Pension Manager Mr. Thulani Ndlovu has urged workers approaching retirement to take time to understand pension options so their families remain financially secure even after their passing.
Speaking on Ya FM radio recently, Mr. Ndlovu stressed the importance of making informed choices, particularly the joint and survivor option, which allows a spouse to continue receiving pension payments after the member’s death. “It’s crucial for people going on pension to seek detailed information so their spouses or dependents don’t lose out,” he said.
He further explained that pension benefits for deceased members can only continue if annual proof of life is provided through a life certificate.
On contributions, Mr. Ndlovu noted that the minimum deduction is set at 7.5% of one’s salary. Employees may request to raise this to 15%, although the default maximum is 10% and subject to approval by the human resources department. He added that members who feel financially strained can adjust their contributions downwards at the end of the year.
