SEOUL, Sept. 17 (Korea Bizwire) — South Korea’s financial watchdog is set to return unclaimed personal pension benefits being held by insurance companies.
After searching for people entitled to unclaimed personal pension benefits, the Financial Supervisory Service (FSS) found that there were a total of 3,525 personal pensions with an aggregate value of 72.8 billion won (US$61.9 million) lying unclaimed at insurance companies.
Personal pensions, in general, are designed to be passed on to heirs if the pensioner dies before receiving the full amount of the pension.
Nonetheless, there are many cases in which pension heirs don’t claim the remaining amount of the pension simply because they don’t are unaware of the fact that they are entitled to it.
The FSS found that a total of 2,924 people were entitled to unclaimed pension benefits and decided to inform them about the remaining benefits by Friday.
To avoid voice phishing incidents, the FSS will provide the information to applicants only by postal mail.
Kevin Lee (email@example.com)