HBSI Pension Fund: Increase in Funeral Benefits & Summary of Contributions & Costs
Important changes have been negotiated between the Trustees of the BBSI and Hollard Insurance.
The Trustees of the HBSI have announced an increase in Funeral Benefits with effect from 1 April 2022. The Family Funeral Benefits have doubled.
The Board of Trustees of the HBSI Pension Fund are delighted to inform members that from 1 April 2022, the Family Funeral Benefits were doubled from R10 000 to R20 000 scale of benefits for all contributing members and their immediate families, to assist households with the financial need to fund expenses in the unfortunate event of the loss of a loved one.
The Scale of Benefits is as follows:
Definitions:
Spouse
A person who is the permanent life partner (whether in a heterosexual or homosexual partnership) or spouse or civil union partner of an employee in accordance with the Marriage Act, 68 of 1961, the Recognition of Customary Marriages Act, 68 of 1997 , or the Civil Union Act, 17 of 2006, or the tenets of any Asiatic religion.
A permanent life partner will be covered only from the date of receipt of written disclosure of the life partnership to the Fund.
A maximum of one spouse per employee will be covered for benefits under this policy at any time.
Child
An unmarried, financially dependent child of the employee, who has not yet attained the age of 21, and will include a posthumous child, a stepchild, a legally fostered child, an adopted child and a stillborn child following 28 weeks of pregnancy.
The age may, at our discretion, be extended to 25 age attained, in respect of an unmarried child who is a full time student at a registered educational institution.
Will also mean an unmarried, financially dependent child of the employee who is mentally disabled or permanently, totally physically disabled, whilst the employee is eligible for cover under this policy.
A Repatriation benefit is also included which offers the following:
• Repatriation of mortal human remains for distances of 150km or more from destination.
• Covers South Africa and neighbouring states, namely Lesotho, Swaziland, Botswana, Mozambique, Zimbabwe and Namibia.
• Customers will have access to a 24hr dedicated Call Centre (08614945492).
• Consultation with the bereaved regarding repatriation arrangements.
• Processing of all necessary and associated documentation.
• Assistance in dealing with Government appointed Funeral Directors in reclaiming mortal remains.
Paid-up benefit: The cover will continue in the event of the death or disability of the Main Member, until the Main Member`s 65 birthday.
Notification period: Funeral Claims must be notified within 6 months of date of death and claim forms submitted within 3 months of notification.
Payment of claims: Funeral claims are paid within 48 hours of receipt of all documentation.
The Trustees’ Newsletter can be accessed on our website www.hcsbc.co.za/downloads/ under
“Pension Fund” or click on the link: A1-HBSI-FUNERAL-BENEFITS-INCREASE-010422.pdf (hcsbc.co.za)
Please ensure that your employees complete and regularly review and update the Funeral Benefit
Nomination Forms. A completed Funeral Beneficiary Nomination Form is vital to ensure that claims are paid to the correct beneficiaries nominated by the deceased. The Nomination Forms can be accessed on the Council’s website (www.hcsbc.co.za/downloads/ under “Pension Fund”).
The Trustees have also distributed a communique to members - Summary of Contributions and Costs.
You can access the document on our website- www.hcsbc.co.za/downloads/ under “Pension Fund” or click on the link : A2-HBSI-SUMMARY-OF-CONTRIBUTIONS-AND-COSTS-01042022.pdf (hcsbc.co.za)
If you need more help, please don’t hesitate to contact your local area agent
For more information, contact: www.hcsbc.co.za
