The insurance and pensions industry recorded 20 000 unclaimed benefits in the 2nd quarter of 2017, raising concern of the Insurance and Pensions Commission (IPEC)

According to a 2017 second quarter report by the IPEC 20 000 benefits have been unclaimed in a development attributed to pension fund boards failing to keep tabs on their members.

IPEC manager pensions Mr Nhamo Chivingira urged pensioners to check whether they have unclaimed benefits with their pension funds or companies they worked for to avoid loss.

To reduce the number of unclaimed benefits IPEC is reaching out to pensioners through various media and dispatching teams to track beneficiaries.

In the event that pensions remain unclaimed for lengthy periods, they are seeded to the guardian fund and subsequently forfeited to the government.