More than N$218 million in unclaimed pension benefits could be sitting in institutional accounts while thousands of beneficiaries remain unaware that money is legally owed to them.

This concern was raised by Swapo Party MP Tobie Aupindi when he gave notice of a motion in the National Assembly calling for a parliamentary investigation into unclaimed pension, insurance, death, and related benefits held by pension funds, insurance companies, the Guardian Fund, and other institutions.

“Unclaimed pension benefits alone exceeded N$218 million, according to the financial sector regulator, while the total value of unclaimed benefits held by pension funds, insurance companies, the guardian's fund, and other institutions may be substantially higher. While many beneficiaries struggle to provide food, shelter, education, and healthcare for their families, institutions continue to hold and invest these funds, earning returns from monies that rightfully belong to ordinary Namibians and their dependents.”

The motion calls for a comprehensive national audit of all unclaimed pension, insurance, death, and related benefits, with the findings to be reported to Parliament.

“The relevant authorities review existing legislation and regulatory frameworks to strengthen beneficiary tracing obligations, transparency, accountability, and enforcement measures and recommend and introduce stiff penalties; mandatory minimum tracing standards be introduced, including the use of accredited tracing services, modern technology, and public awareness campaigns before any benefit may be classified as unclaimed.”

The motion further proposes strengthening the capacity of the master of the High Court and the guardian's fund to improve beneficiary outreach, accessibility, and the efficient processing of claims.

It also recommends that the matter be referred to a parliamentary standing committee for investigation and recommendations aimed at ensuring that all reasonable steps are taken to reunite beneficiaries with funds lawfully due to them.