The following gives important information for you as a member of the HBSI Pension Fund, to consider in the event of unfortunate circumstances. Verso Financial Services (Pty) Ltd are the designated managers of the HSBI Pension Fund and all claims and benefits.
Insurers are regulated by the Insurance Act 18 of 2017 (“the Act”) and they are required to adhere to the requirements as provided in the Act. In terms of the Act, an insurer is required to pay all funeral benefits directly to a beneficiary as defined in the Act. The following definition is provided:
“beneficiary” means - …
(b) in the case of a group insurance policy -
(i) a member of the association or fund, or an employee; or
(ii) a person nominated by the member referred to in subparagraph (i) in respect of whom the insurer should meet the insurance obligations, which person is not the association, fund or employer;”
Therefore, in the absence of a Funeral Beneficiary Nomination Form, the benefit should in terms of the Act, now be paid to the estate of the deceased. Due to the negative impact that this will have on the dependents and/or beneficiaries of the deceased, we require your support to complete and regularly update your Funeral Beneficiary Nomination Form. A completed Funeral Beneficiary Nomination Form will in future be vital to ensure that claims are paid to the correct beneficiaries nominated by the deceased.
It is important to stress that your Beneficiary Nomination Form is a “living” document that must be updated when the member has a life changing event, e.g., gets married or divorced, child is born or adopted, etc.
We remain committed to you, our members and continue to strive to support and act in your best interest. The completed Funeral Beneficiary Nomination Forms must be kept on your Personnel Record at your Employer.
Should you have any questions, do not hesitate to contact your Agent at the Bargaining Council or the Front Office for assistance.
Click HERE to see full pdf copy
HBSI PENSION FUND: FUNERAL BENEFIT NOMINATION FORMS
A completed Funeral Beneficiary Nomination Form will in future be vital to ensure that claims are paid to the correct beneficiaries nominated by the deceased. Please see attached Newsletter and Beneficiary Form. Employers should keep the completed Funeral Beneficiary Nomination Forms in the Employee’s Personnel File.
Click HERE to see Beneficiary Nomination Form
Click HERE for Bargaining Council Claim pdf
For any further info please contact the Bargaining Council and we will gladly assist.
