Death Benefits

BENEFITS

All the benefits from contributions by a member vest in a member immediately and the retirement benefits accrued from membership shall fully vest in a member within one year of joining membership of the Scheme.


CIRCUMSTANCES UNDER  WHICH RETIREMENT BENEFITS ARE PAYABLE

(i) on or after attaining the Normal   Retirement Date; currently age 60 years

(ii) On or after attaining age 50 with the consent of the Founder.

(iii) On medical evidence to the satisfaction of the Scheme Trustees and the Founder that the member is incapable by reason of any infirmity of mind or body of discharging the duties of his office and that the infirmity is likely to be permanent.

DEATH BENEFITS

☻If a member dies while in service a benefit equal to the total Scheme Credit at the date of his death will be payable to his/her beneficiary/beneficiaries.

☻Notwithstanding the provisions of sub-paragraph (i) above, the Scheme Trustees may in their discretion refuse to pay a nominated beneficiary or beneficiaries PROVIDED THAT the  reasons for such refusal shall be recorded in writing by the Scheme Trustees.

☻Notwithstanding  anything to the contrary contained in any contract or document, any benefit payable by the scheme upon the death of a member shall not form part of the assets in the estate of such member, but shall be dealt with in terms of the rules.