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Why do i need to add a beneficiary when activating my Retirement Annuity account?

The pension Funds Act determine that on the death of a member that the benefit will be distributed to the deceased’s dependants.

To ensure that we maintain the EE RA Fund as a cost effective vehicle, we want to ensure that on death its easy to trace dependants and to ensure that the dependants can be paid out as soon as possible after the death of the account holder.

We do not want to spend unnecessary fees on death of the account holder to trace beneficiaries as that would reduce the benefit payable to the dependant.

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