Death Benefits

• Spouse(s) and dependent children, (if not available then…)
• Other dependents, (if not available then…)
• Nominees, (if not available then…)
• Deceased Estate.

• Your Spouse(s) shall be entitled to 50% and dependent children below 18 years* 50% of your Accumulated Credit.
• Where there is a spouse only, he/she shall be entitled to 100% of the Accumulated Credit.
• Where there are dependent children below 18 years* only, they shall be entitled to 100% of the Accumulated Credit.
• Where there are no dependent children and spouse, the 100% of the Accumulated Credit subject to tax shall be paid to your nominee or estate.

NOTE: Beneficiaries may fully commute their pension benefits if the purchased pension benefit is under USD 20 per month.

*Children under the age of 23 who are undergoing full-time education are also considered as eligible beneficiaries.

The total death benefit is taxable when it is being paid to the estate and the executor would be receiving the benefit..

• Certified copy of the death certificate.
• Certified copy of the Marriage Certificate or (Confirmation of Customary marriage certificate) from civil or magistrate court or three affidavits completed and signed by close relatives to the deceased with the same surname (excluding children and grandchildren),
• Certified copy of spouse’s identity document,
• If no spouse or dependent children, a letter of administration is required,
• Fully completed Member Exit Form submitted by the Employer,
• Fully completed Employer Benefit Form for Employer extended benefits,
• Spouse Banking Details
• Fully completed Member Update Form (MU01),