Nambawan Super Limited (NSL) has issued a media statement to address recent complaints and dispel misinformation circulating regarding death benefit withdrawals.
A recent media article highlighted a person claiming to be the rightful beneficiary of a deceased Member's retirement savings which led to confusion.
NSL seeks to provide clarity on the procedures beneficiaries must follow to access such entitlements.
Contrary to the article's claim, the individual featured is not the nominated beneficiary of the late Member. The late Member had designated another individual as the rightful beneficiary, and NSL is in contact with this designated beneficiary.
The Superannuation (General Provisions) Act 2000, dictates the standard process, which NSL is adhering to, for disbursing the late Member's entitlements to the nominated beneficiary.
Following thorough verification, the withdrawal application concluded, and the payment was successfully made to the rightful beneficiary upon submission of the required documents.
NSL states that in instances where a deceased Member has not nominated beneficiaries or conflicting information exists, NSL is obliged to undertake an investigative procedure.
This process, albeit more comprehensive, safeguards the interests of genuine family members and beneficiaries.
“Unlisted beneficiaries must furnish proof of identification and relationship with the late Member, along with any additional documents relevant to their unique situation. Interviews are a mandatory aspect of the verification process,” states NSL.
NSL meticulously reviews all submitted information before making a decision and proceeding with the disbursement of entitlements.
For listed beneficiaries, a set of standard documents is required, including a Separation Authority Form, a copy of the late Member's valid ID, a Statutory Declaration Form verifying the beneficiary's identity and relationship, bank account details for beneficiaries over 18, and a Demise Letter from the Employer.
When all necessary documents are submitted correctly, and beneficiaries are available for interviews, the entire process typically takes between three to five days, culminating in prompt payments to their accounts.
NSL emphasizes the importance for Members to regularly review and update their list of beneficiaries to ensure a smooth process for their loved ones in the event of their passing. Neglecting this crucial step could burden families with both grief and a protracted procedure.
NSL endeavours to simplify this process but underscores the necessity of nominating beneficiaries to facilitate smooth transitions.