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Savings: Make sure your children benefit

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Cape Town – It’s all very well planning for your retirement, but what happens if you pass away before that day comes? How can your children and dependents benefit from the hard work you put into saving for your funds?

Giselle Gould, business development director at Fairheads Benefit Services, explained to Fin24’s Moeshfieka Botha the importance of the nomination form that comes with pension funds, retirement annuities and provident funds.

“If you belong to any of those, then you should have completed a nomination form,” she said. “You need to indicate what you want to happen with your proceeds in the event of your death.

“Unfortunately, sadly, very few people know about the beneficiary funds,” she said, adding that they were introduced in 2009.

When you belong to any of these funds, you need to complete a nomination form, which comes with your benefit statement at the end of each financial year. Know who your dependents are and how they are dependent on you.

Watch the interview for more advice:



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