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Why is it important that I nominate the beneficiaries for the benefits from my retirement fund?

It is very important that you complete your fund's Beneficiary Nomination Form and update these forms regularly, especially when your circumstances change in case of a divorce, marriage or the birth of a child. You may obtain this form from your HR department.

Upon your death, the trustees of your Pension/Provident Fund will need to know who your dependants and beneficiaries are. This important information will assist them with the decision on allocating your available fund death benefits as fairly as possible, therefore it is very important that you ensure your nomination form contains your latest family information. Imagine you did not update your form when you got divorced or re-married. Would you want your ex-spouse to receive your benefit and leave your new spouse destitute?

Important note:

Without an updated beneficiary nomination form, the trustees are not in a position to identify all your dependants and take your wishes into account when allocating your fund death benefits. They will have to allocate and pay the benefit according to the limited information they may have.

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