Duplicated accounts causing problems for Nasfund

THE National Superannuation Fund (Nasfund) currently has an estimated 400,000 duplicate member accounts, says Member Services chief officer Charlie Gilichibi.
Gilichibi said when giving an update on the “One Member One Account” awareness yesterday the duplicate accounts were causing problems for the members and staff when dealing with withdrawals.
“We currently have around 600,000 members. If you try to analyse these inactive accounts, they are likely duplicate accounts,” he said.
“Multiple member accounts (happen) when members jump from one employer to another which over time (create) several accounts (for a member).
“The painful thing is that when it comes time for members to withdraw their funds, the requirement from nasfund is that they to go back to their former employers to get a confirmation letter.
“That will give us a strong assurance that this is the rightful member touching an inactive accounts so we can merge into one large sum and pay them.
“Without a confirmation letter, because these accounts have been inactive and you could have fraudsters already watching this account and they may want to do things will take way members funds.
“That process is very painful for members when it comes time for withdrawal. The normal withdrawal if everything is in order, 70 per cent of our payments are processed within eight business hours.
“The other 20 per cent of payments are processed within three business days and roughly five per cent of payments are processed within five days other five per cent processed outside of five days.”