Death Benefit
If you die while you are still employed by the company, or you are a disability member who receives a disability income benefit from the company’s disability arrangement and a member of the Fund, the Fund will pay your dependants and/or beneficiaries a benefit equal to the following amount:
This benefit is made up of life cover and your Fund Value.
These dependants/beneficiaries are family or people that you support every month by giving them money. The Trustees of the Fund need to know who to pay these benefits to.
In the case of a disability member, your basic salary for the purposes of this calculation will be a weighted average of your salary while you were an active member and your disability salary.
How are death benefits distributed?
It is important to know that there are very strict guidelines about whom the benefit will be paid to.
When allocating your death benefit, the Trustees will consider your beneficiaries and the requirements of the Pension Funds Act.
Your beneficiaries can be divided into two groups:
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Dependants |
Dependants include legal and financial dependants:
Legal dependants - those people whom you have a legal duty to support, e.g. spouses, life partners, children (of any age) including unborn or posthumous children, children born outside of marriage and adopted children, whether you are on good terms with them or not. Financial dependants – those people whom you do not necessarily have a legal duty to support but whom are financially dependent on you for their day-to-day support and survival e.g. your parents, grandparents, in-laws (including non-family members). |
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Nominees |
Nominees are people you nominate, who are not financially dependent on you. |
How and to whom will my death benefit be distributed?
Because the Trustees are legally obliged to use their discretion, and ensure that all your financial dependants are taken care of, it is important that you provide them with as much information as possible.
| Active Members | Click here to find out how to capture your Beneficiaries on HR Connect |
| Disability Members | Click here for the Nomination of Beneficiary Form |
| Deferred Members | Click here for the Nomination of Beneficiary Form |
It is important to note that death benefits from the Fund do not form part of your estate and, consequently, cannot be distributed in terms of your last will and testament.
If you have no dependents, you still need to complete your beneficiary nomination. Although you will not list any dependents, you should indicate who your nominated beneficiaries are, i.e. the person or people whom you would like to nominate as beneficiaries to share in your death benefit, but who are not legal or factual dependents. Only people nominated can be considered as nominated beneficiaries. However, any deficit in your estate has to be settled before the death benefit can be paid out to your nominees.
If the Trustees do not become aware of (or cannot trace) any dependents within 12 months of your death and you have also not nominated a beneficiary, your benefit will be paid to your estate.
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CONTACT DETAILS
Should you require support or assistance,
please contact the Fuse.
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fuse@tfg.co.za |
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021 937 4742 |
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079 192 5376 |
| Monday to Friday: 07:00 - 19:00 Saturday/Public Holidays: 08:00 - 12:00 |
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TFG Retirement Fund - Registered under the Pension Funds Act 1956 (Reg. No. 12/8/10150/2)
- The information requested in this document may constitute personal information in terms of POPIA and may include financial information.
- The Fund may share the member’s personal information contained herein with other service providers of the Fund, such as the insurer of the risk benefits to the extent necessary to fulfil its obligations in terms of the Pension Funds Act.
- If the information is not readily provided, the Fund may have difficulties to attend to your query.
- The information will be kept confidential and processed in accordance with POPIA and will be held for a period as set out in the Fund’s Retention of Records Guide.
