Bid to keep cash from young hands

Published in Business Day, Business Day & Tax Review, 1 April 2015

Following years of verbal engagement, a formal written submission has recently been made to the Financial Services Board to amend pension fund legislation so that death benefit lump sums administered by beneficiary funds, umbrella trusts or retirements funds on behalf of minor dependants, not be automatically paid out to such minors when they turn 18.

lump sums to 18 year olds