Dead contributors left US$40.0M in Pension Fund

Santo Domingo.- Dominican Pension Fund Managers have RD$2.3 billion (US$40.4 million) is deposited into individual capitalization accounts belonging to people who died but have not been withdrawn by their survivors.

Some don’t even know that their relatives had money saved in the Pension Fund, product of their social security quotass, or have failed to withdraw their funds. This is how the money out of a total of 42,377 deceased quotas remains in the AFPs.

The data are from the Pensions Superintendence (Sipen) and reflect a situation that has deepened over time.

The main problem is that the Pension Fund Managers don’t contact the deceased’s relatives, even though the administrators ask the affiliates who would be their heirs in the event of death.

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