We are proud to provide comprehensive Group Life Insurance via the Columbus Retirement Fund. This benefit is underwritten by a third-party insurer and is specifically designed to provide your loved ones with essential peace of mind and robust financial protection in the event of your passing.
This policy is held in the name of the Fund and therefore cannot be used as surety in your personal capacity. One of the biggest advantages is that for the majority of members, no medical underwriting is required, provided you fall below the insurer's Free Cover Limit. If your cover exceeds this amount, the Fund will notify you of the necessary steps to take.
What Your Family Receives
In the event of a member's death while employed and before or on their Normal Retirement Date (the last day of the month you turn 65, or 60 for specific members), the total payout includes:
| Pay-out Component | Description |
|---|---|
| Columbus Retirement Fund | The full value of your accumulated retirement savings (all retirement pots paid out at once). |
| Life Cover | A lump sum equal to 4 × your annual pensionable salary. |
Pensionable Salary
Your pensionable salary is determined in accordance with your conditions of employment. The exact Rand value of your benefit and pensionable salary is available on your benefit statement via the member portal.
Please note that the rules of the insurance policy will always prevail. The administrators do not accept responsibility for the exact figures shown, as these reflect the pensionable salary information supplied by your employer.
Costs, Tax & Legal Framework
| Topic | Details |
|---|---|
| Employer Funded | Premiums are fully covered by Columbus Stainless. There is no direct deduction from your salary as this forms part of the employer's monthly 2.5% contribution. |
| Section 37C | Payment to dependants is governed by Section 37C of the Pension Funds Act. Trustees are legally responsible for identifying dependants and allocating benefits fairly. |
| Taxation | Benefits are taxed according to South African law. Please refer to the latest SARS tax tables, as these may change over time. |
Important Notice
If you fail to complete or regularly update your Expression of Wish (Beneficiary Nomination) form, you risk severe delays in benefit payments.
This could leave your family without critical financial support during a difficult time, and may require the Trustees to distribute your benefits according to legal requirements rather than your personal wishes.
Absence from Service
The policy includes specific rules regarding your cover while away from work.
| Scenario | Policy Rule |
|---|---|
| Disability / Income Continuation | If you are absent because you are receiving an income continuation benefit, your life cover remains active until the earlier of your normal retirement date or your death. |
| Unauthorised Absence | Your membership and insurance cover will lapse immediately if you are absent without your employer's consent. |
| Protected Strikes | Members participating in a protected strike are regarded as absent with consent, provided their conduct does not fall within the listed exclusions. |
Policy Exclusions Summary
The insurer will not pay benefits where death results from the following (summary only; the policy wording always prevails):
| Exclusion | Description |
|---|---|
| Unlawful Acts | Participation in riots or strikes involving property damage or danger to life. |
| Conflict & War | Active participation in war, hostilities, rebellion or acts of terrorism. |
| Nuclear / Chemical | Radioactive contamination or the use of nuclear, biological or chemical weapons. |
Most Important: The Expression of Wish Form
Because the Trustees must comply with Section 37C of the Pension Funds Act, keeping your Expression of Wish form up to date is one of the best ways to help ensure your family is looked after.
It provides the Trustees with clear guidance on your wishes and helps minimise unnecessary delays during an already difficult time.
Please log into the member portal on the administration platform and update your Expression of Wish form today.
The master policy is available via the member portal under the Information Repository. Please note that the accident booster is not applicable to this scheme.