Important – Beneficiary Nomination Form

A beneficiary nomination form is a legal declaration, stating an individual’s nominated beneficiaries in the event of death. There is no limit to the number of beneficiaries, as long as the share of benefit for the proceeds totals 100%.

Employers need to remind their employees of the importance of a beneficiary nomination form. These should be updated after any life-changing event, for example, marriage, divorce, new additions to the family. Completed and/or updated nomination forms should be kept with the Human Resources Manager or HR department at the company.

In the past insurers have allowed, in certain instances, claim payments according to an employer’s discretion. However, as regulations tightened up, this will no longer be allowed.

  • For Capital Alliance, Hollard and Old Mutual nomination forms will be requested going forward, and in the absence of a completed nomination form the benefit will be paid to the member’s estate.
  • For Sanlam there will still be a transition phase to remove any reference to this allowance as these decisions were made at implementation (i.e. included in the COP).(Additional communication will be sent to inform and update affected employers of actions taken to comply with the regulatory requirement.)

A completed nomination form will in future be vital to ensure a claim is paid to the correct beneficiaries nominated by the member.You can download a copy of the new TSA Nomination form that has been approved for use by all of our insurers HERE.

Should you have any queries in this regard please do not hesitate to contact us.

Thank you and regards,
The TSA Team

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