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On the death of a member of a retirement fund, benefits (which include insured benefits if payable by the fund) become payable to dependants or nominees. Section 37C of the Pension Funds Act sets out a number of options for trustees to deal with these payments.
Where it is not suitable to pay the benefits direct to the dependant, nominee or guardian/caregiver, the benefits may be paid to a beneficiary fund or an umbrella trust, subject to certain criteria. These options are normally considered in the case of minor dependants/ nominees or persons with a legal disability.
