Curator to handle K1m

 NASFUND has paid K1 million of deceased member’s funds to the Public Curators office due to nil record of beneficiaries in its database.

The superfund’s operations division reported that from January to September of this year, it processed 102 applications to the public curator’s office with a combined total of K1,004,177.46.

This figure shows the number of families that would have to go through a lengthy court process to claim these funds from the office (public curator).

Concern for families going through this process had prompted Nasfund to implement an ongoing awareness programme through its business development division.

The programme would ensure employers are informed about the importance of updating a nomination form.

In the first three quarters, the division has collected more than 650 nomination forms in the first three quarters.

The fund commended employers who had recognised the importance of updating of their employees’ details.

Nasfund said that would ensure that the retirement savings for all employees and the welfare of their beneficiaries were assured through proper management of their personal information. “Members who have yet to update their nominated beneficiaries must enquire with their payroll office to fill out a nomination form, have it endorsed by the employer, then lodge it at a Nasfund branch,” it said in a statement.

The superfund said raising awareness was an ongoing process through the roll out of the programme. 

Nasfund has a Facebook page with more than 16,000 users and uses it as a platform for awareness among members of its policies and processes.