You can get your nomination of beneficiary forms from your human resources department or payroll office., or click here.
The trustees have a legal duty to identify, trace and contact all qualifying dependants and nominated beneficiaries when a member of a retirement fund dies. In terms of Section 37C of the Pension Funds Act the trustees then take into account relevant circumstances when dividing your lump sum death benefit.
If you have not completed or updated a nomination of beneficiaries form then your family members are difficult to contact and there can be a delay of up to 12 months before your benefits are paid out – and this at a time when your family is most in need of financial assistance.
It is vital to keep your nomination of beneficiaries form updated by changing it whenever your personal circumstances change. For example: marriage, divorce or the birth of a child.
The Nomination of Beneficiaries form acts as guide for the trustees:
When you signed your employment contract you also completed a nomination of beneficiaries form. Speak to your human resources department or payroll office to confirm the people you have nominated.
Changing your beneficiary
Your human resources department or payroll office will advise you on the procedure and requirements to change your beneficiary details.