DEATH BENEFITS
If a Member dies while still in service of the Employer, the Member’s dependents and/or beneficiaries will receive the following benefits:
Members who joined before 30 June 2012 A lump sum calculated as follows: · 0-18 years’ service: 2 X pensionable emoluments · 18-24 years’ service: 3 X pensionable emoluments · 24-30 years’ service: 4 X pensionable emoluments PLUS: 1. A monthly, lifelong spouse pension to a qualifying spouse of 50% of the Member’s pensionable emoluments at date of death. 2. To qualifying children a monthly pension of 15% – 25% (1 to 3 or more children) of the pensionable emoluments at time of death. From the age of 18 until 23 proof of study at an approved tertiary institution is required. Pension stops at age 23. |
OR
Members who joined after 1 July 2012 A lump sum calculated as follows: · 0-18 years’ service: 2 X pensionable emoluments · 18-24 years’ service: 3 X pensionable emoluments · 24-30 years’ service: 4 X pensionable emoluments PLUS: The full Member Share |
Members qualify for a repatriation benefit that covers the cost of transportation of the deceased member from anywhere in South Africa to the final funeral home closest to the place of burial.
It is very important that a death is reported to the offices of the Fund as soon as possible together with the documents as outlined on the Death Requirements Checklist and Bank Confirmation (click here for the form). All pages of all documents submitted must be certified.
Upon the completion of the tracing process where all eligible dependents and/or beneficiaries have been identified, the case is referred to the Board of Management for finalization in terms of Section 37C of the Pension Funds Act.
One of the most challenging tasks facing the Trustees is to ensure that death benefits are paid fairly to all identified dependents. Although the Nomination of Beneficiaries Form is not binding on the Trustees, it does serve as an important guide to the Trustees when deciding of the final allocations. The Trustees therefor urge Members to complete a Nomination of Beneficiary form and to regularly update this form at the Fund. Please click here for a Nomination Form.
Benefits to adult beneficiaries/dependents are normally paid in cash after Tax. Benefits to minor children are paid over to Standard Umbrella Beneficiary Fund to be paid to them when they turn 21.
BENEFICIARY FUND
The most important aspect of the Beneficiary fund is to preserve the minor child’s benefits until the child has need for it, for example to pay for further studies. However, a guardian can request for assistance from the Beneficiary Fund to pay for expenses such as school clothes, school fees, medical expenses, etc. More information can be obtained from the document: Beneficiary Care – Member Guide.
An annual certificate of existence must be submitted to the Beneficiary Fund. Click here: COE Standard Beneficiary Fund.
Once the child reaches the age of 21, he/she must submit their certified copy of banking details, ID document and the following form: Click here: STL Release and Indemnity to the Beneficiary Fund to claim the balance of the account.