More than 16 million South Africans contribute to a pension fund, most of which are run by financial behemoths like Liberty. They do so in the hope of a decent dignified life in retirement, and to ensure their dependants will be paid if they die. While the South African public is castigated for not saving enough for retirement, the pension fund industry is largely silent when it comes to the over R40bn in ‘unpaid benefits’ owed to over 4 million people. Is this because fund administrators and asset managers profit from this money?