Updating beneficiary and financial dependant information is of the utmost importance and will assist the fund with the processing and payment of death benefits. Registering your qualifying family members and a life-partner is as important in ensuring that the funeral benefit is paid when a claim is submitted. The insurer may decline to pay a funeral benefit if the fund has no record of a qualifying dependant and where the required proof of the deceased's relationship to the member cannot be provided.
We therefore request that all members ensure that their beneficiary and financial dependant information for the death benefit is updated and that all qualifying family members, including life-partners are registered in order to qualify for funeral benefits. More information on how to update the information is provided later in this newsletter. We also include the latest investment portfolio returns.
Enjoy reading this edition of the mailer and remember, we are always here to help if you need any information or assistance with any fund-related matter.
Principal Executive Officer
UPDATING BENEFICIARY AND DEPENDANT INFORMATION
A death benefit becomes payable on the death of a member whilst in service. The benefit payable is determined by the Risk cover category elected and is subject to Section 37C of the Pension Funds Act, which means that the last will and testament, although taken into account for information purposes, does not determine how a payment is made. The nomination form, however, can play an important role when the trustees make a decision on who the benefit should be paid out to. Members are encouraged to ensure that their beneficiary information is updated on a regular basis.
All members and their qualifying family members are covered for funeral benefits irrespective of the risk cover category elected. Members must ensure that their life-partners are registered with the fund, by completing and submitting the Application for registration of a life-partner-form in order to qualify for the funeral benefit.
HOW TO UPDATE YOUR INFORMATION?
- Visit the fund's website www.nationalfund.co.za, download and complete the applicable form(s) available on the "Fund-forms"-page. The completed form(s) must be submitted to the e-mail address provided.
- Copies of the forms are also available from the fund's offices and can be e-mailed on request.
- Members registered for the interactive service can update their beneficiary information on this platform.
- The forms can also be downloaded by clicking on the links below.
HOW OFTEN CAN MEMBERS UPDATE THEIR INFORMATION?
Members are encouraged to update their information on a regular basis and can do so as often as they wish and can contact the fund to confirm their current beneficiaries listed on record.
DOWNLOAD THE FORMS
- Click here to download the Nomination of beneficiaries for death benefits-form
- Click here to download the Registration of qualifying dependants for funeral benefit-form
- Click here to download the Application for registration of life-partner-form
LATEST INVESTMENT PORTFOLIO PERFORMANCE
|Investment portfolio||March 2019|