[CP_CALCULATED_FIELDS id=”12″]

ABOUT TRUSTEE DECISIONS 

If there are both dependants and nominees 

Dependants are anyone you are legally responsible for supporting financially or anyone you may not be legally responsible to support financially but who is in fact financially dependent on you. This includes your spouse and all biological and adopted children. A spouse is the person you are married to under the laws of South Africa, according to the laws of your religion or in a customary union, or you are living with in a long-term relationship. Nominees are people or organisations that you nominate to share your retirement fund death benefit – these could be legal or factual dependants, but don’t have to be. If there are both dependants and nominees, the trustees must consider all dependants and nominees. They will make a decision on how much (if any) of the death benefit should be paid to each person. 

If there are dependants listed (with or without nominees) 

If there are dependants and nominees, the trustees must consider all dependants. The trustees can decide to allocate a portion of the benefit to: 

● one of the dependants 

● some of the dependants 

● all of the dependants. 

If there are only nominees listed 

If there are nominees, but no dependants listed, the benefits (or a portion of them as you have put in this form) will be paid to each nominee. Any money left over after paying a portion to your nominees, will be paid to your estate. 

If there are no dependants or nominees listed 

If there are no dependants or nominees, the death benefit (less any deductions for debt) will be paid to your estate or, where appropriate, the guardian’s fund. 

Minors (people under 18 years old) 

If dependants or nominees are under 18 years old (minors), the trustees have the right to pay the relevant share of the benefit into a beneficiary fund. 

Family trusts 

The trustees have the right to pay the relevant share of the benefit into the family trust if a dependant or nominee is in your family trust. 

Tax 

Any income tax, as well as any amounts payable in terms of section 37A and D of the Pension Funds Act (including home loans and court orders), will be drawn from the lump sum benefits before they are paid out to dependants and nominees. 

This information does not apply to pensions or insurance provided outside the fund 

Where the rules have special requirements for pensions payable to spouses or dependants, the pensions will be paid out according to these special requirements, and not according to the information in this document. The requirements set out in this document do not apply to any insurance or life cover provided outside the fund. 

Lists from before 1989 do not apply 

Lists of nominees made before 30 June 1989 are now invalid and need to be redone. 

KEY POINTS TO UNDERSTAND ABOUT THIS FORM 

According to the Pension Funds Act, the fund trustees will use the list you give on this form to help them make fair decisions about how the benefits should be divided among: 

● people who are dependent on you (dependants) 

● people who are not necessarily dependants, but who you choose (nominate) to receive a share of the death benefit (nominees). 

Although the trustees do not have to give any share to the nominees and dependants you list here, they will consider this information when making their decision. It is imperative that you complete a new form every time there is a change in your dependants or nominees, which could also result from a life-changing event such as the death of your current dependant or nominee.