The National Pensions Law dictates that all pensions must be “joint and survivor”. This means a surviving spouse is entitled either to an immediate or deferred benefit.
In this scenario, the instalment of payments will be considered joint with rights of survivor. 100% of the deceased member’s benefit is paid to the spouse.
In this scenario, the spouse receives and holds half of the deceased member’s pension for the care and education of the children until they reach the age of twenty-three or cease their full-time education (whichever is earlier).
If a member or former member of a pension plan dies before the commencement of payment of a pension, the spouse is entitled to an immediate or deferred pension. The value of this should be at least equal to the amount of the value of the deferred pension.
All of the money is held for the children’s care and education until they reach the age of 23
or cease full-time education (whichever comes first). After this, the remaining pension is paid in equal lump sums to each child.
The money is paid in a lump sum(s) to the named beneficiaries and/or estate.