and are no longer in service due to other particular reasons or because they have died are able to receive unclaimed benefits. 

Moreover, the beneficiaries of GEPF members’ guardians can also get unclaimed benefits. Still millions of South Africans are not aware that they are due money because they have not yet claimed the retirement savings that is owed to them. 

The financial sector conduct authority FSCA is working with retirement fund managers to look for the solution of the unclaimed benefit problem. According to the research there are more than 4.8 million South Africans who have unclaimed provident benefits with the net value of R 42 billion that is owed to them.

Who is eligible to get unclaimed benefits

What Are The Reasons For Funds To Go Unclaimed?

Here is a list of some of the most common reasons why the benefits go unclaimed. The particular reasons includes,

The member exit paperwork was either not submitted or it was providing inaccurate information. Moreover, it can also happen if GEPF lacks sufficient information on the death of the member’s spouse or beneficiary.

It can also happen if GEPF is unable to receive a text directive from SARS particularly when they are not registered for tax or have not completed their tax returns.

Moreover, it can also happen that benefits are paid but they are then returned to GEPF because of frozen or dormant accounts, wrong pay points or due to inaccurate banking information.

Here is how you can access your unclaimed benefits.

  • In order to get access to unclaimed provident funds, you have to arrange the following documents. 
  • You have to first look for the complete banking detail form that you can get. 
  • Then you have to attach a certified copy of your identity document. It should not be more than six months old. 
  • You have to provide the death certificate of the member and the certified copy of the beneficiary identity document that should also be not older than 6 months. 
  • You have to submit a guardian letter in the case of minor beneficiaries and also have to submit the certified copy of the guardian’s identity document.

FAQs

If you have any questions or there are any queries in your mind related to unclaimed provident funds, here is how you can contact the officials. You can simply dial their toll-free call center number which is 0800 11 76 69. You can also fax them on their fax number which is 012 326 2507. Moreover, there is this email address enqueries@GEPF.co.za. You have to compose an email with your question or query in it and have to send it to this email address.

In order to claim unclaimed benefits, 

  • You have to submit a copy of the death certificate of the member and a certified copy of the identity document. 
  • You also have to submit a complete banking detail Z894 form and a guardian letter, if the beneficiaries are minor. 
  • You have to submit the copy of payslip, the document that can work as proof about you as a fund member. 
  • You also have to submit the information and details regarding the previous correspondence with the fund, if you have any.

Conclusion 

Hopefully, you have gone through the above article that tells you about unclaimed provident funds for deceased in South Africa, what are the reasons that funds go unclaimed and who is eligible to get unclaimed funds. We have also provided other relevant information about unclaimed provident funds in South Africa so that you can have an idea about whether there is any money that you owe or not.