ANNUITY OPTIONS
Death Benefits
Which benefits are payable if I die?
If you die whilst employed by Government, cash lump sum benefit will be paid. The cash lump sum benefit will be:
- Your fund credit
- A risk benefit equal to two times your annual salary as at date of death
Note: Deferred Pensioners will receive their value that consist of the value of their share as at the date they resigned from the fund plus the investment returns earned over the period to the date of death.
Beneficiary Nomination form
You are required to complete the nomination form stating to whom they wish to leave their benefit in the event of death. Nomination form must be completed and regularly updated if necessary to ensure that the benefit is paid to your dependents, which will cause delays in paying out your benefit.Please remember to update your nomination form regularly so that the fund is aware of your wished in the event of your death. It’s important to complete a new form each time your circumstances change, i.e. divorce, marriage, birth of a child.
Payment of the Death benefits:
The death benefit shall be paid to your dependents and nominees as indicated in your nomination of the beneficiary form.
Tax implications
The benefits will be subject to tax as enforced by the income tax act of 1993 as emended.