cancelled pensions

open secrets is working to hold private pension fund administrators to account for their role in unlawful de-registration of pension benefits.

This investigation is about the potentially unlawful and criminal conduct of private sector actors (acting alone or with state actors) in relation to the 2007-2013 Financial Services Board (FSB) Cancellations Project. This entailed the mass-cancellation of 6757 orphan pension and provident funds (funds without a board of trustees), many of which contained assets owed to beneficiaries.

On the 23rd of October 2019, Open Secrets published the investigative report, The Bottom Line: Who Profits from Unpaid Pensions? and an accompanying booklet Look Beyond the Bottom Line. Focusing, on the role played by big corporations who administer pension funds, such as Liberty Corporate and Alexander Forbes, the report details the erroneous cancellation of pension funds between 2007- 2013 and finds that this resulted in over R40 billion in pensions owed to 4 million people.

the bottom line: who profits from unpaid pensions?

This investigative report is the culmination of a year-long investigation by Open Secrets into the pension fund industry in South Africa. According to the Financial Services Board’s 2018 Annual Report, over R42 billion in benefits is owed to over 4 million pensioners and pension fund members

look beyond the bottom line

This booklet looks beyond the bottom line. It aims to focus on and centre the stories of the most vulnerable members of our society, those who have been systematically and structurally precluded from enjoying civil and human rights throughout South Africa’s history.

media coverage

read our pamphlet

to distribute these pamphlets, open the PDFs below. print them double-sided and fold the page in half. the pamphlet is available in English, isiZulu, and seSotho.