Question:
My dad stopped contributing towards his retirement annuity in 2003.He has passed on in 2012.What happens to the retirement annuity and the money he has already put in?
Answer:
Kishan, The retirement annuity will be allocated to deceased's financial dependants, at the Trustees' discretion. The primary beneficiaries are typically the surviving spouse, and any minor children. If he had no dependants, the Trustees will most probably follow the beneficiary nomination form. If he had no dependants, and did not fill out a nomination form, the money will fall into his estate.
The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.
