Nie Cele
Ezekiel Phalana
Believe or Not!!! Despite all the niggling intermittent challenges,One of Mzansi’s biggest and leading financial services providers, Liberty is serious about tackling and disbursement of unclaimed retirement benefits to their rightful beneficiaries.
This was evident and revealed during the ‘unclaimed benefits’ open day held at their Braamfontein Campus , Johannesburg.
The open day featured industry’s round table discussion by benevolent stakeholders and trustees associated to this topical quandary.
In her opening statement, Linda Mateza, a Liberty Executive gave a concise overview and said, “We are creating access and financial dignity.”
Mateza also told the delegates this was the company’s second open day after the first one held in 2023.
“ We have piloted a biometric verification system to avoid fraud. We have done radio and community road shows to create awareness about this issue,” She said.
During the panel discussion, the big unanimous message on the day was, “Unclaimed benefits should be re-united with their rightful beneficiaries.”
On the company periphery premises scores of spirited young and old citizens were seen trickling in dribs and drabs en-route to check the status of their benefits and receive education on this topic.
Prior to this open day, Liberty issued a media statement stating, Liberty currently administers over R1.6 billion in unclaimed benefits, owed to more than 100,000 beneficiaries, and remains committed to reuniting this money with its rightful owners.
Industry estimates suggest that over R48 billion in unclaimed retirement savings is owed to approximately 4.4 million South Africans, many of whom are unaware of these funds.
Kabelo van der Merwe, Head of Strategic Programmes, is on record arguing “Using the right technology and tools, we are making the process seamless.”
“We encourage all members of the public to visit our open day to check whether they or their loved ones may be entitled to any unclaimed benefits.”
Over the years, we have worked tirelessly to trace beneficiaries using both traditional and advanced technology tracing models with strategic fintech partners, adds van der Merwe.
“The Open Day is about restoring dignity and empowering families to access what rightfully belongs to them.”
“ We are creating access and financial dignity. Today is about access and empowerment.”
On the sidelines this publication spoke to Anne-Marie Dalton CEO of Batseta, Council of Retirement Funds of SA.
She gave Liberty big thumbs up, and said they have a mandate of making sure trustees and principals do their work and look after the funds well and make good decisions on investments.
“We represent fiduciaries and want to keep them honest. Retirement space hardships of members directly speak to the work we are doing. We raise awareness and assist them should they need support. We train the board of Trustees. We make sure they have necessary skills to do their work.”
Dalton also pointed out there is a need to up skill them with the latest technology.
“Unclaimed benefits is not a problem for a single organization, It’s a challenge for a collective,” She pointed.
DID YOU KNOW?
- Liberty is a wholly owned subsidiary of The Standard Bank Group and is currently one of the largest providers of long-term insurance solutions to South Africa’s retail affluent market.
- With a strong and relevant brand of more than 60 years, Liberty offers an extensive, market-leading range of products and services to help clients build and protect their wealth and lifestyle.
- This is enabled by Liberty’s 3,000-strong tied distribution force that expertly equips customers with knowledge to make financial decisions that add value throughout their various life stages.
- Liberty’s incorporation into Standard Bank provides synergies and advantages not only in South Africa but across the African continent, positioning Liberty as an integral part of a universal financial services organisation focused on delivering exceptional customer experiences and superior value.
- Liberty’s wholly owned asset manager STANLIB is one of the biggest retail unit trust managers (including money market) in South Africa, with award-winning capabilities in property and fixed income, who together with their market-leading offshore partners are able to provide unique investment opportunities for clients.
- Liberty Group Ltd is a licensed life insurer and an authorised financial services provider.
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