These are most Frequently asked Questions about CAFNBO
Click the Q’s to read the answer.
Members on Discharge from the Defence Forces with at least 5 years membership of CAFNBO and 3 years membership of GANBO. May retain membership for the following:
CAFNBO maximum period of 22 years or to 70th birthday whichever comes first.
GANBO maximum period of 17 years or to 65th birthday whichever comes first.
Same as the member (above). Please note that in the case of GANBO when the membership ceases for the member it will also cease for the spouse member.
Answer: On Death, on Discharge from the Defence Forces, or at termination of period of retention.
CAFNBO – No. The benefits payable on the date of discharge will be the benefits payable for the duration of the period of retention. While on Retention of Membership no further subscriptions are payable.
GANBO – Yes. The subscriptions and benefits for Retained Members are the same as Serving Members; subscriptions are paid monthly by Retained members from their DF pension or by Direct Debit for members not in receipt of a DF pension.
FUNERAL EXPENSES – of €5,000 is payable on the death of a serving member.
DISTRESS FUND – This is available to serving members who are contributing to the fund.
YES. All CAFNBO subscriptions are refunded in full on Discharge from the Defence Forces. Retained members subscriptions are held in the fund for the duration of their retention and are refunded on termination of retention.
YES. After 5 years membership an annual bonus of 3% is added. In addition members with more than 10 years membership also receive a terminal bonus.
Yes. Subscriptions are refunded on Discharge, Termination of Retention or on Death (paid with the Death Benefit to beneficiary).
No. The subscriptions due on date of Retention remain the same for the duration of retention.
YES. Retained CAFNBO Spouse members who are younger than their spouse may continue for the period allowed on the date of the member’s retention.
In the case of GANBO the answer is NO once Retention of Membership has ceased for the member, spouse membership is automatically terminated.
The person or persons you nominate on your nomination form. This beneficiary may be changed at any time by completing a new form. It is imperative that members are aware of their beneficiaries at all times.
In the case of GANBO/GACBO the Trustees of CAFNBO administer the payment of these benefits and have absolute discretion.
Marriage invalidates a nomination. A new nomination form is required in this instance
The benefit becomes part of your estate.
(N.B. When did you last review your will? Have you even made a will?)
The GANBO Group Scheme is a significant top up of your CAFNBO benefit which is restricted in the amount it can pay under the Friendly Societies Act. It forms the basis of a member’s plans for the long term financial security of his/her family in the event of the death of either spouse.
Subscriptions to GANBO/GACBO scheme are non-refundable.
The terms under which the Group Assurance Scheme operates precludes it from being used for this purpose.
The CAFNBO schemes, together with the GANBO Scheme and your statutory entitlements, provide the framework of your plans in this area. Any additional cover that you might require is a matter that you need to consider in the light of your own and your family’s personal circumstances and needs. You must always bear in mind that CAFNBO & GANBO are term policies.
Cover is up to a maximum 17 years after leaving the Defence Forces or to 65th Birthday, which ever comes first. Unlike individual life assurance schemes there is no age loading.