At death, all members of the Columbus Retirement Fund will receive a benefit equal to their Fund Credit in the Columbus Retirement Fund: Pension section and the Columbus Retirement Fund: Provident section, plus a Group Life death cover benefit of four times their annual pensionable salary.
| Example 1 | |
|---|---|
| Your total annual pensionable salary is: | R100 000 |
| Death Benefit (4 x salary) | R400 000 |
| Columbus Retirement Fund : Pension section Fund Credit | R50 000 |
| Columbus Retirement Fund : Provident section Fund Credit | R50 000 |
| Total Death Benefit | R500 000 |
Who receives my death benefit?
Your benefit in the Fund as well as insured benefits will become payable to your dependents and nominees should you die. The Trustees of the Fund will consider your Expression of Wish Form and the requirements of the Pension Funds Act when paying your death benefit. To make this process as easy as possible, the Trustees need as much information about all your dependents and nominees as you can provide.
Your Expression of Wish Form is the most important tool available to you to provide them with this information. On the Expression of Wish Form, indicate to whom your death benefit must be paid.
Who are my beneficiaries?
Your beneficiaries can be divided into two groups:
| DEPENDANTS | Dependents include a spouse, life partner, children and anyone else who may be financially dependent on you. |
| NOMINEES | Nominees are beneficiaries who are not financially dependent on you. |
How will my benefit be distributed?
- Section 37C of the Pension Funds Act and the rules of the Columbus Retirement Fund state that in the event of your death, your benefit in the Fund should be distributed as follows (please note your benefits in the Fund are paid as a lump sum and not a monthly income):
- To dependents; or
- Dependents and nominees; or
- If there are no dependents, to nominees; (but any deficit in your estate first has to be settled); or
- If there are no dependents or nominees, to your estate.
Who do I list on my form?
The Trustees must ensure by law that all your financial dependents are first taken care of, before any money is paid to your nominees. Financial dependents include any illegitimate children, adopted children and spouses. When you have children or a spouse or have people (including children) who are financially dependent on you, they should be nominated as beneficiaries on your Expression of Wish Form.
The Fund first has to trace all your dependents, and listing them on your form makes this process easier.
Our lives are constantly changing. Did you get married or have any children since you joined the Columbus Retirement Fund? Perhaps you adopted a child or now have a person who is financially dependent on you who was not when you initially joined the Fund? Maybe you have lost a child or a spouse or got divorced since becoming a member of the Fund?
What happens if I have no dependents?
Your beneficiaries can be divided into two groups:
Where do I get the form?
Right here