Some background on Unclaimed Benefit Funds
Unclaimed Benefit Funds (UBFs) were necessitated by new financial services legislation in 2008. They are regulated by the Registrar under the Pension Funds Act and are repositories of uncollected benefits from pension or provident funds.

In essence, any benefit which has not been able to be paid over to a registered beneficiary or dependant within 24 months of the date it became due, can be transferred into a registered UBF.

Why companies participate in Unclaimed Benefit Funds
The primary benefit of participation is to lift the burden of beneficiary tracing, effecting payments and other administration off a company’s limited internal resources, and then to place it in the hands of registered and accountable professionals. Participants in UBFs can rest assured that their company’s funds are invested in low-risk products and managed by a Board of Trustees.