Losing a loved one is a difficult time, and dealing with financial matters during this period can add unnecessary stress.
If your deceased relative was employed in South Africa, they may have had provident funds.
These funds accumulate contributions from both the employer and employee and are paid out as a lump sum upon retirement, resignation, or disability.
However, sometimes these funds go unclaimed, leaving surviving family members unaware of potential benefits.
What are Provident Funds?
A provident fund is a retirement savings account offered by employers in South Africa.
Unlike pension funds, provident funds allow members to access a portion of their savings upon leaving their job, emigration, or reaching retirement age.
Who Can Claim Unclaimed Provident Funds for a Deceased Person?
The legal beneficiaries of the deceased’s estate, as outlined in their will (if one exists), are entitled to claim unclaimed provident funds.
In the absence of a will, the intestate succession laws of South Africa will determine who inherits the funds.
How to Find Unclaimed Provident Funds for a Deceased Person
There are several ways to locate unclaimed provident funds for your deceased loved one:
- The Financial Sector Conduct Authority (FSCA) Unclaimed Benefits Search Engine: The FSCA maintains a central database of unclaimed benefits from all registered provident funds in South Africa. You can search for potential unclaimed benefits by visiting the FSCA website and entering the deceased’s ID number, name, and any former employer information you may have.
- Old Employers: If you know where the deceased was employed, contacting their former Human Resources department can be helpful. They may be able to advise you on the specific provident fund your loved one belonged to and guide you on the claims process.
- National Treasury’s Unclaimed Money Website: The National Treasury also maintains a database of unclaimed funds, which may include unclaimed provident benefits. You can search for unclaimed money by name and ID number on their website.
Can I Claim Unclaimed Provident Funds for Someone Else?
Yes, you can claim unclaimed provident funds for a deceased loved one, but you will need to be able to prove your beneficiary status.
This typically involves being a spouse, child, dependant, or someone nominated in the deceased’s will.
How Long Can a Provident Fund Remain Unclaimed?
There is no legal limit on how long a provident fund can remain unclaimed.
The funds are held by the provident fund administrator until a rightful beneficiary comes forward.
What Documents Do I Need to Claim Unclaimed Provident Funds for a Deceased Person?
The specific documentation required will vary depending on the provident fund administrator.
However, some general requirements include:
- The deceased’s certified death certificate.
- Proof of your beneficiary status. This could be a marriage certificate (for spouses), birth certificate (for children), or a certified copy of the will.
- The deceased’s ID document (South African ID book or passport).
- Your ID document.
- Completed claim forms provided by the provident fund administrator.
What Happens to Unclaimed Provident Funds After Death?
If a provident fund remains unclaimed after a reasonable period, the funds are usually transferred to the Unclaimed Benefits Fund held by the relevant provincial government.
You can search for unclaimed benefits with your provincial government’s treasury department.
How Long Does it Take to Claim Unclaimed Provident Funds?
The processing time for claiming unclaimed provident funds can vary depending on the complexity of the case and the specific provident fund administrator.
It normally takes between a few weeks to several months.