Fairheads Umbrella Beneficiary Fund
The Fairheads Umbrella Beneficiary Fund was one of the first to be registered in South Africa.
Fairheads Umbrella Beneficiary Fund is one of only two beneficiary funds with more than R1 billion in assets under management.
What is the Fairheads Independent Beneficiary Fund?
The object of the Fund is to administer benefits awarded to beneficiaries upon the death of a member from the Old Mutual SuperFund Pension and Provident Funds, as well as other Old Mutual Sponsored Retirement Funds in terms of Section 37C(2) of the Pension Funds Act.
Benefits are administered so as to provide financial support to members in the form of regular monthly distributions and to utilise the funds to facilitate ad hoc payments in respect of the Members’ maintenance, education and general well-being, including medical costs.
Why Nominate A Beneficiary Fund On Your Nomination Form?
Everything we do is aimed at making life better for our children, with each beneficiary fund aimed at ensuring each minor’s educational costs are covered until they complete their school career.
General Living Costs
Why is the money put in this beneficiary fund?
When a member of a retirement fund dies, the trustees of that fund must by law distribute the benefit amongst the
dependants of the deceased member in the best possible way.
The trustees can decide that instead of paying that money directly to the dependants, it will be paid into a beneficiary fund. This fund is such a beneficiary fund. Its purpose is to administer the money that was awarded to these dependants (who are the members of this fund).
Member Fund Account
How it works
A member account is opened when a death benefit payment is transferred into this beneficiary fund. The aim is to make this money in the member’s account last until the member turns 18 and preferably finishes Grade 12.
Investments & Returns
Fully managed and monitored
Various payments can be made from
the member’s account.
Special financial assistance payments can be made on request, to pay towards
specific costs such as school fees, uniform, books, stationery, transport, etc.