26Payment on death of accumulation account‑holder without a binding member nomination

26 Payment on death of accumulation account‑holder without a binding member nomination

If an accumulation account‑holder dies and there is not a binding member nomination from the holder when he or she dies, CSC may pay the balance of the holder’s personal accumulation account in such manner and in such proportions as CSC determines, consistently with the SIS Act.

Note: If the accumulation account‑holder was provided with permanent incapacity and death cover under section 24B, the holder’s personal accumulation account will be credited with an amount equal to any amount paid by an insurance company in response to a claim made by CSC against the permanent incapacity and death cover policy in respect of the holder’s death: see section 24C.