BELHAR PENSION FUND TRUSTEE REPORT 2017
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BELHAR PENSION FUND
TRUSTEE REPORT
2017INDEX
MESSAGE FROM THE CHAIRPERSON 3
STATUS OF THE FUND 3
MANAGEMENT OF THE FUND 3
INVESTMENTS 5
REVENUE ACCOUNT 6
SUMMARY OF BENEFITS 7
RULE AMENDMENTS 7
AVAILABILITY OF DOCUMENTS 7
PERSONAL FINANCIAL PLANNING 8
PENSION FUNDS ADJUDICATOR 9
RECENT LEGAL AND TAXATION DEVELOPMENTS 9
PERSONS TO CONTACT FOR ADVICE 12
CONTACT DETAILS OF ABSA CONSULTANTS & ACTUARIES FAIS
COMPLIANCE AND COMPLAINTS DEPARTMENT 12
GLOSSARY 13
BENEFICIARY NOMINATION FORM 14
2MESSAGE FROM THE CHAIRPERSON
Everyone needs financial security, especially during their retirement years. The Belhar Pension Fund forms an
important part of your overall retirement plan by providing you with financial benefits when you retire.
The Fund also provides you and your family with benefits if you leave the service of your employer before
retirement and other benefits for you and your family in the event of either your death or disability.
This Trustees’ Report aims to keep you informed about the financial progress of your Fund, and tells you
about changes regarding or affecting the Fund that have occurred during the financial year ended on 31 March
2017.
Members are informed that an agreement was signed between Absa Financial Services (“AFS”) and Sanlam
Life Insurance Limited (“Sanlam”) in respect of the sale of Absa Consultants and Actuaries Proprietary Limited
(“ACA”) shares on Friday, 13 October 2017 to Sanlam. The transaction is subject to certain conditions
including obtaining the necessary regulatory approvals (which includes the approval of the Competition
Tribunal).
The transaction is expected to be concluded by the end of 2017 following regulatory approval and the
fulfilment of the conditions precedent. The Trustees have been assured that ACA will continue to fulfil its
contractual obligations to its clients as normal prior to and after the transaction is concluded. We therefore do
not foresee a disruption in services, or the quality of service, as the same people will continue to service us
going forward. The only difference being that they will be employed in the Sanlam Group and not by Absa.
STATUS OF THE FUND
The Fund is a defined contribution fund and was established on 1 September 1988. It provides benefits when
members retire, but also when they resign or die before retirement. The Belhar Group Income Security
Scheme provides income replacement in the case of disablement and the Belhar Group Life Scheme provides
benefits in the event of death.
The Belhar Pension Fund of the Uniting Reformed Church in Southern Africa is registered in terms of the
Pension Funds Act (”the Act”) (registration number 12/8/22096) and approved in terms of the Income Tax Act.
The participating employers in the Fund are:
Christine Revell Children’s Home
Endulini Services
Immanuel Mission Committee
NG Church
Prieska Community Service (Home H du P Pickard)
URC
Congregations of the URC
MANAGEMENT OF THE FUND
The Fund is managed by a Board of Trustees of 14 persons, of which 7 are appointed by the
Employers/Church and 7 are member elected. Member representatives are chosen by way of a democratic
process. The rules of the Fund stipulate that the term of office for the member-elected trustees is 4 years. The
next election will take place during February 2020. (Representatives of the Officials Fund are also attending
the meetings).
3Q: What are the duties of the Board of Trustees?
The Board of Trustees meets regularly to discuss investments, benefits and administrative matters
regarding the Fund.
EMPLOYER REPRESENTATIVES MEMBER REPRESENTATIVES
Rev D Malete (Chairperson) Rev JC Goeiman (Principal Officer)
Rev KS Mabelane Rev D van Huffel
Rev J Julies Dr EA Fortein
Mr TJL Phatudi Mrs MM Daniels
Rev LF Tshigovha Rev DMF Wagenaar
Mr JJ Floris Rev A Kotze
Rev LL Prins Mrs KL Harker
Rev S Burrows (Member Alternate
Q: WHO ASSISTS THE BOARD OF TRUSTEES IN MANAGING THE FUND?
PRINCIPAL OFFICER Rev JC Goeiman
ACTUARY Mr N Strohmenger
AUDITORS SDK Chartered Accountants (SA)
ADMINISTRATOR AND CONSULTANTS Absa Consultants & Actuaries
P O Box 3021
Tygervalley
7536
REGISTERED ADDRESS OF THE FUND Die Verenigende Gereformeerde
Kerk in Suider Afrika Kerksentrum
Watsonia Drive
Belhar
4INVESTMENTS
The trustees aim to maximise investment returns while maintaining acceptable risk levels. In
determining the investment strategy and selecting an investment manager, careful consideration is
given to the requirements of the Fund and the credentials of investment managers.
The non-current assets of the Belhar Pension Fund are managed by Absa Multi-Managers, utilising a
range of multi-manager portfolios.
The total value of the fund’s non-current assets as at 31 March 2017 was as follows:
Belhar Wealth Creation portfolio R 70 987 285
Belhar Wealth Preservation portfolio R 22 254 659
Belhar Capital Protection portfolio R 16 478 963
Belhar Money Market portfolio R 6 319 295
---------------------
TOTAL R 116 040 203
The Fund is using a life stage investment model as the default portfolio. The life stage investment
model is structured as follows:
Age of member Wealth Wealth Capital
Creation Preservation Protection
Up to 58 years 100%
59 to 60 years 50% 50%
61 to 62 years 100%
62 to 63 years 50% 50%
64 to 65 years 100%
IMPORTANT NOTICE
It is the responsibility of each member to make a choice appropiate for his/ her age. Younger members
should consider a more aggressive approach, i.e. Belhar Wealth Creation Fund. The closer to retirement
you are the more conservative your approach should be, i.e. Capital Protection Fund. To choose too
conservative at a young and too aggressive at an older age will have an effect on your pension at
retirement.
5.2 INVESTMENT RETURNS (GROSS OF FEES)
The following rates of return for the 1 year period ending 31 March 2017 have been achieved on the
portfolios. These are the gross returns before deduction of any management and administrative fees.
Belhar Wealth Creation 4.1% per year
Belhar Wealth Preservation 4.2% per year
Belhar Capital Protection 4.3% per year
Belhar Money Market 9.3% per year
5REVENUE ACCOUNT INCLUDES THE TRANSFER VALUES OF THE OFFICIALS FUND)
2 017 2 016
Income
Employee contributions received 2 828 487 2 974 804
Employer contributions received 3 930 985 3 695 906
Voluntary Contributions 222 449 -
Arrear Contributions 1 976 928
S13A Late payment interest 1 226 246 979 244
Income from Investments 2 890 310 7 679 771
Death reinsurance proceeds 70 866 2 833 380
Bank interest 90 533 43 841
Total income received 13 236 804 18 206 946
Less Expenditure
Administration fees 407 108 338 360
VAT on administration fees 56 995 47 370
Actuarial fees 36 865 96 672
Fidelity cover 4 500 4 500
Audit fees 85 523 77 748
Bank charges and service fees 17 827 14 230
Benefit consulting fees 93 379 91 723
Asset consulting fees 113 259 80 461
Trustee expenses 217 475 81 242
Financial Services Board levies 7 993 6 431
Group Life premiums 1 219 115 840 780
Disability Income premiums 408 481 407 168
Production of financial
28 500 28 500
statements
Reserve Bank fees 5 107 5 107
Printing costs 10 387 6 198
Admin costs of church office 364 160 286 822
Total payments made 3 076 674 2 413 312
Net Income 10 160 130 15 793 634
Accumulated funds at
102 219 240 98 780 715
beginning of year
Less benefits withdrawn -10 423 525 -11 546 699
Prior year Employer Surplus
274 504 -1 850 504
Account adjustment
Growth on Unclaimed Benefits -150 742 -74 460
Transfer from other Funds 9 396 177 1 116 554
Transfer to other Funds -648 969
Accumulated funds at year
110 826 815 102 219 240
end
6SUMMARY OF BENEFITS
A summary of benefits can be found in the member booklet. Please contact the Principal Officer if you did not
receive a booklet.
RULE AMENDMENTS
The Board of Trustees regularly reviews the provisions of the rules of the Fund to ensure compliance with the
Fund’s practice, relevant legislation and industry trends. The following rule amendments were implemented
since 1 September 2010:
Rule Amendment 7:
To make provision for deferral on retirement.
Rule Amendment 8:
To amend the term of office of the board members from four to five years.
Rule Amendment 9:
A.
To correct a drafting error in Amendment Document nr 6 where the contribution rate of Membership Category
1 was indicated as 6% instead of 6,5%. Members in this category have contributed at 6,5% throughout.
B.
Registered amendment document nr 8 states that the term of office of trustees changes from 4 to 5 years.
This trustee decision has been scrapped. Amendment document nr 9 changes the rules back to the wording
prior to amendment document nr 8.
Rule Amendment 10:
To make provision for the payment of the cost of any separate insurance policy held by the participant on
behalf of the member.
To remove the provision that additional contributions are subject to the Commissioner’s approval.
Rule Amendment 11:
To increase employer contributions as follows:
Date Employee% Employer %
1 April 2017 Remained unchanged 7.5% Increased from 10.55% to 12.0%
1 April 2018 Remained unchanged 7.5% Will increase from 12.0% to 13.5%
1 April 2019 Remained unchanged 7.5% Will increase from 13.5% to 15%
AVAILABILITY OF DOCUMENTS
You may, at all reasonable times, inspect the registered rules, audited financial statements and the actuarial
valuation report of the Fund at the registered office of the Fund.
Q What are the costs involved?
Hard copies of these documents will be made available to you on payment of a small fee to the
Administrators.
7PERSONAL FINANCIAL PLANNING
PRESERVING YOUR RETIREMENT MONEY
The aim of a retirement fund is to ensure members have enough money to retire comfortably. In order to do
this, members need to save as much as possible. It is therefore very important that you preserve (save) your
money when you leave the Fund and not take your money in cash (see the Withdrawal Benefit section in this
document on options available to you should you wish to preserve your benefit).
NET REPLACEMENT RATIO
Members of the Belhar Pension Fund received letters that expressed their anticipated retirement benefit as a
percentage of their cost to company at retirement. This is the so-called net replacement ratio.
This is one of many tools that you and a financial advisor can use to help you plan for retirement.
PAYMENT OF LUMP SUM DEATH BENEFITS
Upon your death, your death benefit will be paid to your dependants and/or your nominees.
Q What is the difference between a dependant and a nominee?
DEPENDANT NOMINEE
Your partner, your child, or a person Any person, other than a dependant, that
whose maintenance you are legally liable you nominate in writing to receive benefits.
for or a person whose maintenance you
were not legally liable for, but whom you
were supporting or a person whose
maintenance you would have become
legally liable for, had you not died.
The Pension Funds Act and the rules of the Fund provide for lump sum benefits to be paid to:
Any one or more of your dependants if you leave no nominees; or
Any one or more of your dependants and nominees who are not dependants; or
Any one or more of your nominees if you leave no dependants; or
Your estate if you leave no dependants or nominees.
Q What is the role of the Board of Fund in determining the split of my death benefit amongst my
dependants / nominees?
The Board of Fund must determine to whom and in what proportions benefits are to be paid. This is
done after careful consideration of each case. The Board of Fund may also pay the lump sum into a
beneficiary fund or Trust fund for the benefit of a beneficiary. To assist the Board of Fund with this
process it is important that your nomination of beneficiary form is as complete as possible and
mentions the setting up of trusts for minor children etc. For more on beneficiary funds and trusts, refer
to the section on legal developments hereafter.
NOMINATION OF BENEFICIARY FORM
Q How will the Board of Fund know who I want to leave my benefit to?
The trustees will use your Nomination of Beneficiary Form as a guideline when distributing the
benefits payable when you die.
It is very important that you complete a Nomination of Beneficiary Form, which is to be kept in your
staff file with your employer. A nomination form is again attached to this Trustee report for ease of
reference. Each time your personal circumstances change, e.g. marriage, divorce, birth or legal
adoption of a child, death of a dependant or nominee, you will have to complete a new Nomination of
Beneficiary Form.
8YOUR TESTAMENT
Your Testament is a very important part of your retirement planning. It is important that you draw up a valid
Testament, clearly stating your wishes regarding the division of your assets when you die. Your Testament
must also be updated when your personal circumstances change.
Q Do my benefits in the Fund automatically form part of my estate?
No, they are not part of your estate, therefore any stipulations you may state in your Testament
regarding this, will not bind the Board of Fund.
Q How do I go about ensuring the financial security of the money I leave behind for my minor
children or people incapable of managing their own affairs?
In such cases it is important that you form a Trust in your Testament, which will ensure that their
inheritance from your estate is protected. This type of Trust is called a testamentary Trust, and is
created in your Testament. A trustee can be nominated to administer the trust.
Q I do not have a Testament as yet, who can I contact to set one up?
If you do not have a Testament or you would like to revise your current one, you can contact the Trust
division of a financial institution or a Financial Advisor.
ADDITIONAL PROVISION FOR RETIREMENT
Today, less than 25% of all members can retire comfortably. Members are therefore encouraged to make
additional provision for their retirement. The Rules of the Fund allow members to contribute more to the Fund
and still enjoy full tax deductibility on the additional contributions.
PENSION FUNDS ADJUDICATOR
You should first lodge your complaint with the Fund and should you not be satisfied with the outcome, you can
contact the Pension Funds Adjudicator. The Adjudicator’s rulings have the same legal effect as a civil
judgment.
Q Where can I contact the Pension Funds Adjudicator?
The contact details of the Pension Funds Adjudicator are as follows:
Telephone : (012) 346 1738 or (012) 748 4000
Fax number : 086 693 7472
th
Physical address : 4 Floor, Riverwalk Office Park, Block A
41 Matroosberg Road, Ashlea Gardens
Pretoria, 0081
Postal address : P.O. Box 580, Menlyn, 0063
Website : www.pfa.org.za
Email address : Enquiries@pfa.org.za
Q What can I do if I am not satisfied with the Pension Funds Adjudicator’s ruling?
Should you not be satisfied with the decision of the Pension Funds Adjudicator, you may, within six
weeks, apply to the High Court for relief.
RECENT LEGAL AND TAXATION DEVELOPMENTS
REGULATORY DEVELOPMENTS
If you require more information on the following developments relating to retirement funds,
please contact Absa Consultants and Actuaries’ Mr Coenie Louw (Coeniel@absa.co.xa)
(telephone 071 682 0144)
9Financial Services Board unclaimed retirement fund benefit search engine
The FSB has implemented a search engine to enable an enquirer to establish whether there is an
unclaimed benefit due to him/ her in a retirement fund of which he/ she was a member.
The unclaimed benefits search engine is available on the FSB website (Departments >
Retirement Funds > Searches > Unclaimed Benefits Search). This search engine has been
established to enable persons to do an enquiry free of charge and may not be used by entities
or persons to do tracing on behalf of persons for a fee.
The enquirer (a person enquiring in respect of him/herself or on behalf of somebody else)
should complete certain data fields such as name, surname, contact number or e-mail address
(an e-mail address must be provided to enable a response to the enquirer).
The enquirer will be provided with a unique reference number for each enquiry logged through
the search engine. This reference number must be used for future correspondence or enquiries
regarding the specific case with the FSB.
The search engine will establish if there is a possible match on each of the search criteria
provided. If a possible matching record(s) is identified, the enquirer will be provided with the
name(s) and contact details of the administrator and/or fund(s). A message will be also be e-
mailed to the administrator/contact person informing them of the possible match and provide
them with contact details as furnished by the enquirer.
Once the enquirer has been provided with the contact detail, he/she will be required to contact
the fund/administrator directly and then follow the normal claims process of a fund to lodge a
valid claim.
If there is no matching record(s), the enquirer will be notified that no match could be found on
the unclaimed benefits search engine.
Taxation Laws Amendment Act, 2016 and Tax Administration Laws Amendment Act, 2016
The Taxation Laws Amendment Act, 15 of 2016 (“the TLAA”) and the Tax Administration Laws
Amendment Act, 16 of 2016 (“the TALAA”) contained the following changes with regard to
retirement funds:
10Rollover of excess retirement fund contributions made prior to 1 March 2016
Any amount contributed to a retirement fund by a member in any previous year of assessment
in respect of which no tax deduction was allowed because it exceeded the amount of the
allowable deduction for that year of assessment, may be rolled over and deducted in following
tax years. Therefore, additional contributions made to retirement annuity funds and pension
funds by members prior to 1 March 2016 and for which no previous deduction was allowed may
be allowed as a tax deduction in following tax years. A manual form to this effect must be
submitted to SARS.
Excess provident fund contributions made prior to 1 March 2016 will not be allowed to roll over
since there was no tax deduction allowed in respect of those contributions.
Tax deductions for retirement annuity fund contributions against passive income
Prior to 1 March 2016, tax deductions from contributions made to retirement annuity funds were
allowed against a member’s “non-retirement funding income”, which included passive income
such as interest or royalties, but excluded taxable capital gains.
However, with effect from 1 March 2016, the harmonisation of the tax treatment of retirement
fund contributions allows for a deduction against the income earned by a member from
“carrying on a trade”, which unintendedly excluded passive income. This resulted in members of
retirement annuity funds who were making use of the deduction against passive income to no
longer be able to do so.
To allow retirement annuity members to continue to receive a deduction and fully align the tax
treatment of all retirement fund members, with effect from 1 March 2016, deductions for
contributions to all retirement funds will be allowed against passive income (but still excludes
taxable capital gains).
Tax directives and section 14 transfers
In terms of the TALAA, retirement funds will have to apply for tax directives for any transfers
between approved funds after 1 March 2017, including transfers to an unclaimed benefits fund.
A nil directive will be issued after which the transfer may be conducted. Members need to keep
their details up to date and supply their funds with identity numbers and tax numbers (if
applicable).
Provident fund members and retirement prior to age 55
11Lump sum benefits received by members of a provident fund who retire before the age of 55
are taxed as withdrawal/resignation benefits unless the Commissioner directs otherwise. In the
Taxation Laws Amendment Act, 2015 these provisions were changed to provide that an
application to that effect must be brought by such member to the Commissioner for him to
direct otherwise. The provisions were changed again so that an application to that effect must
be made by such member’s retirement fund.
Disallowing the exemption for retirement benefits that accrued in respect of income earned
while outside SA
A SA tax resident is taxed on his/her worldwide income, irrespective of its source, unless the
income is specifically exempt from tax under the Income Tax Act. The Income Tax Act allows a
SA tax resident who was employed outside of SA to receive retirement benefits that accrued in
respect of income they earned while outside SA, free from tax. With effect from 1 March 2017,
this exemption only applies to retirement benefits received from foreign retirement funds.
Retirement benefits payable by SA funds to SA residents in respect of income earned while
outside of SA will therefore be taxed. Benefits paid to a SA tax resident arising from retirement
assets transferred from a foreign retirement fund to a local retirement fund will however remain
tax exempt.
Clarifying source rules for retirement annuity funds and employer severance benefits
Foreign residents who are members of retirement funds in SA are subject to SA tax only in
respect of income earned from a SA source. For example, the SA source rule will apply when a
taxpayer is a member of a SA retirement fund and is transferred to the offshore office of the
participating employer and performs services outside SA. He remains a contributory member of
the SA retirement fund and retires in the foreign country at a time when he is a no longer a SA
resident.
The Income Tax Act provides that lump sum or pension payments from SA retirement funds are
considered to be from a source in SA and subject to SA tax if the services in respect of which it
is received were rendered in SA. If the payment is in respect of services performed partly in SA
and partly in a foreign country, the taxable amount will be calculated proportionately to the
services performed in SA. With effect from 1 March 2017 the aforementioned source rule will
not apply to lump sums or pension payment received from retirement annuity funds. This means
that payments made by SA retirement annuity funds to non-resident members, will be fully
taxed in SA.
12The source rule also no longer applies to any lump sum severance benefits payable by an
employer. This means that lump sum severance benefits paid by an employer to a non-resident
will also be fully taxed in SA (subject to the special tax rates applicable to retirements).
Withdrawals from retirement annuity funds on emigration from SA
The definition of retirement annuity fund previously provided for the payment of a lump sum
benefit where a member emigrated from SA and where such emigration is recognised by the
South African Reserve Bank for the purposes of exchange control. In the Taxation Laws
Amendment Act, 2015, the provisions were changed to also allow expatriates who previously
moved to SA to withdraw a lump sum from a retirement annuity fund when they cease to be a
SA tax resident and leave SA or when they leave SA at the expiry of their work visa.
The changes made in the Taxation Laws Amendment Act, 2015, omitted to also include the
requirement that the person must emigrate from SA and that emigration must be recognised by
the South African Reserve Bank for purposes of exchange control. This omission created a
loophole for early withdrawal from retirement annuity funds, without formally emigrating.
With effect from 1 March 2016, the definition of retirement annuity fund was amended to again
include the requirement that a person must emigrate from SA and that such emigration must be
recognised by the South African Reserve Bank for purposes of exchange control in order for
such person to be able to withdraw a lump sum from his/her retirement annuity fund.
PERSONS TO CONTACT FOR FINANCIAL ADVICE
You should consult your Personal Financial Advisor.
CONTACT DETAILS OF ABSA CONSULTANTS AND ACTUARIES FAIS COMPLIANCE AND
COMPLAINTS DEPARTMENT
Should you at any time not be satisfied with any FAIS-related advice and/or services rendered by a FAIS
representative of Absa Consultants and Actuaries, you may lodge a complaint with Absa Consultants &
Actuaries Compliance and Complaints Department. Absa Consultant and Actuaries’ FAIS investigations to the
complaints policy and procedure are available to you upon request. Upon finalisation of the investigations to
the complaint, the outcome thereof shall be communicated to you in writing. Should the outcome of the
investigations not be favourable to you, you may, within six months of receiving the written advice, pursue the
complaint with the office of the FAIS Ombudsman.
The details of the Absa Consultants and Actuaries Compliance and Complaints Department are as follows:
Postal Address:
Private Bag X43, Hatfield, 0083
Physical Address:
Hatfield Gardens, Block G, 333 Grosvenor Street, Hatfield
Tel: (012) 431 3386 Fax: (012) 431 3375
DISCLAIMER
13This document is subject to the terms and conditions of the various insurance policies and Fund
Rules and may change from time to time. In the event of any discrepancy between this document and
the relevant policy and/or Fund Rules, the terms and conditions as contained in the policies and Fund
Rules shall prevail.
SARY
GLOSSARY
This is an additional contribution to your Fund to increase
Additional Voluntary Contribution
your retirement benefit
These are fees that have to be paid to the administrators
Administration Fees
of the Fund, towards the costs of running the Fund
Board of Trustees The body that manages the Fund
Conservative Portfolios These are low-risk portfolios
An amount which will be paid in the event of you
Disability Benefit
becoming disabled and not being fit to work
Member of the Board of Trustees appointed by the
Employer Representative
employer
This is the contribution made towards your Fund by your
Employer's Contribution
employer
FAIS Act Financial Advisory & Intermediary Services Act
An amount which will be paid to your
Group Life Benefit Nominees/Beneficiaries in the event of your death
These portfolios guarantee your capital, regardless of the
Guaranteed Portfolios
markets' performance
An annuity policy you can take out at retirement to
provide you with an income. It provides you with full
control of your capital and allows you to select the level of
Living Annuity pension you wish to withdraw monthly, within certain
limits, and to revise this on an annual basis. With
conventional annuities the insurer determines the level of
pension payable to you for the rest of your life.
Market Linked Portfolios These are portfolios linked to the stock exchange
Member of the Board of Trustees elected by the
Member Representative
members
The portion of your salary used to determine your
Pensionable Salary
contributions to the Fund
This is a vehicle into which you can transfer your money
Preservation Fund
saved in the Fund when you resign
A transfer of members between two funds (these are
Section 14 Transfer active members and is not applicable where the member
has exited the fund due to resignation or retirement)
14BELHAR PENSION FUND OF THE UNITING REFORMED
CHURCH IN SOUTHERN AFRICA
MEMBER DETAILS
To be completed at commencement of membership and if any information changes.
1. MEMBER DETAILS
Surname
Full name/name
Date of birth ID number
Paypoint/Participating employer
Employee number
Marital Status Married Single Divorced Widower/ Cohabitation
Widow
2. INFORMATION REGARDING POTENTIAL DEPENDANTS
Partner 1
Name of partner
(full name and surname)
Date of birth ID Number
Date of marriage/Commencement date of relationship
Date of divorce/Date of death
Type of Married Cohabitation marriage*
Partner 2
Name of partner
(full name and surname)
Date of birth ID Number
Date of marriage/Commencement date of relationship
Date of divorce/Date of death
Type of Married Cohabitation marriage*
Partner 3
Name of partner
(full name and surname)
Date of birth ID Number
Date of marriage/Commencement date of relationship
Date of divorce/Date of death
Type of Married Cohabitation marriage*
15* If a fund provides a pension to a qualifying partner, the benefit will only be paid to a quaifying
partner as defined in the rules.
Own children
Name Date of birth Name of father/mother* Living with**
1.
2.
3.
4.
Stephchildren
Name Date of birth Name of father/mother * Living with **
1.
2.
3.
4.
Adopted children
Name Date of birth Name of father/mother * Living with **
1.
2.
3.
4.
Other financial dependent people
Name Relationship ID number Type of dependancy
* Give the name of the other legal parent (if alive).
** Give the name of the person if the child is not living with one of the legal parents.
3. ANY OTHER RELEVANT INFORMATION
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
……………………………………………………………………………………………………………
…………………………………
Note: Make sure that you update the records if any information changes.
4. NOMINATION OF DEPENDANTS
4.1 Retirement fund benefits (share of fund as well as cover as chosen by the
member)
I hereby recall all my previous nominations and request that, if I pass away, the lump
sum death benefit payable in terms of the rules of the fund, is paid as follows:
Name of ID number/ Relationship % of the % of the benefit to a
16beneficiary date of birth of beneficiary benefit Trust Fund or a
Beneficiary Fund in
respect of a minor
child
Note: Please note that you may nominate anybody as a beneficiary to receive a
benefit from the fund. The above nomination serves as a guideline and is not
binding on the trustees.
4.2 Free standing group life scheme benefit
I hereby recall all my previous nominations and request that, if I pass away, the lump
sum death benefit payable in terms of the rules of the fund, is paid as follows:
Name of ID number/ Relationship % of the % of the benefit to a
beneficiary date of birth of beneficiary benefit Trust Fund or a
Beneficiary Fund in
respect of a minor
child
Note: This nomination is binding and payment of the benefit, subject to the rules of
the scheme, will be paid in accordance to this nomination.
Important information regarding the above nominations
The last nomination made by you, will be valid until you cancel or change it in writing. An blank form
will not result in a change to the previous nomination. The nomination/s in terms of 4.1 and 4.2 will
be seen as a seperate nominations and one can be amended/changed and the other left as per your
previous nomination/s. If any of the nominees die before you, the nomation of that person will be
ignored and the deceased’s estate or heir will not have any claim against the benefit
I hereby declare that I understand the conditions regarding the nominations and that the information
completed in this document is correct.
Signed at.........................................on ...................... 20 ....
...................................................... ..........................................
SIGNATURE OF MEMBER WITNESS
Please forward this document to your Personnel department. It is important that you update this
form immediately after a change in your circumstances as out dated forms could result in a
distribution not according to your wishes.
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