We pledge to answer your phone call within
20 seconds within office opening hours.
This protection means that in the event of your death, the Fund will:
• Pay off any outstanding Commsave loans
• Pay a minimum of £500, up to a maximum of £5,000 into your savings to help your nominated beneficiary
Below are three examples of how the Bereavement Fund is calculated for members, with different amounts held in their savings.
| Member A | Member B | Member C | |
|---|---|---|---|
| Savings Balance at month end (£) | |||
| January | 50 | 600 | 11,000 |
| February | 60 | 700 | 12,000 |
| March | 70 | 800 | 13,000 |
| April | 80 | 900 | 14,000 |
| May | 90 | 1,000 | 15,000 |
| June | 100 | 1,100 | 16,000 |
| July | 110 | 1,200 | 17,000 |
| August | 120 | 1,300 | 18,000 |
| September | 130 | 1,400 | 19,000 |
| October | 140 | 1,500 | 20,000 |
| November | 150 | 1,600 | 21,000 |
| December | 160 | 1,700 | 22,000 |
| Sum of month end balances | 1,260 | 13,800 | 198,000 |
| Average Savings (Sum ÷ 12) | 105 | 1,150 | 16,500 |
| Payment From Fund | 500 | 1,150 | 5,000 |
You can nominate up to five beneficiaries to receive the savings held in your account. Keeping your beneficiary details up to date is essential. Relationships and contact details can change over time, so it’s important that you notify us of any changes.
This ensures that we are able to contact the nominated person(s) and carry out your wishes. We aim to make the process as easy as possible for your loved ones.
This payment applies to all Commsave members, provided their account is not dormant and they are up to date with repayments on any Commsave loan they have.
Under the Co-operative and Community Benefit Societies Act 2014, you can nominate one or more person(s) to receive a maximum of £5,000 of the savings held in your Commsave account. If you nominate more than one person, the funds will be split equally between each person.
The person or people that you nominate to receive the funds in your savings are referred to as your beneficiary or beneficiaries. Keeping your beneficiary details up to date is essential. Relationships and contact details can change over time, so it is important that you notify us of any changes. This ensures that we can contact the nominated person(s) and carry out your wishes.
You can update your beneficiary details by contacting our office to request a beneficiary update form. You can use this to tell us about the person(s) you wish to be your beneficiary, as well as their address and contact number, so we can contact them regarding the funds due. When completing a new beneficiary nomination form, this will revoke all previous nominated beneficiaries, so please ensure that all beneficiaries you wish to name are noted on the form.
We aim to make the process as easy as possible for your loved ones.We provide them with clear communication on the next steps to take, to claim the funds due to them. Once we are informed of your death, we will contact your nominated beneficiary to request the original death certificate and an identification document from them.
