Newsletter • Quarter 1 • 2022
4 kinds of death benefits
1
Your Woolworths Group Retirement Fund
- Your Pension Fund Credit – all the money saved in your Woolworths Group Retirement Fund
- 4 times your annual pensionable salary (70% of your TCOE for TCOE employees)
- 2 times your annual pensionable salary (if you are over age 53 and have elected this option).
2
Group Life Assurance (GLA) Benefit
- This scheme pays out a lump sum equal to twice your annual pensionable salary in the event of your death. This payment is tax free. Every month you contribute 0.80% of your pensionable salary to Group Life Assurance.
3
Funeral Benefit
- Woolworths provides a R20 000 funeral benefit to assist your surviving family members with some of your funeral costs. This is only for your funeral.
- You nominate two people on the Funeral Benefit Nomination Form and send it to your HRA.
- One of these two people needs to bring your death certificate to work and send it to the Risk Benefits Department in Cape Town.
- The money will be paid out to the nominated person and must be used towards your funeral.
- As the benefit is paid out in cash, it is vital that the people you choose are people you can trust.
4
Woolworths Memorial Education Fund Benefit
- On your death, the Woolworths Memorial Education Fund steps in to pay the school fees for your children – right up to and including tertiary education. The benefit starts from Grade R. This is an excellent benefit.