About 500 000 South Africans are expected to benefit from the Motor Industry’s surplus apportionment, but many people also stand to lose out on these benefits it they are not found within the next six months. It is estimated that over one million people in South Africa change contact details every year which results in these benefits not being paid to potential owners, as they cannot be found. The pension funds industry which is believed to be the most affected by this scenario, has surpluses of between R60 – R80 billion which need to be apportioned to millions of people in the next 2 to 3 years.
It is against this backdrop that the Auto Workers’ Pension Fund, Auto Workers’ Provident Fund and MI/MISA Provident Fund are looking for former members of these funds who are eligible to participate in the surplus apportionment. The mammoth task to communicate this information to former members is the primary responsibility of Benefit Recovery Services (BRS). BRS specialises in the communication and facilitation of unclaimed funds with potential beneficiaries on behalf of financial services companies and pension funds.
BRS is calling upon petrol station attendants, mechanics, panel beaters, artisans, administrative, sales and managerial staff and all former members who belonged to these funds to register their details and submit their surplus claim forms. To reach these members and create awareness about the apportionment process, BRS will launch a communication campaign and host community events around the country in the months to come.
BRS’ Managing Director, Richard Stride, explains “the project is very intensive because we are looking for half a million people in different parts of the country but registration is a simple process which is offered free of charge to claimants. It is, however, very important because it ensures that people are found in order to help them receive the money that is rightfully theirs. We are pleased to have the support from the industry’s administrators, unions, employers and their representatives”.
To register with the funds or to obtain more information call: 086 727 7007 or register online at www.mycash.co.za.
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