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Nomination of beneficiary (or beneficiaries)Under the terms of the Schemes governing Trust, the Trustees determine how benefits paid under the scheme are distributed. Although the final decision is
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Nomination of beneficiary refers to the process of selecting an individual or individuals who will receive the benefits of a particular policy or account in the event of the policyholder's or account holder's death.
Any individual who holds a policy or account with a designated beneficiary option is required to file a nomination of beneficiary.
To fill out a nomination of beneficiary form, the policy or account holder must provide the required information such as the full name, relationship, and contact details of the chosen beneficiary.
The purpose of nomination of beneficiary is to ensure that the benefits of a policy or account are directed to the intended recipient(s) in the event of the policyholder's or account holder's death.
The information required on a nomination of beneficiary form typically includes the full name, relationship, and contact details of the designated beneficiary.
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