Make sure your beneficiary information is up to date
You already know that your Silver Thatch pension can provide you with a valuable source of income in retirement. But did you know it can also provide your loved ones with valuable financial protection if you die before you stop working? That’s because the full value of your pension at the time of your death will be transferred or paid to your spouse or beneficiary (or beneficiaries) in accordance with pension law.
To ensure we can transfer or pay out your death benefits promptly and according to your wishes, you need to keep your spousal and beneficiary information up to date.
Who is my beneficiary?
Under Cayman pension law, your spouse is automatically a beneficiary and entitled to any survivor benefits that may be payable in the event of your death before retirement or after. If you have dependant children, they too may be entitled to a portion of any survivor benefits for their maintenance, benefit and education.
If you don’t have a spouse or dependant children, you can name anyone you want as your beneficiary. If you don’t name a beneficiary, your death benefits will be paid to your estate and may be subject to costly legal fees.
To add or change a beneficiary, complete a Beneficiary Request form, available at www.silverthatch.org.ky. If your marital status has changed, please update your records by sending a copy of your marriage certificate, separation agreement, or a court order dissolving your marriage to Saxon Pension Services.