UNCLAIMED BENEFIT definition

UNCLAIMED BENEFIT means a benefit owed to any benefit recipient if such benefit remains unpaid.

UNCLAIMED BENEFIT means a valid and approved Claim where payment cannot be made to the Nominated Beneficiary as such person is unknown and not contactable. It is a Claim that is known to Us, has been reported, assessed, proven valid and approved.

UNCLAIMED BENEFIT means a benefit in terms of an approved Claim where the benefit cannot be paid to the Principal Insured/Nominated Beneficiary within 3 (three) months of the Claim having been approved because the Principal Insured/Nominated Beneficiary is not contactable. In other words, the Principal Insured/Nominated Beneficiary cannot be located, his/her emails are undelivered, his/her post is returned to RCS and/or his/her contact number is no longer in use. UNCLAIMED BENEFITS shall have a corresponding meaning;

Examples of UNCLAIMED BENEFIT in a sentence

• Any other UNCLAIMED BENEFITS may at the discretion of the BOARD be transferred to an UNCLAIMED BENEFIT fund.

• The BOARD will ensure that the FUND, maintains a separate record in respect of each UNCLAIMED BENEFIT which will be invested in the manner decided by the BOARD from time to time.

• The BOARD shall be entitled to determine the investment option in which the UNCLAIMED BENEFIT shall be invested, which shall include the FUND’S bank account.

• The BOARD shall deal with an UNCLAIMED BENEFIT in their discretion, including the transfer of the UNCLAIMED BENEFIT to an APPROVED FUND for the purposes of holding UNCLAIMED BENEFITS, subject to the provisions of the ACT, the INCOME TAX ACT and any other applicable legislation.

• Any other UNCLAIMED BENEFITS may at the discretion of the BOARD be transferred to an UNCLAIMED BENEFIT FUND.

More Definitions of UNCLAIMED BENEFIT

UNCLAIMED BENEFIT means an unclaimed benefit as defined in the ACT, being a benefit not paid by the FUND to a MEMBER, former MEMBER or beneficiary within 24 months of the date on which it in terms of the RULES becomes legally due and payable, excluding where an annuity is purchased pursuant to a transfer in terms of section 14 of the ACT, and excluding payment of a death benefit in terms of section 37C of the ACT which is not paid within 24 months from date of death of the MEMBER or DEFERRED PENSIONER.

UNCLAIMED BENEFIT means a benefit that has fallen due but has not been claimed or paid out and where the Policyholder or Beneficiary/ies is/are not known or not contactable.

UNCLAIMED BENEFIT means an unclaimed benefit under section 23 of the Act.

UNCLAIMED BENEFIT means any pension benefit that is due to a retirement fund member or his or her beneficiaries that has remained unclaimed or unpaid for a period exceeding 24 months from due date.

UNCLAIMED BENEFIT. Means a Benefit in terms of an approved Claim where payment cannot be made to the Beneficiary within 3 (three) months of the Claim having been approved because the Beneficiary is unknown or is not contactable. In other words, the Beneficiary cannot be located, his/her emails are undelivered, his/her post is returned and/or his/her contact number is no longer in use. It is a Claim that is known to the Insurer and has beenreported, assessed, proven valid and approved. ‘Unclaimed Benefits’ shall have a corresponding meaning.

UNCLAIMED BENEFIT means an unclaimed benefit as defined in the ACT and as is applicable to the FUND;

UNCLAIMED BENEFIT means an unclaimed benefit as defined in section 1 of the Pension Funds Act;