G and S Insurance Consultants

THE IMPORTANCE OF BENEFICIARY NOMINATION FORM

Benefit payments on death

A member’s benefit on death is under the control of the trustees of the fund. The trustees may at their discretion pay the death benefit to the member’s dependents or nominated beneficiaries in such proportions as they deem equitable.

A period of 12 months is allowed to trace any dependents or nominees of the member. To make it easier for all the parties concerned, it is important for members to complete a Nomination of Beneficiary Form and to review and update this form on a regular basis (ideally once a year). That saves valuable time on the death of a member and expedites the distribution of benefits so that the beneficiaries do not suffer any unnecessary hardship.

Allocation where there are no dependents and no beneficiaries have been nominated

If the trustees do not become aware of, or cannot trace any dependent of the member within 12 months of the death of the member, and the member did not nominate any beneficiaries, the benefit will be paid into the deceased member’s estate. If the Master of the High Court has not registered an estate, the benefit may be paid into the Guardian’s Fund. 

For additional information, please do not hesitate to contact us.