R90 billion in unclaimed assets in South Africa – check if you are owed money
South Africa’s financial regulator is developing a strategy to facilitate the distribution of billions of rand in unclaimed benefits related to retirement, severance, and death.
In 2025, the Financial Sector Conduct Authority (FSCA) Commissioner, Unathi Kamlana, stated that around R88 billion was owed to South Africans but had not been claimed.
“Most of these assets are from retirement funds. Unclaimed retirement benefits make up 53% of the total estimated value of undiscovered assets, while the collective investment scheme and life insurance industry account for 38% of these unclaimed assets,” said Nedbank analysts.
The FSCA confirmed recent figures, which indicate there are over 4.3 million members with unclaimed retirement benefits worth over R51 billion.
“Based on information provided by retirement funds, former members continue to claim their unclaimed benefits,” said the FSCA.
However, while some are stepping up to claim what they’re owed, the value of unclaimed retirement funds is still increasing—meaning not enough people are aware of the money owed to them.
This was revealed by Reunyte (formerly known as Robin Hood Unclaimed Benefits), a South African fintech company focused on tracing and reuniting individuals with their unclaimed financial assets, such as pension funds, investments, and shares.
Reunyte told BusinessTech that the number of unclaimed pension benefits had increased from R47 billion to R51 billion, and the total amount of unclaimed assets is now R90 billion.
Unclaimed funds refer to money a beneficiary is entitled to but has not yet collected.
These funds may be held in various financial assets, such as bank accounts, uncashed checks, stocks, insurance policies, and other assets.
The funds become unclaimed when the beneficiary does not claim them within 24 months of becoming eligible.
The FSCA said people do not claim assets due to a lack of information updates, poor record-keeping by financial institutions, employer oversight, and changes among intermediaries and administrators.
Where funds are unclaimed
Nedbank analysts state that unclaimed funds originate from several particular sources.
Retirement plans
Funds are owed to individuals who were members of retirement plans but have not yet received their payments.
Bank deposits
Occasionally, account holders deposit money into savings or current accounts and forget to access them.
If these accounts remain inactive for an extended period or the account holders subsequently change their address or pass away, the bank may have difficulty locating the account beneficiaries.
Unclaimed insurance claims
When insurance companies owe a payout, but the recipient does not claim it, the funds become classified as unclaimed property.
This situation can arise with various types of policies, including life, health, or motor vehicle insurance.
Investments
Should you hold investments in collective schemes that invest in assets such as stocks or bonds, and subsequently misplace your documents, neglect to update your contact details, or forget about the investments altogether, these funds may become unclaimed.
Unclaimed securities
Occasionally, individuals own shares in companies or have invested in bonds but fail to cash their dividends.
This may occur when earnings are not redeemed or when contact information is not regularly updated.
Other sources
Various other assets can also become unclaimed property, including uncashed checks, dormant bank accounts, and contents of forgotten safekeeping boxes.
Such assets may be held by different organisations, including government agencies, employers, or retail entities.
If you are a South African seeking to ascertain whether you are owed any funds, the FSCA provides a tool that facilitates both partial and complete searches.
To use this tool, you will need to submit basic information, including your name, surname, identification number, fund name, and employer.
Should a potential match be identified, the FSCA will supply you with the relevant contact details for the associated fund or administrator.
Another service provider, Reunyte, has collaborated with Standard Bank to expedite access to benefits for South Africans.
The platform operates via an application, facilitating a more efficient tracking and claims process for verified users.
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