Managing beneficiaries

What are beneficiaries?

Beneficiaries are the people you nominate to receive your retirement savings in the event of your death. Adding beneficiaries to your Retirement Annuity ensures your loved ones are taken care of according to your wishes.

• Nominate up to 5 beneficiaries: Add multiple people and specify how much each should receive

• Flexible allocations: Divide your savings by percentage across your nominees

• Easy to update: Change beneficiaries or allocations anytime as your circumstances change

Without nominated beneficiaries, your retirement savings may be distributed according to a default process, which might not reflect your wishes. Take a few minutes to set this up and keep it current.

Adding your first beneficiary

When you first access your Retirement Annuity, you will need to add at least one beneficiary before the account is fully activated.

1. Navigate to your Retirement Annuity from the home screen

2. Tap Add beneficiary

3. Enter the beneficiary's first name and last name

4. Select their relationship to you from the dropdown

5. Indicate whether they are financially dependent on you by checking the box if applicable

6. Enter their ID number or passport number (toggle between ID and Passport using the selector)

7. Enter their mobile number and/or email address (at least one is required)

8. Tap Continue

Your first beneficiary is automatically allocated 100% of your Retirement Annuity. You can add more beneficiaries and adjust allocations afterwards.

Adding additional beneficiaries

You can nominate up to 5 beneficiaries for your Retirement Annuity. When you add more beneficiaries, you will need to set allocation percentages for each person.

1. Navigate to your Retirement Annuity

2. Scroll down to the Beneficiaries section

3. Tap the menu icon (three dots) next to the section header

4. Select Add beneficiary

5. Complete the beneficiary details as described above

6. Tap Continue

After adding the beneficiary, you will be taken to the allocations screen to set how your savings should be divided.

Setting allocation percentages

Allocation percentages determine how your retirement savings will be divided among your beneficiaries. The total must equal exactly 100%.

1. On the Beneficiary allocations screen, enter a percentage for each beneficiary

2. Watch the progress bar at the top to track your total allocation

3. The Allocation remaining shows how much is left to assign

Split equally: Tap the Split equally button to automatically divide your savings evenly among all beneficiaries. If you have 3 beneficiaries, each will receive 33-34%.

4. Tap Confirm once allocations total 100%

Important: Allocations must total exactly 100%. You cannot save allocations that add up to more or less than 100%.

Viewing beneficiary details

You can view the full details of any beneficiary you have added.

1. Navigate to your Retirement Annuity

2. Scroll down to the Beneficiaries section

3. Tap on a beneficiary's name

The details screen shows:

• Current allocation percentage

• Relationship to you

• Whether they are financially dependent

• ID or passport number

• Contact details (mobile number and email)

Updating allocation percentages

As your circumstances change, you may want to adjust how your savings are divided among beneficiaries.

1. Navigate to your Retirement Annuity

2. Scroll down to the Beneficiaries section

3. Tap the menu icon (three dots) next to the section header

4. Select Edit allocations

5. Adjust the percentages for each beneficiary

6. Tap Confirm

The Edit allocations option only appears when you have more than one beneficiary. With a single beneficiary, they automatically receive 100%.

Beneficiary relationship types

When adding a beneficiary, you must specify their relationship to you. This information is required for regulatory purposes.

You can also indicate whether each beneficiary is financially dependent on you, which may be relevant for estate and tax purposes.

Removing a beneficiary

Before you can remove a beneficiary, you must first reallocate their percentage to other beneficiaries.

1. Navigate to your Retirement Annuity

2. Tap the menu icon (three dots) in the Beneficiaries section

3. Select Edit allocations

4. Set the beneficiary's percentage to 0%

5. Reallocate their share to other beneficiaries (total must equal 100%)

6. Tap Confirm

Once a beneficiary has a 0% allocation, they can be removed from your account. Contact support if you need assistance removing a beneficiary completely.

Note: You must always have at least one beneficiary with a percentage allocation on your Retirement Annuity.