Death benefits: What happens to your retirement benefit after you die?
As we journey through the new year, many of us are thinking about the changes we want to make and how to approach the year ahead with purpose and intention. One important aspect to consider is your retirement savings: it may not be something
you want to think about, but what happens to those savings if you pass away before you reach retirement age?
As a SuperFund Member, your dependants and persons nominated by you will be considered for an amount of money from your retirement savings. This is called a Death Benefit. This topic can be uncomfortable, but it’s important to plan to help reduce the burden on your loved ones. Please click here to watch a short video that explains what this benefit is all about.
Purpose of Death Benefit and Role of Trustees
Your Death Benefit is the money you saved during your lifetime that becomes available should you pass away prior to reaching retirement age. The SuperFund Trustees (Management Board) are then required, by law, to determine who should receive your money and make sure the right people are financially supported. You can help them with their investigation process by completing your nomination form here. Once complete, you should give a copy to your employer for safekeeping.
Alternatively, you can register for Old Mutual Secure Services and complete the information directly. Once registered and logged in, click on “MyPortfolio”. Under “Personal Details”, click “Manage beneficiary details” and fill in the required information. SuperFund will then have it on record. This will help the Trustees to allocate your hard-earned savings fairly to the right dependants and nominees
Have you updated your family circle and nominees lately?
It is extremely important that you keep checking and updating your nomination form regularly, especially after any life events such as marriage, divorce, adoption, childbirth, etc. As far as possible, we want to ensure that there is a fair and accurate allocation of all benefits and that everyone is taken into consideration. Here’s how the process would play out should you pass on.