[CP_CALCULATED_FIELDS id=”15″]

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, may 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) may 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 may consider paying the relevant share of the benefit into a beneficiary fund, keep the money invested in the in-fund living annuity or pay the benefit out in cash. 

Tax 

Any income tax will be drawn from the lump sum benefits, if applicable, before they are paid out to dependants and nominees. 

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). 

Please ensure that your Dependants and Nominees form is always updated.