The objective of the NBC Unclaimed Benefits Provident Preservation Fund is to provide a vehicle to safeguard unclaimed benefits transferred by the Board of Trustees of other Provident Funds to the NBC Unclaimed Benefits Provident Preservation Fund.

The main purpose of the NBC Unclaimed Benefits Provident Preservation Fund is to trace the unclaimed benefit members’ transferred into the fund, in an effective and efficient manner and in accordance with the tracing policy adopted by the Board of Trustees.

The advantages of transferring the unclaimed benefits from their funds to the NBC Unclaimed Benefits Provident Preservation Fund are:

• The risk of managing and tracing benefits now resides with the Board of Trustees of the NBC Unclaimed Benefits Provident Preservation Fund.
• Reporting to the Financial Services Board (FSB) now forms part of the financial statements of the NBC Unclaimed Benefits Provident Preservation Fund.
• The cost of the administration of the unclaimed benefits is not subsidized by the active members of the transferring funds.

There is no minimum entry amount. This is provided that all amounts transferred are valid unclaimed benefits and that these amounts do not represent a list of underpayments from the past, thus not representing a real liability against the Fund.

An agreement must be obtained from the trustees of the fund that they wish to transfer their unclaimed benefits into the NBC Unclaimed Benefits Providend Preservation Fund (NBCUBPPF). The fund consultant must then arrange for a signed resolution agreeing to the transfer.

For more information contact:
Chantelle Fredericks
Tel:        +27 (0) 10 206 0823
E-mail:    fredericksc@nbc.co.za