Employer Related Benefits
If you will be 34, 37, 40, 43, 46, 49, 52, 55 or 58 on 1 January
Your OMEGS Life Assurance Benefit is expressed as a multiple of your annual pensionable earnings/TGP and it is determined by your age on 1 January each year. If you are in the Full Cover group (i.e. you have been for a voluntary medical test and satisfied medical requirements) and you are changing (or have changed) age bands on 1 January, you may experience a drop in your level of cover. However, the good news is that you can “top-up” the cover you lose by taking out voluntary top-up life assurance cover, at an extremely competitive cost, and without needing to go for any kind of medical test.
(If you are in the Core Cover group (i.e. you have not been for a voluntary medical test or you have not satisfied medical requirements), there is currently no voluntary top-up life assurance cover option. If you have not been for a voluntary medical test, we strongly encourage you to do so because you can significantly increase your level of cover!)
Voluntary Top-up Life Assurance Cover
IMPORTANT: You can only select the Voluntary Top-up Life Assurance Cover option between December and January/February each year, if you are changing age bands.
The Voluntary Top-Up Life Cover benefit allows you to take out cover for the multiple of your annual pensionable earnings/TGP lost (if you are changing age bands), without any need for a medical test. This is a benefit offered by your Employer (not the Fund) and can only be taken up in December and January (and sometimes February) each year. Please look out for communication from the Employer in December/January each year.
Please note that you must fill in a separate Beneficiary Nomination Form for the allocation of the death benefit payable under the Voluntary Top-up scheme. Any cover that you apply for now will be effective from 1 January or 1 February, and the first deduction will be made from your January/February salary (depending on your application date). The cover will be noted on your future payslips. You can obtain the Beneficiary Nomination Form by emailing HRSCBenefitsandExitsTeam@oldmutual.com
Please consult Groupnet for more information.
Please see Groupnet (under “The Old Mutual Way”) for more details.
Please note that Voluntary Spouse’s Cover is not a Fund benefit. However, information is provided in order to assist members in understanding the benefits offered by the Employer.
The Voluntary Spouse’s Cover benefit provides the option of taking out cover on the life of your spouse/s.
The assured amount is equivalent to one times or two times the employee’s annual pensionable earnings/TGP and once you have chosen a level of cover (i.e. either once or twice your annual pensionable earnings/TGP), you may not change this level of cover. Where pensionable earnings/TGP fluctuates, the monthly premium will also fluctuate.
This isn’t actually on OMEGS benefit, but one offered directly by Old Mutual as your Employer. You can find out more by checking out Groupnet (under “The Old Mutual Way”).
Please note that the Family Funeral Cover benefit is not an OMEGS benefit, but is offered by your Employer. You can read the Employer’s information about the Family Funeral Cover benefit here. Please consult Groupnet for the latest information about this benefit.
Should you wish to submit a claim, please use the Family Funeral Cover claim form.
All queries regarding the Family Funeral Cover benefit are to be referred to Old Mutual Group Assurance (GAP) at GAPStaffFund@oldmutual.com