Up to 5 million people in Southern Africa have not received pensions owing to them or their beneficiaries from private pension funds. This is an urgent issue, the resolution of which has the potential to improve the material conditions for millions of people. However, a mix of private profiteering and poor state regulatory oversight has worked against the interest of potential claimants.
On the 13th of September 2022, Open Secrets and Unpaid Benefits Campaign (UBC) will be hosting a Peoples’ Hearing on Unpaid Pensions to provide a public forum for members of the public, community leaders and activists to reflect on the impact that the unpaid benefits issue has had on their lives and communities.
The Hearing is envisioned as an advocacy tool to advocate for justice and the payment of benefits of those who have struggled to claim their benefits due to a lack of urgency and a sustained failure to act to ensure that beneficiaries are paid by the FSCA (regulator), the financial services industry, government, parliament, trade unions and public sector benefit schemes, which is compounded by a financial sector that operates secretly and opaquely.