Question:
I am a 65 year old pensioner who is concerned that my daughter is not saving for her retirement. I want to take out a RA in my name while I can use the investment as a form of savings that is Tax free while I ma a live. Can I make my daughter the beneficiary on my death?Thank you
Answer:
Michael, You can certainly name your daughter in your Beneficiaries Nomination form. Per the Pension Funds Act, the onus is on the trustees to allocate the death benefit and they have to make sure that all financial dependants are looked after. At your age, you probably no longer have such dependants other than your spouse, if applicable. If you do not have any financial dependants, the trustees will most likely follow the nomination form and award the benefit to your daughter.
