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The Fairfund Umbrella Beneficiary Fund |
The Fairfund Trust |
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Transfers into the Fund |
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Only section 37C death benefits (approved benefits)
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Benefit payments from unapproved funds, e.g. group life, MVA claims and other policies
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Section 37C death benefits, under special circumstances
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Legal & governance |
All requirements are met. See the specific funds’ fact sheets for more information on compliance. |
All requirements are met. See the specific funds’ fact sheets for more information on compliance. |
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Payments |
Regular and special payments are made to beneficiaries. |
Regular and special payments are made to beneficiaries. |
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Termination of membership |
Age 18, unless beneficiary is disabled or specifically requests continuation. |
Age 18, unless beneficiary is disabled or specifically requests continuation. |
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Reporting |
Reporting takes place to members/beneficiaries, as well as consultants and retirement fund trustees. |
Reporting takes place to members/beneficiaries, as well as consultants and retirement fund trustees. |
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Investment philosophy |
Due to the fiduciary nature of beneficiary services, investments are managed on a conservative basis. |
Due to the fiduciary nature of beneficiary services, investments are managed on a conservative basis. |
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Taxation |
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Payments into the Fund are not taxed.
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Fund is exempt from tax.
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Payments to members are tax exempt.
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Trust is a vesting trust, therefore has no tax liability.
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All interest income and capital gains vest in the beneficiaries and are subject to individual tax rates.
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Fees and costs |
Various fees are levied in terms of management, investment and other duties. |
Various fees are levied in terms of management, investment and other duties. |
