GIPF members are encouraged to update beneficiary details

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The Government Institutions Retirement Fund urges all active members to update their personal records such as beneficiary nomination forms and their records at their respective places of work.

GIPF’s chief marketing and stakeholder engagement manager, Edwin Tjiramba, said members should keep in mind that all pension funds are guided by their rules and pension fund law when the distribution of benefits due to members.

“Therefore, it is important that all members’ beneficiaries are listed on beneficiary nomination forms to avoid delays in the payment of pension benefits,” he said in a statement released yesterday.

According to Tjiramba, the most important document that guides the GIPF board in distributing a member’s benefits is a beneficiary designation form, which identifies the beneficiaries the member has chosen to receive their death benefits in case of disaster.

He further clarified that a beneficiary designation form does not replace a will, but only serves as a guideline for a fund’s board when paying death benefits: “As such, each member to ensure that their form is updated annually or when the need arises – for example in the event of marriage/divorce, birth/death of child(ren) or in the event of a change of employment “.

The failure of members to update their GIPF nomination forms and other personal records at their respective workplaces, he said, creates challenges for members’ human resources divisions.

Such challenges lead to a delay in the payment of benefits, which leads to greater pressure for loved ones once a member dies.

“The GIPF urges everyone with access to pension benefits – to plan for the future by ensuring that their GIPF nomination forms and personnel records with their employers are up to date. Life turned out to be unpredictable. GIPF strives to ensure that member benefits are distributed to rightful beneficiaries,” he noted.

2022-05-06 Staff reporter

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