What will my dependants receive if I die while still working?
In the event of your death, benefits are payable to your dependants and beneficiaries from two sources:
1. From The Fund
A lump sum death benefit of four times (4x) your annual pensionable salary together with your Fund Credit is payable to your spouse, your dependants and/or your nominated beneficiaries. The Board of Trustees will allocate this lump sum according to section 37C of the Pension Funds Act. They decide who was dependent on you at the time of death (as defined by the Pension Funds Act) and ensure that your financial dependants receive this benefit in the most appropriate way.
2. From Group Life Assurance (GLA)
This is a separate Woolworths policy, to which you will have contributed part of your salary each month while employed by Woolworths. Your nominated beneficiaries/dependants will receive a lump sum equal to twice (2x) your annual pensionable salary from the Group Life Assurance (GLA) policy. Payment of these benefits is done in accordance with your Beneficiary Nomination Form. It is therefore very important that you keep it updated. Fill out the Nomination of Beneficiary Form.
Who receives my benefits if I have no dependants?
If you are single and have no financial dependants, the Fund benefit of four times (4x) your annual pensionable salary and your Fund Credit, together with your GLA benefit of two times (2x) your annual pensionable salary, will be paid to your nominated beneficiaries (for example, your parents, brothers and sisters) or to your deceased estate. To nominate a beneficiary, please fill out the Nomination of Beneficiary Form.
Who will take care of my funeral if I die while still working?
In the unfortunate event that you should pass away while employed by Woolworths, your selected nominees will receive your funeral benefit. Your funeral benefit is intended to be used towards your funeral expenses. To nominate beneficiaries to receive your funeral benefit, please fill our the Death-in-Service Nomination Form.