No. Death benefits from a registered retirement fund are generally allocated under section 37C of the Pension Funds Act 24 of 1956, not the deceased member’s Will. The fund’s board must identify dependants and nominees and decide how to allocate the benefit equitably.
A nomination is important, but does not bind the fund. An unlisted dependant may receive a share, while a nominee may receive less than the nominated percentage or nothing, depending on the circumstances.
These benefits generally fall outside the deceased estate, although section 37C provides exceptions where benefits may become payable to the estate. Keep nominations current and review them alongside your Will and wider estate plan. Different rules can apply to life policies and living annuities.
See also: How is a deceased estate distributed? | What happens to an accrual claim when a spouse dies?
Disclaimer: The information provided here is intended as general guidance only and does not constitute legal, tax, or financial advice. Every situation is unique, and legislation is subject to change. We invite you to reach out to our team at Wealth and Legacy Group for guidance tailored to your specific circumstances.