Search for your Fund Name - Eg: "Motor Industry Pension Fund" and the Fund administrators page with contact info will be in the search results
Surplus fund stripping case finally over

Surplus fund stripping case finally over

The stripping of surplus funds from a number of South Africa’s pension funds in the 1990’s started a storm that has taken up until now to sort out and has seen high profile businessmen receive suspended sentences and fines for their part in the surplus fund stripping.

Members of the following funds were victims of surplus fund stripping and will begin to see the rightful amounts being paid to members, starting with the Mitchell Cotts fund members and beneficiaries. There is a R730 million being distributed to the members over the next six month period. The balance of the funds will all start to see funds distributed in the foreseeable future.

How to claim surplus benefits from your pension fund

  • Mitchell Cotts Pension Fund
  • Datakor Pension fund
  • Picbel Pension Fund
  • Lucas SA Pension Fund
  • Prestolite Pension Fund
  • Power Pack pension Fund
  • Sable Industries Pension fund
The Metals and Engineering Industry Funds
  • Metal Industries Provident Fund (MIPF)
  • Engineering Industries Pension Fund (EIPF)
  • Metal Industries Group Pension Fund (MIGPF)
  • Metal Industries Group Life and Provident Fund (MIGLPF)

The amount of legal fees and consulting services required to settle these cases are in the many hundreds of Millions, the case has taken over 6 years and needs to be a lesson to the Industry as a whole. The new broom of Edward Kieswetter swept clean for Alexander Forbes, many of whose senior management were implicated in the surplus stripping fiasco with Alexander Forbes making a plea bargian, paying a small fine and repaying an amount of stripped funds to members.

The last few years has seen some incredibly devious schemes hatched by financial advisors that have cost investors dearly, least of which are the PONZI schemes and property syndication schemes. The most important thing that the FSB can and is doing, is to police their members and affiliates, ensure that the public is aware of the requirements to act as a financial advisor and to hold those who contravene the regulations and rules accountable for their actions.

The financial services Industry has seen a lot of new regulations and requirements for financial advisors as a result of the many unsavory activities which have put the financial services industry in the spotlight over the last few years including the requirement to write exams by the end of 2011 in order to continue giving financial advice. There has been an outrcy from the financial advisors who believe they are all being atrred with the same brush as the fraudsters and are opposing the requirement. There are so many financial products available to investors that a good financial advisor needs the knowledge to be able to properly advise their clients, why the outcry?

145 Responses to “Surplus fund stripping case finally over”

  1. Thandi Yvonne m mthembu says:

    I was working at ms express I want to know if there is Surplus from 2001 until 2017

    • Jenkoe says:

      How to investigate a claim
      Do not pay someone money to trace the money for you, because the FSB offers such a service for free. The FSB says that there are “various unscrupulous operators who persuade members of the public to pay them an amount (eg, R1200) to trace their money. These are often empty promises, and there is absolutely no guarantee that the person paying that amount is due any money.”
      Your first query should be with the retirement fund or HR department of your former employer. Only if you do not know which fund you or your family member belonged to, should you contact the FSB.
      The FSB has launched a search engine on their website for members of the public to ascertain if there are any possible unclaimed benefits due to them. This facility can be accessed either through the FSB website or by sending an e-mail or fax. An SMS line will be launched by the end of September.
      Over and above this, members can still send a letter, contact the toll-free call centre or visit the FSB Office to obtain assistance. Should there be any possible benefits identified during the enquiry, a person will be provided with the relevant contact details of the fund or administrator to lodge a formal enquiry. These services are provided by the FSB free of charge.
      Contact details:
      Website: http://www.fsb.co.za
      Email enquiry with an ID number: Pensions.UBmemberID@FSB.co.za
      Email enquiry for general enquiries: Pensions.UBQuery@FSB.co.za
      Toll-free number: 0800110443 / 0800202087
      Fax number: 0865781183

  2. I worked in the retail industry Clicks for fifteen years and would like to know if I can claim surplus.

  3. MIRRIAM says:

    Hi
    i want to know that is surplus for everyone like me i use to work at restaurant and i was a security officer

  4. tshwanelo says:

    i worked at men bus and coach as a welder do i qualify for surplus fund

  5. Capris Denise Bester says:

    Good day,I would like to know if me and my husband,John Bester,qualify for surplus money,I used to work for Dept Home Affairs, Telkom as well as Senwes.My husband did work at Telkom.Both of us resigned from our jobs.

  6. Denise Adriaan Paulsen says:

    I worked for Paragon Printers in 1999 to 2002 they in Cape Town under Lithotech now but was administered by Old mutual fund @ the time where can I apply for my surplus?And worked for Averydennison they were Sanlam and other fund

  7. Mike kekane says:

    I worked for Etv I was retrenched this year does these means there is surplus for me.

  8. Faiesa Hardien says:

    I would like to know if you were working for agencies doing temp jobs is there a possibility of surpluses

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