The Trustees of a retirement fund have a responsibility to make sure your financial dependents benefit from the retirement investment should any funds remain when you die. That is why you should always ensure that your beneficiary details reflect your financial dependents – the people who depend on you for financial support such as your spouse, children, adopted and step-children.

What is a beneficiary and a dependent? 

Remember:

• It is your responsibility to make sure that the listed beneficiaries on your policy are up to date
• You must ensure that their contact details are updated.
• As far as possible these should be your financial dependents.
• You must update your beneficiaries regularly, especially if your life circumstances change e.g.: you get married, divorced or a new child is born.