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The Data Factory is an outsourced service provider providing solutions to the Retirement Funding Industry, with a niche focus upon early withdrawal administration, specifically covering processes associated with unclaimed benefits, surplus apportionment schemes and section 37 death claims.
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Brochure 
Payment Services
Death Claim Brochure
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BBBEE Certificate
Tax Clearance Certificate
Professional Indemnity
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Standard Terms and Conditions
Payment Services
Full Turnkey Tracing
Verified Only Tracing
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The incidence of fraud is growing which when coupled with data capture errors, could have serious repercussions from monies being inadvertently transferred into incorrect bank accounts. Currently some fund administrators either rely upon copies of bank statements or cancelled cheques to validate bank account details. However, with improving technology and obtaining certification which is effectively meaningless, this control is weak at best, with incorrect data capture further increasing risk. Other administrators do institute independent checks directly with banks as to ownership of bank accounts, but this is often done manually increasing cost and time.
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The Data Factory is able to assist both administrators and funds to effectively manage the payment process related to both Unclaimed Benefits and Surplus Schemes. Our systems have been specifically developed to ensure bulk batches can be handled effectively and efficiently. Electronic interfaces have been developed with all South African banks to verify bank account details, including verifying ownership, status and data integrity. In addition, services related to tax directives and tax certificates are available, if applicable. Based upon our experience, the payment process has a number of hurdles that need to be managed and overcome. These include:
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Death Benefits form an important part of most retirement funds and they often form an important element of a member’s estate plan. It is incumbent upon retirement funds and, by extension, trustees and fund administrators to ensure an efficient and affective service in the event of a member passing away. Beneficiaries are often reliant on death benefits for daily living expenses in absence of a breadwinner’s monthly income.
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The Data Factory has developed systems and expertise to assist retirement funds in addressing s37 death claims. Central to the process is the building of a ‘family tree’ to ensure the identification of all legal beneficiaries which is accomplished through Department of Home Affairs’ verification. Thereafter, the company accesses various databases to obtain potential contact data in order to communicate claim documentation requirements. These include proof of identity, deceased certificates, proof of relationship and dependency, bank account verification and proof of guardianship.
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The Pensions Fund Second Amendment, 2001 included surplus apportionment provisions which became effective 7 December 2001 and set into motion a process that few would have foreseen as resulting in such high levels of expectations, complications and problems. In essence, the legislation requires all retirement funds to establish whether a surplus exists in a fund and then to finalise a plan to distribute the surplus to certain stakeholders within legislated guidelines and FSB guidelines.
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While the general public cannot comprehend how an individual would not claim monies owing from their retirement fund upon resignation or retrenchment, industry insiders recognise unclaimed benefits as a huge, if not growing, problem that is both time consuming and difficult to manage. While the extent of unclaimed benefits is often blamed upon fund administrators, the real reasons are wide ranging, including large migrant workforce, high informal housing, low education levels, poor member communication and members not taking responsibility for ensuring their details remain current with HR departments and retirement funds. No statistical data exists as to the extent of the problem, but The Data Factory has estimated that as many as 2.5 million former members are affected with unclaimed benefits amounting to R12 billion.
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The Data Factory is an outsourced service provider providing solutions to the Retirement Funding Industry, with a niche focus upon early withdrawal administration, specifically covering processes associated with unclaimed benefits, surplus apportionment schemes and section 37 death claims.
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At The Data Factory, management and staff share a common culture of an obsessive pride in their work, a willingness to serve our customers and deliver consistently time-and-time again on our promises and client expectations. These attributes are embodied in our Values:
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The Data Factory recognises and embraces the principles associated with Broad-Based Black Economic Empowerment. As a member of the JSE listed Simeka Business Group, The Data Factory has achieved a Level 3 rating under the Qualifying Small Enterprise Scorecard. Black ownership is in excess of 40%. With Management and Employment Equity providing Level 1 compliance, we are proud of our commitment to BBBEE to date.
While Ownership, Management and Employment Equity form important internal areas that need constant review, The Data Factory believes that as a South African company it has an obligation to act in a manner that reflects good corporate citizenship which results in us promoting an ‘external’ focus and assisting improve the lives of our fellow South Africans.
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Telephone Number: 021 681 5700
Former Members Telephone Number: 0861106057
Office Hours: Monday to Friday 08h30 till 17h00
e-mail:info@datafactory.co.za
If you are either a principal officer, trustee, fund administrator or fund consultant and would like to request either a proposal or further information regarding our services,
please contact us on 021 681 5720 or sales@datafactory.co.za
"Providing a range of Outsourced Solutions to the Retirement Fund Industry, assisting with early withdrawal administration including Unclaimed Benefits, Surplus Apportionment and s37 Death Claims"
