What is contingency beneficiary in SAP PA-BN - Benefits?

SAP Term: contingency beneficiary

• Component: PA-BN

• Component Name: Benefits

• Description: A family member or related person who is beneficiary in the event of the death of the primary beneficiaries of a benefit plan.

Smart SAP Assistant

• Key Concepts: 
  A contingency beneficiary is a person designated to receive benefits from a retirement plan in the event of the death of the primary beneficiary. In SAP, this is managed through the PA-BN Benefits component. 
  
  How to use it: 
  In order to designate a contingency beneficiary, you must first create a retirement plan in the PA-BN Benefits component. Once the plan is created, you can add a primary beneficiary and then add a contingency beneficiary. The contingency beneficiary will only receive benefits if the primary beneficiary passes away before receiving them. 
  
  Tips & Tricks: 
  It is important to keep your contingency beneficiaries up to date in order to ensure that your retirement plan is properly managed. It is also important to make sure that your primary and contingency beneficiaries are aware of their status in order to avoid any confusion or disputes. 
  
  Related Information: 
  For more information on how to manage your retirement plan in SAP, please refer to the PA-BN Benefits documentation. Additionally, you can contact your SAP support team for assistance with setting up and managing your retirement plan.