Death Benefits - If you die before you retire
The fund offers death benefits to your family members and dependents if you pass away. Read everything about that below.
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Difficult Term Explained |
The term “dependent” means a person who in the opinion of the Trustees guided by law, and custom and practice, is dependent on the member for maintenance. It includes spouses, minor children and other persons for whom the member is financially responsible.
Active members are required to complete a nomination of beneficiary form to guide the trustees with the allocation of death benefits when a member dies in service. A form to nominate your dependants/nominees is available on this site (click here), the Engen Intranet or from your local Human Resources Department. This nomination form should be updated as soon as you have a change in your dependents/nominees' status. |
Member with Dependents
If you leave a spouse, and/or dependent children, a lump sum of twice your annual pensionable base will be paid. In addition, a pension of half your pension, based on projected service to normal retirement age, will be paid to your dependents in terms of Section 37C of the Pension Funds Act.
If you leave unmarried dependent children they will receive pensions until they are age 18 (21 if a full-time student or indefinitely if permanently incapable by reason of physical or mental infirmity of supporting him/herself by earnings from employment). Each child will receive one-third of the spouse’s pension – up to a maximum of three-thirds for three or more children. The children’s pensions will be doubled if and when a spouse’s pension is not payable.
If there is a spouse and children
If there is no spouse and only dependent children (unmarried)
Click here for more information on the taxation payable on the lump sum.
Member without Dependents
If you die in service but leave no dependents, a lump sum equal to the greater of your actuarial reserve value* or twice your pensionable base will be paid to either your nominee/s or to your estate (if no beneficiary nomination had been completed by the deceased member).
| Difficult Term Explained | Actuarial reserve value means accumulated pension value as determined by the actuary. |
Click here for more information on the taxation payable on the lump sum.
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Annual report
The 2024 report by the Board of Management is available now.
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How to Claim
How to claim from your Savings Pot in EMERGENCIES ONLY
| Payroll Department |
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Telephone: 021 403 1234 Email: hrservices@vivoenergy.com |
| Benefits Counsellor |
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Telephone: 0860 000 381 |
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ALEX FORBES pension payroll |
