27 Oct Update your nomination of beneficiary form.
Before you blink the year will be over. For many, much has changed in 2023. As you close the year out, take a few minutes to consider whether changes need to be made to your Nomination of Beneficiary Form.
What is a Nomination of Beneficiary Form?
The form indicates which beneficiaries should be paid from your life or funeral fund.
What could change?
A nominated beneficiary may have passed away, you may have got divorced, maybe there’s a new baby that you need to consider, or you may want to allocate some of your benefits to a new party.
Allied to this, the contact details of your nominated beneficiaries may have changed which makes it extremely difficult for the fund administration company to contact the beneficiaries.
A change is not just about the nominated beneficiaries but also includes their updated contact details.
What happens if my Nomination of Beneficiary Form is outdated?
What should be a relatively straightforward process can become extremely complicated as beneficiaries cannot be traced, unpleasant disputes arise between listed and excluded beneficiaries, and generally, those that you provided for could face financial difficulties as the process gets delayed.
You should review your Nomination of Beneficiary Form at least once a year and reflect any changes in your life.
Salt Employee Benefits is South Africa’s largest pension fund and employee benefit administration and management company.