The Death Benefit
Part of the money your employer contributes every month pays for this benefit.
The death benefit is equal to 3 x your annual fund salary/wages plus your retirement fund savings (fund credit)
The death benefit also includes Funeral benefits
Funeral Benefits are paid 48 hours after all documents are received.
The death benefit pays out to your dependants or beneficiaries if you die while an active member of the Fund.
Although the Trustees will try and follow the member’s wishes in terms of the beneficiary form as far as possible, the final decision of who will receive the death benefit rests with the Trustees. They are required in terms of the Pension Funds Act (Sec 37C), to ensure that all dependants are provided for.
If you exit the Fund you will no longer be covered by or be able to claim for the death benefit.
The amount that is paid out is 3 x Annual Wages/Salary.
The death of an active member must be reported within 3 months from date of death.
Please refer to the page on Repatriation of Mortal Remains to read more about this additional service offered to you at no additional cost.
The death benefit is equal to 3 x your annual fund salary/wages plus your retirement fund savings (fund credit).