Insurance and Pensions Commision (IPEC) public relations office, Lloyd Gumbo, has revealed that more than 24 000 people have failed to claim their pensions resulting in $25 million lying idle. Gumbo revealed that if the money is unclaimed after 5 years, the money will be used for infrastructure development programs. Said Gumbo,
$25 million is just lying idle because people are not claiming their pensions. Twenty-four thousand people are not claiming and the number keeps going up because some pensioners are not aware that they can claim.
The money is put into what is known as a garden fund then eventually used for national infrastructure development projects if five years lapse without the money being claimed.
… There are genuine instances where after collecting the sum, pensioners forget about the pension. This is unfair to them given that they paid the required contributions so we are now pushing for awareness to ensure that those who are not collecting their pensions do so. Suffice to say the main effort at the moment is awareness.
More: The Financial Gazette