Special Death Benefit

In the event that a member passes away before reaching 55 years of age, the Special Death Benefit will be awarded to the member's nominated beneficiary. Under the current regulations, nominated beneficiaries will receive a maximum payment of VT230,000. This entitlement is only paid if the deceased member contributed to the Special Death Benefit Scheme during each of the preceding five years. If the deceased member did not contribute to the Special Death Benefit Scheme during part of the preceding five years, a percentage deduction will be made from the maximum amount for every year of non-payment. In addition to the Special Death Benefit, nominees are also entitled to withdraw the balance of the deceased member's savings account.
All members who contributed during the course of the year and whose year-end balance is VT640 or more will automatically contribute towards the Special Death Benefit Scheme. This amount is deducted by the Fund annually from each eligible Member's contribution account and the amount deducted is held in the Special Death Benefit Reserve account. The deduction stops if no contribution is made during the calendar year or if the contribution received during any given calendar year is less than 640VT. Deductions will also cease once members reach the age of 55. The Special Death Benefit Scheme is not applicable to members aged 55 years and over.
To claim the Special Death Benefit, the nominated beneficiary must fill out a Death Claim form, which entitles the beneficiary to the balance of the deceased's VNPFN savings as well as the Special Death Benefit. If you would like to nominate or change your nominated beneficiary, click here to fill out the form and submit at any VNPF branch.
All members who contributed during the course of the year and whose year-end balance is VT640 or more will automatically contribute towards the Special Death Benefit Scheme. This amount is deducted by the Fund annually from each eligible Member's contribution account and the amount deducted is held in the Special Death Benefit Reserve account. The deduction stops if no contribution is made during the calendar year or if the contribution received during any given calendar year is less than 640VT. Deductions will also cease once members reach the age of 55. The Special Death Benefit Scheme is not applicable to members aged 55 years and over.
To claim the Special Death Benefit, the nominated beneficiary must fill out a Death Claim form, which entitles the beneficiary to the balance of the deceased's VNPFN savings as well as the Special Death Benefit. If you would like to nominate or change your nominated beneficiary, click here to fill out the form and submit at any VNPF branch.