Please click here for an important update on your death cover, with regard to COVID-19.

What gets paid when I die?

If you die before you resign, are dismissed/retrenched, or retire, your Beneficiaries will receive a benefit equal to:

1. your Accumulated Retirement Savings, plus
2. an amount equal to the UCTRF death cover multiple of CoE you selected, plus
3. an amount equal to the separate death cover multiple of CoE you selected.

The sum of 1 and 2 above will be taxed in exactly the same way as a Retirement Benefit.  (Click here for the Tax Calculator.)  The amount in 3 is not taxed (because you pay tax on the Premiums).

What is the UCTRF death cover?

Click on the icon below to watch the English Death Cover video.



Click here for the Afrikaans Video

Click here for the Xhosa Video

You have the option to select UCTRF death cover of between 1 x and 5 x your annual CoE.

The cost of the Premiums for this cover will be deducted from your UCTRF contributions.  This means that the more cover you select, the less goes to your Accumulated Retirement Savings.  It is important to balance the needs of your dependants in the event of your death, with your needs when you retire.  We recommend that you make use of the Retirement Provision calculator and the Death Cover calculator to help you with this decision, and/or consult your accredited financial advisor.

(Note that disability claimants may not increase their UCTRF Death Cover while they are disabled.  However, they may retain the cover they selected prior to disablement.)

Please note: Members over the Medical Proof Free Limit will have to submit medical information prior to being accepted for full cover.

Momentum Multiply Rewards Programme

Did you know that your death cover includes free access to the Momentum Multiply Starter programme? Click here to find out more.

Exclusions

Certain exclusions may apply to your UCTRF death cover. For more information, please click here to view the latest Group Risk exclusions document.




How will my UCTRF death benefit be distributed?

Your Beneficiaries (i.e. the individuals you nominate to receive a portion of your death benefit) can be divided into two groups:

In terms of legislation (i.e. Section 37C of the Pension Funds Act), in the event of your death, your benefit should be distributed as follows:

Your Nomination of Beneficiaries Form is used to guide the Board when allocating the death benefit. They have the right to distribute your death benefit to dependants and/or nominees in a manner that they believe to be fair and just to all parties.

You should review your Nomination of Beneficiaries Form at least annually or at a life event such as a birth, death or separation/divorce.

Click here to update your form online or click here to download a hard-copy option.

If you would like to motivate your recommendations, include this with your nomination. Please draft your motivation on the assumption that it will be acted on in the next twelve months. You can update this at any time.

The benefit payable by the UCTRF on a member’s death does not form part of your estate. You therefore may not allocate it in your will.

The Pension Funds Act assumes that the Board may take up to twelve months before making decisions. This allows the Board time to trace dependants. The Board will, however, try to make such decisions sooner if they have all the relevant information.

What is Separate Death Cover?

Click on the icon below to watch the English Separate Death Cover video.



Click here for the Afrikaans Video

Click here for Xhosa Video

In addition to your Accumulated Retirement Savings and UCTRF death cover mentioned above, a further 1 x your annual CoE is payable from a separate Death and Disability Policy, provided that you have not already received a disability lump sum benefit from this arrangement.

You can choose to pay an additional amount for additional Separate Death cover of up to 4 x annual CoE (i.e.5 x your CoE Separate Death cover in total). The Premium for this additional cover will be deducted from your salary in addition to the contribution that you are already making.

(Note that disability claimants may not increase their Separate Death Cover while they are disabled.  However, if they elected additional Separate Death Cover prior to becoming disabled, they may retain this additional cover.)

Your Nomination of Beneficiaries Form is used by the Insurer when allocating the death benefit. If you have not completed your Nomination of Beneficiaries Form the Insurer will pay the benefit to your estate.

You should review your Nomination of Beneficiaries Form at least annually or at a life event such as a birth, death or separation/divorce.

Click here to update your form online or click here to download a hard-copy option.

Exclusions 

Certain exclusions may apply to your Separate Death cover. For more information, please view the separate death and disability policy. 

Separate Death and Disability Policy

Please click here to view the separate death and disability policy, and click here to view the endorsements to the policy.

What level of death cover do I need?

The amount of death cover that you need depends on how many dependants you have, the ages of these dependants and how financially dependent these dependants are.

When electing your death cover, you should make sure that you have sufficient cover. You should take into account any death cover you have in addition to the cover provided from the UCTRF (e.g. the separate lump sum death cover).

We recommend that you make use of the death cover calculator to help you with this decision and/or consult your accredited financial advisor.