Welcome to the Molo Nominate My Beneficiary AI agent! I'm here to guide you through the process of updating your beneficiary and nominee details. Feel free to ask me any questions anytime. Let's begin!
Start nominating a beneficiary to receive my funeral or death benefits?
I'm new to this. Can you walk me through the process of nominating a beneficiary?
What information do I need to update my beneficiaries?
Legal name
Alternative name
Founded year
Number of employees
Prefer not to say
Company type
Other
Industry
Area served
hennie@molo.page
Phone
0718607703
Molo Nominate My Beneficiary
09 Aug 2025
Understanding the Board of Trustees' Role in Beneficiary Claims
It's a common misconception that a member's last will and testament dictates how their pension fund death benefit will be paid out. In South Africa, this is not the case. The Board of Trustees of the retirement fund is the sole authority responsible for distributing the benefit. Their decisions are legally bound by Section 37C of the Pension Funds Act, 1956, which requires them to identify and distribute the funds equitably among the deceased member's dependants and nominated beneficiaries. The death benefit is considered a social security benefit and, therefore, falls outside of the deceased member's personal estate, protecting it from creditors and other claims. The Board's primary duty is to ensure that the funds are paid to those who were financially dependent on the member, fulfilling the purpose of the retirement fund.
