This functionality allows members / policyholders to indicate whether or not they want the death benefits payable from the Fund or from the Separate GLA Scheme for a nominated beneficiary, to be paid into a Trust in the event of their death. (A Trust elected in terms of Section 37C Distributions).
Global Parameter
Add the following Global Parameter Type:
- BENEFICIARY FND
Set up a Global Parameter with a Parameter Type of BENEFICIARY FND and Description equal to the name of the Administrator’s elected Beneficiary Fund to be used on the Beneficiary Nomination to enable the Member to select an option to have the benefit amount paid to this fund.
Scheme Parameter
Add the following Scheme Parameter Type:
- BENEFICIARY FND
Set up a Scheme Parameter with a Parameter Type of BENEFICIARY FND and Description equal to the name of the Scheme’s elected Beneficiary Fund to be used on the Beneficiary Nomination to enable the Member to select an option to have the benefit amount paid to this fund.
Global Data
Add the following value to the UDPV Object CLIENT TYPE:
- TRUST
When Members > Products > Member List > Beneficiaries is selected from the sub-menu on the left, the List of Beneficiaries for Pension Fund screen will be displayed.
This screen displays details of all existing beneficiaries for the member / policyholder and the date on which these details were last updated.
To view the details of an existing beneficiary, highlight the line for the beneficiary (if one exists), and click OPEN. The List of Beneficiaries for Pension Fund screen will be displayed.
To remove an existing beneficiary, highlight the line for the beneficiary on the List of Beneficiaries for Pension Fund screen, and click DELETE. The following confirmation screen will be displayed.
Click YES to confirm that this beneficiary must be deleted. The List of Beneficiaries for Pension Fund screen will be displayed, and the beneficiary will be removed.
To add details for a new beneficiary, click NEW. The Add Beneficiary for Pension Fund screen will be displayed.
Beneficiary Details Disclaimer
If a Beneficiary Details Disclaimer has not been captured on the System, the Add Beneficiary for Pension Fund screen will not be displayed for data capture, and the following error message will be displayed:
Beneficiary Details Disclaimer has not been captured.
Click OK to remove the message, and capture a Beneficiary Details Disclaimer.
Disclaimers may be defined at either a Product or an Infrastructure (default) level. For more details on Product Disclaimers refer to
Product Launch Requirements
Additional Menu Options
Disclaimers
For more details on Infrastructure Disclaimers refer to
Infrastructure
System Data
Disclaimers
Capturing on the Add Beneficiary for Pension Fund screen
Capture data in the blank fields as follows:
|
Beneficiary Details |
|
|
Member Name * |
The last name of the member. |
|
Initials* |
The initials of the member. |
|
ID Number* |
The national identity number of the member. |
|
Date of Birth* |
The birth date of the member in the format DD/MM/YYYY, e.g. 19/06/1955. |
|
Reference Number |
The reference number identifying membership. |
|
Surname* |
The last name of the beneficiary. |
|
First name(s) |
The first names of the beneficiary. |
|
Initials* |
The initials of the beneficiary. |
|
Title * |
Select a title from the drop-down list on the screen. |
|
Date of Birth * |
The birth date of the beneficiary in the format DD/MM/YYYY, e.g. 19/06/1955. |
|
ID Number * |
The national identity number of the beneficiary. |
|
Type of ID * |
Select an Identification Type from the drop-down list on the screen. |
|
Gender |
The sex of the beneficiary. Select a value from the drop-down list. |
|
Language * |
Select the beneficiary’s preferred language from the drop-down list on the screen. |
|
Relationship * |
Select the relationship of the beneficiary to the member from the drop-down list on the screen, e.g. spouse. |
|
Nomination Date |
The date from which the beneficiary has been nominated. |
|
Percentage * |
The percentage of the member's benefit that must be paid to this beneficiary in the event of the member's death. |
|
Postal Address |
The postal address of the beneficiary. |
|
Postal Code |
The postal code of the beneficiary's address. |
|
Boxes for selection of method of payment of the benefit to the nominated beneficiary |
Tick the appropriate box to indicate the specific method of payment to be used to pay the benefit to the nominated beneficiary. The following 3 boxes may be ticked: Payment Method 1 – Benefit payment to be made directly to beneficiary. Payment Method 2 – Benefit payment to be made to a Trust. Payment Method 3 – Benefit payment to be made to the (name of the beneficiary fund recommended by the fund or the Administrator).
Note: The system will read the Scheme Parameter BENEFICIARY FND or, if not found, read the Global Parameter BNENFICIARY FND. If a Scheme or Global Parameter is found the third tick box will be included with the value for description in the text. If BENEFICIARY FND Scheme of Global Parameter is not found, the third option .(Payment method 3) will not be included. |
|
Trust Name |
If Payment Method 2 - Benefit payment to be made to a Trust has been selected above, the Trust Name and Trust Number fields must be captured.
Capture the name of the Trust Fund. |
|
Trust Number |
If Payment Method 2 - Benefit payment to be made to a Trust has been selected above, the Trust Name and Trust Number fields must be captured.
Capture the number of the Trust Fund. |
|
Additional Information |
Capture any additional information as free form text if the tick box that indicates that the benefit must be transferred to a trust (Payment Method 2), has been ticked. |
|
Disclaimer |
Before capturing a new dependant, you must acknowledge that you have read and accept the disclaimer displayed, by ticking the check box.
If you click SAVE without having first ticked the check box, an error message will be displayed.
Beneficiary Details cannot be saved until you have confirmed your acceptance of the Disclaimer by ticking the tick box.
Click OK, read the disclaimer displayed, and then tick the check box. |
Note:
An asterisk (*) alongside a field indicates that the field may not be blank.
To clear the data that you have captured from the screen click RESET.
To return to the List of Beneficiaries for Pension Fund screen without saving the data captured, click CANCEL.
Capture the required data, and click SAVE. The List of Beneficiaries for Pension Fund screen will be re-displayed showing the data captured.
The system will create a Notation record linked to the Benefit Beneficiary record with a Note Type Code of BENEFICIARY NOMINATION and store the text captured in the Note Detail.
Validation
The system will validate that one of the tick boxes has been selected. If none have been ticked, the following error message will be displayed:
You have not indicated whether or not you would like the benefit transferred to a trust
Click OK to remove the message. Make the required selection on the Add Beneficiary for Pension Fund screen.
When a product has unapproved insured benefits coded and Members > Products > Member List > Beneficiaries is selected from the sub-menu on the left, the View / Add Beneficiary Nominations screen will be displayed.
This screen displays the following hyperlinks:
- Beneficiaries for Pension Fund Death Benefit
- Beneficiaries for Group Life Scheme Death Benefit
- Beneficiaries for Spouse's / Civil Partner' Group Life Scheme Death Benefit
The display of these hyperlinks is dependent upon what has been coded for the product. For more information, refer to Setting up parameters above.
When a hyperlink is selected, the List of Beneficiaries screen will be displayed.
The following text with tick boxes is displayed:
Please indicate if you would like to allocate the benefit amount to individual beneficiaries or if you would like the whole benefit to be paid into a Trust by selecting one of the options below.
- Allocation to individual beneficiaries
- Paid into a Trust
Note:
These tick boxes will only be enabled for selection when the Beneficiaries for Group Life Scheme Death Benefit hyperlink is selected on the View / Add Beneficiary Nominations screen.
When NEW is selected on the List of Beneficiaries screen, the Add Beneficiary screen will be displayed.
Allocation to Individual Beneficiaries
Tick the first option.
Click NEW. The system will flow to the Beneficiaries screen.
The following text followed by tick boxes with the text indicated below will be displayed in the lower half of the Beneficiaries screen :
Please indicate by ticking the applicable box the method of payment of the benefit to the nominated beneficiary.
- Payment method 1 – Benefit payment to be made directly to beneficiary
- Payment method 2 – Benefit payment to be made to a trust
- Payment Method 3 – Benefit payment to be made to the
The following optional fields will be displayed:
- Trust Name
- Trust Number
A text box will be displayed for the capture of additional information if the YES tick box is selected as per the fund benefit form.
Capture the required data, and click SAVE. The List of Beneficiaries screen will be re-displayed showing the data captured.
The system will create a Notation record linked to the Benefit Beneficiary record with a Note Type Code of BENEFICIARY NOMINATION and store the text captured in the Note Detail.
Validation
The system will validate that one of the tick boxes has been selected. If none have been ticked, the following error message will be displayed:
You have not indicated whether or not you would like the benefit transferred to a trust
Click OK to remove the message. Make the required selection on the Add Beneficiary screen.
Allocation to a Trust
Tick the second option.
Click NEW. The system will flow to the Add Trust for Group Life screen.
Capture data in the blank fields as follows:
|
Trust Name |
The name of the Trust that the benefit will be paid into.
Mandatory |
|
Registration Number |
The registration number of the Trust that the benefit will be paid into.
Optional |
|
Nomination Date |
The date on which the person was nominated as a beneficiary. Mandatory |
|
Postal Address |
The postal address of the beneficiary.
Optional |
|
Postal Code |
The postal code of the beneficiaries’ postal address.
Optional |
|
Additional information |
Capture any additional information as free form text.
Optional |
|
Disclaimer |
Read the text box then tick the box.
The system will read the Disclaimer with an Event of BENEFICIARY NOMINATION – SEPARATE GROUP LIFE as per the Add Beneficiary for Group Life screen.
Note: The text can be set up to contain whatever is required. All of the required information will, however, be contained in one disclaimer as per this existing functionality. |
Capture the required data, and click SAVE.
The system will create a Trust record with the Claimant Name equal to the Trust Name. The postal address will be stored on a Client Address record linked to the Trust record.
The List of Beneficiaries for Group Life screen will be displayed showing the data captured.
The Trust Name will be displayed in the Nominee Name column.