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What benefits are paid from my retirement fund in the event of my death?

Your full retirement fund member share will be paid on your death

Your member share represents your accumulated value in the fund. It is the sum total of all amounts transferred for your benefit from other funds (if applicable), any contributions you and/or your employer have made, less operating expenses of the fund and all the cost of insured benefits (if applicable), plus the investment returns earned thereon in the fund.

Any insured group life benefit that you qualify for via the fund (if applicable)

Approved benefits are benefits payable in terms of the fund rules in accordance with the Pensions Funds Act in the event of your death and may be subject to tax. The trustees of the fund have the duty to allocate your death benefits to one or more of your dependants and/or nominees in the proportion deemed fair by the trustees. The person/s you nominated on your beneficiary nomination form, as well as other factors, will be taken in account by the trustees before making a decision.

If your employer has arranged for you to belong to an unapproved insured group life scheme, this benefit may also be payable through a separate group life scheme insurance policy (i.e. it does not form part of the fund)

Unapproved benefits are benefits payable in terms of a separate group life scheme in the event of your death. This benefit is not subject to the Pension Funds Act and is not subject to tax. Benefits payable on your death will be paid as prescribed by the group life policy documents.

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